Section 14 - Return of wealth - Wealth Tax Act, 1957

Chapter IV Assessment 1 Return of wealth. 14. 2 [(1) Every person, if his net wealth or the net wealth of any other person in respect of which he is assessable under this Act on the valuation date exceeded the maximum amount which is not chargeable to wealth-tax, shall, on or before the due date, furnish a return of his net wealth or the net wealth of such other person as on that valuation date in the prescribed form and verified in the prescribed manner setting forth particulars of such net wealth and such other particulars as may be prescribed. Explanation . In this sub-section, due date in relation to an assessee under this Act shall be the same date as that applicable to an assessee under the Income-tax Act under the Explanation to sub-section (1) of section 139 of the Income-tax Act. (2) Notwithstanding anything contained in any other provision of this Act, a return of net wealth which shows the net wealth below the maximum amount which is not chargeable to tax shall be deemed never to have been furnished: Provided that this sub-section shall not apply to a return furnished in response to a notice under section 17. ] (3) 3 [Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.] ----------------------- Notes:- 1. See rule 3 and Form BA. 2. Substituted for sub-sections (1) and (2) by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Prior to their substitution, sub-sections (1) and (2), as amended by the Repealing and Amending Act, 1960, w.e.f. 26-12-1960, Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965 and Finance Act, 1970, w.e.f. 1-4-1970, stood as under : "(1) Every person, if his net wealth or the net wealth of any other person in respect of which he is assessable under this Act on the valuation date was of such an amount as to render him liable to wealth-tax under this Act, shall, before the 30th day of June of the corresponding assessment year, furnish to the Assessing Officer a return in the prescribed form and verified in the prescribed manner setting forth the net wealth as on that valuation date : Provided that in the case of a person whose net wealth or the net wealth of any other person in respect of which he is assessable under this Act includes the value of any assets held in a business or profession and the time (whether fixed originally or on extension) for furnishing the return of his total income or, as the case may be, of the total income of the other person aforesaid for the said assessment year under sub-section (1) or sub-section (2) or sub-section (3) of section 139 of the Income-tax Act, expires on or after the 30th day of June aforesaid, the return in respect of such net wealth for the assessment year may be furnished before the expiry of the time of furnishing such return of income. (2) If the Assessing Officer is of the opinion that any person is assessable under this Act, whether in respect of his net wealth or the net wealth of any other person, then, notwithstanding anything contained in sub-section (1), he may serve a notice upon such person requiring him to furnish within such period, not being less than thirty days, as may be specified in the notice, a return in the prescribed form and verified in the prescribed manner (setting forth along with such other particulars as may be required by the notice), the net wealth of such person as on the valuation date mentioned in the notice." 3. Before omission, sub-section (3) stood as under : "(3) The Assessing Officer may, if he is satisfied that it is necessary so to do, extend the date for the delivery of the return under this section."