Section 14 of the
Wealth-tax Act provides for furnishing of return of net wealth as on the
valuation date in the prescribed form and verified in the prescribed manner
setting forth particulars of the net wealth and such other particulars as may
be prescribed. Currently, certain documents, reports are required to be
furnished along with the return of net wealth under the provisions of
Wealth-tax Act read with the provisions of Wealth-tax Rules.
Sections 139C and 139D of the Income-tax Act
contain provisions for facilitating filing of annexure-less return of income in
electronic form by certain class of income-tax assessees. In order to
facilitate electronic filing of annexure-less return of net wealth, it is
proposed to insert new sections 14A and 14B in the Wealth-tax Act on similar
lines.
Consequently, it is also proposed to amend
provisions of section 46 of the Wealth-tax Act which provides for rule making
powers of the Board.
