Good News for taxpayers. From assessment year 2016-17 onwards there is no need to file a wealth tax return.
Every Individual, Hindu Undivided Family and Company whose net wealth exceeds the maximum amount which is not chargeable to wealth tax in any previous year ending of 31st March is liable to file the wealth tax return.
With the passage of Finance Bill, 2015, wealth-tax is no longer applicable with effect from assessment year 2016-17.
The information required to be furnished in the return of wealth will now form a part of the Income-tax return.
Individuals and HUFs with income above a specified limit, filing returns in ITR-3 and ITR-4 are already required to furnish information of their assets and liabilities in their annual return of income.
With Assessment Year 2016-17, individuals and HUFs filing their returns of income in ITR-1, ITR-2, ITR-2A and ITR-4S, having income exceeding Rs 50 lakh will now be required to furnish information regarding assets and liabilities in Schedule-AL of the relevant ITR form.
These changes in ITR forms are in tune with the announcement made in the Budget Speech 2015.