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.