SECTION 14 OF THE WEALTH-TAX ACT, 1957 – RETURN OF WEALTH – CLARIFICATION ON EXTENSION OF DUE DATE OF FILING RETURN OF WEALTH FOR A.Y. 2015-16

LETTER [F.NO.328/08/2015-WT], DATED 27-7-2015

In terms of Explanation to sub-section (1) of section 14 of the Wealth-tax Act, 1957, ‘due date’ of filing Return of wealth in relation to an assessee under the Wealth-tax 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. Central Board of Direct Taxes vide order under section 119 of the Income-tax Act F.No.225/154/ 2015/ITA-II dated 10-6-2015 has extended the ‘due date’ for filing Return of Income for assessment year 2015-16 in respect of assessees falling under clause (c) of explanation 2 to sub-section (1) of section 139 of the Income-tax Act from 31-7-2015 to 31-8-2015. In view of the same, the ‘due date’ for filing Return of wealth by such assessees for assessment year 2015-16 also stands extended from 31st July 2015 to 31st August 2015.

3. This issues with the approval of Chairperson, CBDT.