Electronic filing of Annexureless Return of WEALTH TAX Sections 14A & 14B

Electronic filing of Annexureless Return of WEALTH TAX Sections 14A & 14B:

(Effective from 1st June, 2013) 

As per section 14 of the Wealth-tax Act, 1957, every person, whose net wealth or net wealth of any other person in respect of which he is assessable under the Act on the valuation date, exceeds the maximum amount not chargeable to wealth-tax, is required to furnish a return of his net wealth or the net wealth of such other person as on the valuation date in the prescribed form and verified in the prescribed manner setting forth particulars of the net wealth and such other particulars as may be prescribed. 

The Wealth-tax Act, 1957 and the Wealth-tax Rules, 1957 require furnishing of certain documents and reports along with the return of net wealth. Consequent to implementation of e-filing of income-tax returns and making the same mandatory for certain classes of income-tax assessees, sections 139C and 139D were introduced in the Income-tax Act, 1961. These sections contain enabling provisions for electronic filing of annexure-less return of income. Likewise, for promoting electronic filing of annexure-less return of net wealth, new sections 14A and 14B have been inserted in the Wealth-tax Act, 1957 in line with sections 139C and 139D of the Income-tax Act, 1961.

Section 14A empowers the CBDT to provide for a class or classes of persons who may not be required to furnish documents, statements, certificates, audit reports, reports of registered valuers etc. which are otherwise required to be furnished under any other provision of the Wealth-tax Act, 1957 (except section 14B) along with the return of net wealth. However, such documents, statements etc. have to be produced on demand before the Assessing Officer.