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
