Rule 3 - Form of return of net wealth - Wealth Tax Rules, 1957

2 [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).] ------------------------- Notes:- 1. Substituted by the Wealth-tax (Second Amendment) Rules, 1993, w.e.f. 1-6-1993. Before substitution, sub-rule (1) read as under : (1) The return of net wealth referred to in sub-sections (1) and (2) of section 14 shall ( a ) in the case of individuals and Hindu undivided families, be in Form A ; ( b ) in the case of companies, be in Form B ; and shall be verified in the manner specified therein. 2. Substituted vide NOTIFICATION 32/2014 dated 23rd June, 2014 , before it was read as, 3. 1 [(1) The return of net wealth referred to in section 14 shall (A) in respect of assessment year 1992-93 and earlier assessment years (a) in the case of individuals and Hindu undivided families, be in Form A; (b) in the case of companies, be in Form B; and shall be verified in the manner specified therein; (B) in the case of individuals, Hindu undivided families and companies, in respect of assessment year 1993-94 and any other subsequent assessment year, be in Form BA and shall be verified in the manner specified therein.] (2) Where the assessee is carrying on a business, a copy of the balance sheet or trial balance as on the valuation date or on the date of the closing of accounts immediately preceding the valuation date, and a copy of the auditor's report, if any, shall also be furnished along with the return of net wealth.