Wealth Tax

Section 55A- Reference to Valuation officer

Income Tax - At times in the process of completion of the assessment of a taxpayer or for any other purpose, the tax authorities need to ascertain the value of any capital asset. In such a case, the tax authorities can make a reference to the valuation officer (*) for ascertaining the value of the capital asset. Section 55A ...

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All about Wealth Tax Act,1957

Income Tax - Income-tax is levied on the income of the taxpayer, whereas wealth tax is levied on the wealth of the taxpayer. Wealth tax is governed by Wealth Tax Act, 1957. In this part you can gain knowledge on various provisions of Wealth Tax Act, 1957. Here, it is to be noted that Wealth-tax Act, 1957 is ...

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How to file online Rectification Request for Wealth Tax Return

Income Tax - To file your Rectification request online for Wealth Tax Return files online on Income Tax Online Portal , you should be a registered user in e-Filing application. Below listed e the steps to file Rectification....

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5 Major Reasons Behind Income Tax Notices

Income Tax - Although it’s quite common to receive notices from IT department, people do get scared when they get one. What one needs to know is it’s not as big deal as one believes it to be, and if handled tactfully, one can get rid of any further complications. Following are some common reasons why people recieve […]...

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Mandatory e-Filing of ITR / Wealth Tax Returns with or Without Digital Signature for A.Y. 2015-16

Income Tax - Recently we received an email from A CA from Delhi in which he said that Income Tax officers are not accepting ITR 3 and 4 despite no refund and income being less than 5 Lakh. The CA has further mailed that department is not accepting even Manual Wealth tax Return and asking them to file the same online. ...

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Declaration of Assets & Liabilities in new ITR forms

Income Tax - ITR forms for A.Y. 2016-17 have been rationalised by making the Schedule AL applicable to individuals and Hindu undivided family (HUFs) whose total income for the previous year 2015-16 exceeds Rs.50 lakh. The objective of AL schedule is to capture details of assets and liabilities and not the net worth. ...

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Non-applicability of Wealth-tax for November, 2015 CA Final Examination

Income Tax - The Finance Bill, 2015, introduced in the Parliament on 28th February, 2015, has proposed to abolish the levy of wealth-tax under the Wealth-tax Act, 1957 with effect from assessment year 2016-17. The Finance Bill, 2015 would be enacted in May 2015, after it is passed by both the Houses of the Parliament and receives the assent of the Pre...

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CBDT releases Form BB (Return of Net Wealth) for AY 2014-15

Income Tax - CA Sandeep Kanoi A company and an assessee being individual or HUF who is liable to audit u/s 44AB are required to furnish Form BB (Return of Net Wealth) electronically under digital signature for assessment year 2014‐15 and onwards. [Refer Notification No:32/2014 dated 23/06/2014]. Some of the Important Feature related to Filing of For...

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I-T returns should also include wealth tax returns – TARC

Income Tax - Filing of tax returns o    I-T returns should also include wealth tax return so that the taxpayer need not separately file wealth tax returns. These returns should also be processed together in the CPC at Bengaluru. o    The disclosures in the return should include a brief mention of the issues on which there has been […]...

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Rates of Gold and Silver as on 31.03.2013

Income Tax - We needs rates of Gold and Silver for Wealth Tax Valuation Purposes as on 31.03.2013 to correctly value gold and silver as on 31.03.2013 but since  no trading was taken place in Gold and Silver on 31.03.2013 so we will take the rate of last trading  day (30.03.2013) of Financial Year 2012-2013 as the rate […]...

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Interest in leasehold property includible in net wealth of assessee if he exercises power of owner on it

Jay Hind Sciaky Limited Vs DCIT (Bobmbay High Court) - The Hon'ble Bombay High Court in the case of Jaya Hind Sciaky Limited held that the words belonging to as used in sec 40(2) of the Act would include assets in possession of the Company without full Ownership...

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Land eligible for wealth tax exemption even on conversion as non-agricultural if used for agricultural purposes

M.R Pattabhiram (HUF) Vs The Asst. Commissioner of Wealth tax (ITAT Bangalore) - ITAT Bangalore held In the case of M.R Pattabhiram (HUF) vs. The Asst. Commissioner of Wealth tax that mere conversion of land from agriculture to non-agriculture could not be taken as the sole criteria to hold it as a capital asset under section 2(14) of the Income tax act....

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Valuation of property covered under Ceiling Act for Wealth Tax cannot be higher than maximum compensation

SRI S.N. Wadiyar (Dead) through LR Vs Commissioner of Wealth Tax (Supreme Court of india) - Supreme Court held In the case of SRI S.N. Wadiyar (Dead) through LR V. Commissioner of Wealth Tax that a property which is going to be taken over by the Government at a compensation of Rs. 2 Lakhs and is awaiting notification under Section 10 of the Act for this purpose...

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Wealth Tax Exemption for Commercial property available if used for business by others

ACIT Vs M/s. Prasad Machinery Pvt. Ltd. (ITAT Ahmedabad) - In case of ACIT vs. M/s. Prasad Machinery Pvt. Ltd. (ITAT Ahmedabad) assessee was owner of factory building. It allotted certain space therein to its sister concern for enabling it to carry on their business in lieu of charging rent....

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No wealth tax on land which remains vacant as per construction Plan

CIT Vs M/s MIL Industries Ltd. (Madras High Court) - Madras High Court held in CIT Vs M/s MIL Industries Ltd that the vacant land left on constructed property as per the construction plan of that property would not be treated as a vacant urban land because the vacant land left was the requirement of the construction plan...

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Compounding of Offences under Income Tax Act, 1961 & Wealth tax Act, 1957

F.No. 285/90/2013 IT(Inv.V) - (04/09/2015) - F.No. 285/90/2013 IT(Inv.V) Guidelines for Compounding of Offences under Income Tax Act, 1961/Wealth tax Act, 1957 in cases of persons holding undisclosed foreign bank accounts/assets...

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Extension of due date of filing return of wealth for A.Y. 2015-16 to 07.09.2015

F.No.328/08/2015-WT - (03/09/2015) - In view of CBDT order F.No.225/154/2015/ITA-II dated 2.9.2015 issued under section 119 of the Income-tax Act, extending the due date for e-filing returns of income from 31st August, 2015 to 7th September, 2015 in respect of all taxpayers who were required to e-file their returns of income by 31st Au...

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Extension of due date of filing Return of wealth for A.Y, 2015-16

328/08/2015-WT - (27/07/2015) - Central Board of Direct Taxes vide order under section 119 of the Income-tax Act F.No.225/154/ 2015/ETA-II dated 10.6.2015 has extended the 'due date' for filing Return of Income for assessment year 2015-16 in respect of assessees falling under clause (c) of explanation 2 to sub-section (1) of secti...

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Reg. Refund of Wealth Tax Paid on Urban Agricultural Land Used for Agriculture

Circular No. 11/2015-Income Tax - (11/06/2015) - CIRCULAR NO. 11/2015 Prior to amendment by Finance Act 2013, sub clause (b) of Explanation 1 to clause (ea) of section 2 of the Wealth-tax Act 1957 (Act) provided that an urban land shall be chargeable to wealth-tax. This inter alia included land situated in any area which is comprised within the ju...

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Wealth Tax : Chargeability of Interest on self-assessment tax paid

Circular No. 5/2015-Income Tax - (09/04/2015) - CIRCULAR NO. 5/2015, Dated: April 9, 2015 Chargeability of Interest under section 17B of the Wealth-tax Act, 1957 on self-assessment tax paid before the due date of filing of return of net wealth...

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Recent Posts in "Wealth Tax"

Section 55A- Reference to Valuation officer

At times in the process of completion of the assessment of a taxpayer or for any other purpose, the tax authorities need to ascertain the value of any capital asset. In such a case, the tax authorities can make a reference to the valuation officer (*) for ascertaining the value of the capital asset. Section 55A ...

Read More
Posted Under: Income Tax | ,

All about Wealth Tax Act,1957

Income-tax is levied on the income of the taxpayer, whereas wealth tax is levied on the wealth of the taxpayer. Wealth tax is governed by Wealth Tax Act, 1957. In this part you can gain knowledge on various provisions of Wealth Tax Act, 1957. Here, it is to be noted that Wealth-tax Act, 1957 is ...

Read More
Posted Under: Income Tax | ,

How to file online Rectification Request for Wealth Tax Return

To file your Rectification request online for Wealth Tax Return files online on Income Tax Online Portal , you should be a registered user in e-Filing application. Below listed e the steps to file Rectification....

Read More
Posted Under: Income Tax |

Declaration of Assets & Liabilities in new ITR forms

ITR forms for A.Y. 2016-17 have been rationalised by making the Schedule AL applicable to individuals and Hindu undivided family (HUFs) whose total income for the previous year 2015-16 exceeds Rs.50 lakh. The objective of AL schedule is to capture details of assets and liabilities and not the net worth. ...

Read More
Posted Under: Income Tax | ,

Interest in leasehold property includible in net wealth of assessee if he exercises power of owner on it

Jay Hind Sciaky Limited Vs DCIT (Bobmbay High Court)

The Hon'ble Bombay High Court in the case of Jaya Hind Sciaky Limited held that the words belonging to as used in sec 40(2) of the Act would include assets in possession of the Company without full Ownership...

Read More

Land eligible for wealth tax exemption even on conversion as non-agricultural if used for agricultural purposes

M.R Pattabhiram (HUF) Vs The Asst. Commissioner of Wealth tax (ITAT Bangalore)

ITAT Bangalore held In the case of M.R Pattabhiram (HUF) vs. The Asst. Commissioner of Wealth tax that mere conversion of land from agriculture to non-agriculture could not be taken as the sole criteria to hold it as a capital asset under section 2(14) of the Income tax act....

Read More

5 Major Reasons Behind Income Tax Notices

Although it’s quite common to receive notices from IT department, people do get scared when they get one. What one needs to know is it’s not as big deal as one believes it to be, and if handled tactfully, one can get rid of any further complications. Following are some common reasons why people recieve […]...

Read More
Posted Under: Income Tax |

Valuation of property covered under Ceiling Act for Wealth Tax cannot be higher than maximum compensation

SRI S.N. Wadiyar (Dead) through LR Vs Commissioner of Wealth Tax (Supreme Court of india)

Supreme Court held In the case of SRI S.N. Wadiyar (Dead) through LR V. Commissioner of Wealth Tax that a property which is going to be taken over by the Government at a compensation of Rs. 2 Lakhs and is awaiting notification under Section 10 of the Act for this purpose...

Read More

Wealth Tax Exemption for Commercial property available if used for business by others

ACIT Vs M/s. Prasad Machinery Pvt. Ltd. (ITAT Ahmedabad)

In case of ACIT vs. M/s. Prasad Machinery Pvt. Ltd. (ITAT Ahmedabad) assessee was owner of factory building. It allotted certain space therein to its sister concern for enabling it to carry on their business in lieu of charging rent....

Read More

Mandatory e-Filing of ITR / Wealth Tax Returns with or Without Digital Signature for A.Y. 2015-16

Recently we received an email from A CA from Delhi in which he said that Income Tax officers are not accepting ITR 3 and 4 despite no refund and income being less than 5 Lakh. The CA has further mailed that department is not accepting even Manual Wealth tax Return and asking them to file the same online. ...

Read More
Posted Under: Income Tax |
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