Your kind attention is invited to Notification 32/2014 dated 23rd June, 2014 (F.No.143/1/2014-TPL) wherein it was notified that wealth-tax returns are to be filed electronically for all categories of wealth-tax assessees. In the said Notification, certain amendments had been made to the Wealth-tax Rules, 1957. In particular, Rule 3 was substituted by a new Rule. The amended sub Rules (2) and (3) of the said Rule 3 are reproduced below for ready reference:
(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.
It may be noted from the above that in case of individuals and HUFs where tax audit was not applicable, the wealthtax returns could be filed electronically without the Digital Signature (DSC) for A.Y. 2014-15. However, now, for filing the wealth-tax returns for A.Y. 2015-16, even for such wealth tax assessees, it would be necessary to obtain and use the DSC for filing the wealth-tax return.
Assessment Year 2015-16 is the last year for which the Wealth-tax Act, 1957 is applicable. Thereafter, the question of filing wealth–tax returns will not arise.
It will therefore be appreciated that several tax payers will be put to great hardship as they will need to obtain a DSC only for the purpose of uploading the wealth-tax return for one last year i.e. A.Y. 2015-16.
On behalf of the taxpaying community, it is therefore humbly requested that the Rule 3(3) of the Wealth-tax Rules, 1957 be amended suitably to provide that the wealth-tax returns of individuals and HUFs who are not subject to tax audits can be filed electronically without using the DSC.
An early action in the matter would be greatly appreciated as the last date for filing the returns i.e. 31st August is fast approaching.
Thanking you.
Yours truly,
For Bombay Chartered Accountants’ Society
Raman H. Jokhakar
President
Ameet N.Patel
Co-Chairman, Taxation Committee
