Friends. Income Tax Department has issued a Notification Dated 23.06.2014 regarding submission of Wealth Tax return for a company and an assessee being Individual or HUF or Company who is liable to audit u/s 44AB are required to furnish Form BB (Return of Net Wealth) electronicllay under digital signature for Assessment Year 2014-15 and onwards. Detailed notification is given below :-
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
WEALTH‐TAX
New Delhi, the 23rd June, 2014
S.O.1576 (E) .— In exercise of the powers conferred by clause (ba) and clause (bb) of sub‐section (2) of section 46
read with section 14A and section 14B of the Wealth‐tax Act, 1957 (27 of 1957), the Central Board of Direct Taxes
hereby makes the following rules further to amend the Wealth‐tax Rules, 1957, namely:—
1. (1) These rules may be called the Wealth‐tax (1st Amendment) Rules, 2014.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Wealth‐tax Rules, 1957 (hereinafter referred to as the “said rules”),—
(i) for rule 3, the following rule shall be substituted, namely:–
“3.Form of return of net wealth. — (1) The return of net wealth referred to in section 14 shall—
(a) in respect of assessment year 2013‐14 and earlier assessment years in the case of individuals, Hindu
undivided families and companies, be in Form BA and shall be verified in the manner specified therein.
(b) in respect of the assessment year 2014‐15 and any other subsequent assessment year in the case of
individuals, Hindu undivided families and companies be in Form BB and shall be verified in the manner specified
therein.
(2) Subject to the provisions of sub‐rule (3), for the assessment year 2014‐15 and any other subsequent
assessment year, the return of net wealth referred to in sub‐rule (1) shall be furnished electronically under digital
signature.
(3) In case of individual or Hindu undivided family to whom the provisions of section 44AB of the Income‐tax
Act, 1961(43 of 1961) are not applicable, the return of net wealth referred to in sub‐rule (1) may be furnished for
assessment year 2014‐15 in a paper form.
(4) The return of net wealth required to be furnished in Form BB shall not be accompanied by a statement
showing the computation of the tax payable on the basis of the return, or proof of the tax and interest paid, or any
document or copy of any account or form of report of valuation by registered valuer required to be attached with
the return of net wealth under any provisions of the Act.
Download complete Notification (Click Here)
Download Java Based Form BB (Return of Net Wealth) (Click Here)