Notification
No.32/2014, F.No.143/1/2014‐TPL,
dated 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: ‐
.
.
.
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