Changes made in Wealth Tax Return Form for Assessment Year 2014-15 CBDT vide its notification no. 32/2014 dated 23.06.2014 has amended the wealth tax rules,1957. As per notification electronic filing of wealth tax return under the digital signatures has been made mandatory except in cases of individual and HUF assesses to whom provisions of tax audit are not applicable. A new wealth tax return form i.e. Form BB is prescribed for filing of wealth tax return in respect of assessment year 2014-15and any other subsequent assessment year. Manual form Form BA is to be used in respect of assessment year 2013-14 and earlier assessment years. Following changes has been incorporated in the new form :- 1. Jewellery items:- Following disclosure about jewellery items is to be made in a separate schedule of wealth tax return- -Description of jewellery item -Gross weight -Net weight of precious metal -Description & weight of precious or semi-precious stones -Value of each precious or semi-precious stone and total value of all such stones -Total value of jewellery as per Schedule III -Name of registered valuer -Registration no. of valuer -Date report by valuer 2. Other Properties:- From assessment year 2014-15 detail of all assets whether movable or immovable other than:- -Assets as defined under wealth tax act & are liable to wealth tax -Assets claimed as exempt -Assets located outside india -Assets used for business or profession which is subject to audit under section 44AB. To be filed up in the wealth tax return by individual or HUF assesses. For more infomation visit our blog- etaxationservices.blogspot.in
Posted on: Wed, 09 Jul 2014 07:34:41 +0000
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