Wealth tax

s.v.goplani (Querist) 11 August 2011 This query is : Resolved
Respected sir,
if an individual having more than 30 lacs wealth do not submit wealth tax return then what penalties or fines will be imposed ? please clarify.
thanks

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Raj Kumar Makkad (Expert) 11 August 2011
Wealth tax is applicable for individual, HUF and Companies. The date of filing of return of wealth tax is the date for filing of income tax return as applicable for such assessees as menitoned above.

Late filing of Wealth tax return shall attract simple interest @1% of every month (or part of the month) from the due date of furnishing return or if return is filed till the completion of assessment.

There is no penal provision for late filing of Wealth Tax return

A V Vishal (Expert) 11 August 2011
Please refer the Wealth Tax act, Sec.17B, 18 & 18A. for penalties for non filing of wealth tax returns.

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