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Wealth Tax Return Filing as per Wealth tax Act

Return of Wealth may be:

1. Voluntary return. [Sec.14 (1)
Where the net wealth of any person on the valuation date exceeds the exemption limit, he is bound to furnish to the Assessing Officer the return of net wealth as on that valuation date. Similarly, a person has also to file a return in respect of net wealth if any other person in respect of which he is assessable. In either case, the return is to be furnished in the prescribed from.

 

 


The return of net wealth should be furnished on or before the due date as applicable under the Income tax Act. A return showing net wealth below the exemption limit is not to be treated as a return but it will not apply to return furnished in respect of a notice for net wealth escaping assessment.

2. Compulsory return [Sec.16 (4) (1)]
If any person has not furnished the return of net wealth within the time prescribed under Sec. 139(1) of the Income-tax Act, the Assessing Officer may serve a notice on him requiring him to furnish the return of net wealth. Such return should be furnished within the time allowed in the notice.

3. Belated return (Sec.15)
If a person, liable to furnish the return of net wealth, has not furnished it within the prescribed time, he may furnish it at any time before the expiry of one year from the end of the relevant assessment year of before completion of the assessment, whichever is earlier.

4. Revised return (Sec.15)
If any person furnished a voluntary return, or a compulsory return, and if he discovers any omission or wrong statement therein, not made knowingly or deliberately, he may furnish revised return. A belated return cannot be revised.
 

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