Wednesday, July 15, 2015

E-filing of Wealth Tax Returns made must for Companies

The Income Tax department has amended wealth tax rules to make it compulsory for companies as well as individuals and Hindu Undivided Families with income above ` 1 crore a year to file their wealth tax returns in electronic form with digital signature in an attempt to have tax payer  formation ready for quick analysis and selection for scrutiny.
The rules allow tax payers freedom of self assess- ment with the added relief of not having to attach
any supporting document, statement of computation or proof of having paid the tax or interest.

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