Wealth-Tax (First Amendment) Rules, 2014

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 :‐

Assessment Year “FORM BB RETURN OF NET WEALTH [See rule 3(1)(b) of Wealth‐tax Rules, 1957] (Also see attached instructions)

‐

PAN Name (For individual write Last Name/Sur Name, First Name, Middle Name in that order)

Status (Tick) ;
Flat/Door/Block No Name Of Premises/Building/Village † Individual † HUF † Company
Date of Birth/Incorporation (DD/MM/YYYY)

Road/Street/Post Office Area/locality / /
Pin code Sex (in case of individual) (Tick) ; Town/City/District State

† Male † Female
Phone Number with STD code
Mobile No. Income Tax Ward/Circle

PERSONAL INFORMATION Email Address

Whether Citizen of India (Tick) ;
† Yes † No Return filed (Tick)[Please see instruction number‐7] †Before due date ‐14(1) † After due date ‐15 † Revised Return‐ 15 OR In response to notice † 16(4)(i) † 17(1)
If revised, then enter Receipt No and Date of filing original return (DD/MM/YYYY)

   /       /       

Valuation Date (DD/MM/YYYY) / /
Is this your first return? (Tick) ; † Yes † No Residential Status (Tick) ; † Resident † Part A‐GEN GENERAL Non‐Resident † Resident but Not Ordinarily Resident Whether this return is being filed by a person in a special case referred to in Chapter V? (Tick) ; † Yes † No If yes, please furnish following information ‐ (a) Name of the person (b) Address of the person FILING STATUS ( c) Permanent Account Number (PAN) of the person

(d) Applicable section

Are you assessed to Income‐tax? (Tick) ; † Yes † No

PART-B Part B ‐NW Computation of net wealth 1 Aggregate value of immovable property (as per item no.10 of Schedule IP)
1
2 Aggregate value of movable property [other than jewellery, etc. referred to in S.2(ea)(iii)]
(as per item no.4 of Schedule MP) 2
3 Aggregate value of jewellery, etc. (as per item no.12 of Schedule JE) 3
4 Includible net wealth of other persons (as per item B of Schedule INW) 4
5 Aggregate value of interest in assets held in a Firm/AOP as partner/member (as per item B of Schedule IFW) 5

6 Net wealth (1+2+3+4+5) 6

Part B ‐TNW Computation of tax liability on net wealth 1 Tax payable on net wealth 1
2 Interest payable on late filing of return 2
3 Total tax and interest payable (1+2) 3

4 Tax and interest paid 4

5 Amount payable ( Enter if 3 is greater than 4, else enter 0) 5

6 Refund (If 4 is greater than 3, else enter 0) 6

7 Refund, if any, shall be deposited directly into your bank account. Please furnish following details:

Enter your bank account number

    MICR Code 







 Type of Account (tick as applicable ;)     † Savings           † Current 

Part B ‐TP Details of Tax and Interest paid Sl No BSR Code Date of Deposit (DD/MM/YYYY) Serial Number of Challan Amount (Rs) (1) (2) (3) (4) (5) i

ii

iii

iv

TAX PAYMENTS Total

VERIFICATION* I (Name in full and in Block Letters) son/daughter of holding permanent account number solemnly declare that, to the best of my knowledge and belief, the information given in this return and the schedules thereto is correct and complete, and that the net wealth and other particulars shown therein are truly stated and in accordance with the provisions of the Wealth‐tax Act, 1957(27 of 1957) in respect of net wealth as on the valuation date chargeable to wealth‐tax for the assessment year

1957), in respect of net wealth as on the valuation date chargeable to wealth‐tax for the assessment year .

I further declare that I am making this return in my capacity as (designation in case of Company/Hindu undivided family) and that I am competent to make this return and verify it.

Place Date

Sign here Î

• Before signing the verification, the signatory should satisfy himself that this return is correct and complete in every respect. Any person making a false statement in this return shall be liable to prosecution under section 35D of the Wealth‐tax Act, 1957(27 of 1957), and on conviction be punishable:

(i) In a case where the tax sought to be evaded exceeds one lakhs rupees, with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine; (ii) In any other case, with rigorous imprisonment for a term which shall not be less than three months but which may extend to three years and with fine..

Schedule IP Immovable Property[S.2(ea)(i) or S.2(ea)(v)] Sl.No

Immovable Property 1 (i) Immovable Property 2 (ii) Immovable Property 3 (iii) 1 Description

2 Complete Address v

3 Survey/Plot No. of Land

4 Value as per Schedule III

5 Debt owed in relation to the immovable property

6 Net amount (4‐5)

7 Name of Registered Valuer

8 Registration Number of Valuer

9 Date of report by Valuer

10 Aggregate net amount of all Immovable Properties [6(i)+6(ii)+6(iii)]

Schedule MP Movable Property [other than jewellery, etc. referred to in S.2(ea)(iii)] Sl.No Description Motor Cars [S.2(ea)(ii)] (A) Yatch, etc [S.2(ea)(iv)] (B) Cash in hand [S.2(ea)(vi)] (C) 1 Value as per Schedule III

2 Debts owed in relation to the asset

3 Net Amount (1‐2)

4 Aggregate net amount of all Movable Properties [3(A)+3(B)+3(C)]

Schedule JE Jewellery, etc. referred to in S.2(ea)(iii)] Sl.No Description Item of Jewellery, etc. (A) Item of Jewellery, etc.
(B) Item of Jewellery, etc.
(C) 1 Description of item

2 Gross weight

3 Net weight of precious metal

4 Description and weight of precious or semi‐precious stones

5 Value of each precious or semi‐precious stone and total value of all such stones

6 Total value of jewellery as per Schedule III

7 Debt owed in relation to the jewellery

8 Net amount (6‐7)

9 Name of Registered Valuer

10 Registration Number of Valuer

11 Date of report by Valuer

12 Aggregate net amount of all jewellery, etc. [8(i)+8(ii)+8(iii)]

Schedule INW Includible net wealth of other persons (A) Sl.No Name of other person (a) Relationship (b) PAN of other person (c) Aggregate value of all assets (d) Debt owed in relation to such assets (e) Net amount [(d)‐(e)]

(B) Total net wealth of the person

Schedule IFA Interest held in the assets of a firm or association of persons (AOP) as a partner or member
thereof: Sl.No Name(s) of Firm(s)/AOP( s) (a) Address(es) of Firm(s)/AOP(s) (b) PAN of Firm(s)/AOP(s) (c) Name(s) of other Partners/ Members (d) Assessee’s Profit Sharing Ratio(%) (e) Value of the Assessee’s interest in the assets of firm/AOP as per Schedule III (d) Debt owed in relation to such interest (e) Net amount [(d)‐(e)]

(A)

(B) Total interest held in the asset of a firm or association of persons (AOP) as a partner or member thereof

Schedule ACE Assets referred to in section 2(ea) which are claimed as exempt under section 5 Sl.No Description of Assets Value Debt owed in relation to such asset Reason for claiming exemption

Schedule OPR Other properties (See Note 1) (To be filled up by individual or HUF only)

Properties Cost