August 18, 2015

CA CS ICWA TAX PROFESSIONALS PORTAL - INCOME TAX NOTIFICATION NO. 32 / 2014 - NEW WEALTH TAX RETURN FORM BB APPLICABLE FROM A/Y 2014-15 / A/Y 2015-16

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                                                       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.

(5)The Director General of Income‐tax (Systems) shall specify the procedures, formats and standards for ensuring secure capture and transmission of data and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to furnishing the returns in the manners specified in sub‐rule (2).”

3.In the said rules, in Appendix, after Form BA, the following Form shall be inserted; namely :‐

CLICK HERE TO DOWNLOAD FORM BB IN PAPER FORM

CLICK HERE TO DOWNLOAD FORM BB EFILING UTILITY A/Y 2014 - 15

CLICK HERE TO DOWNLOAD FORM BB EFILING UTILITY A/Y 2015 - 16


                                                             [Notification No.32/2014, F.No.143/1/2014‐TPL]

                                                                                    (J. Saravanan)
                                                                                Under Secretary, TPL

Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub‐section (ii) vide Notification number S.O. 3384(E), dated the 18th October, 1957 and last amended by Wealth‐tax (Second  Amendment) Rules, vide Notification S.O. Number 470 (E) dated the  13th February 2009.        .
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