Wednesday, 13 August 2014

Major Amendment in Wealth Tax

New Return Of Wealth Tax

The Return of the net wealth referred to in section 14 shall be furnished in case of individual, HUF, Companies-
1) In Form BA- for AY 13-14 and earlier assessment years and
2) In Form BB for AY 20214-15 and any other subsequent years

said form shall be verified in the prescribe manner.

For AY14-15  and any other subsequent years the return is to be furnished electronically under digital signature . however for AY 14-15 an individual or huf to whom provision of section 44AB of income tax are not applicable may furnish the return in paper format.