Insertion of new sections 14A and 14B
52. After section 14 of the Wealth-tax Act, the following sections shall be inserted with effect from the 1st day of June, 2013, namely:-
Power of Board to dispense with furnishing documents, etc.,with return of wealth
“14A. The Board may make rules providing for a class or classes of persons who may not be required to furnish documents, statements, receipts, certificates, audit reports, reports of registered valuer or any other documents, which are otherwise under any other provisions of this Act, except section 14B, required to be furnished, along with the return but on demand to be produced before the Assessing Officer.
Filing of return in electronic form.
14B. The Board may make rules providing for—
(a) the class or classes of persons who shall be required to furnish the return in electronic form;(b) the form and the manner in which the return in electronic form may be furnished;
(c) the documents, statements, receipts, certificates, audit reports, reports of registered valuer or any other documents which may not be furnished along with the return in electronic form but shall be produced before the Assessing Officer on demand;
(d) the computer resource or the electronic record to which the return in electronic form may be transmitted.”.
Notes on Clauses:
Clause 52 of the Bill seeks to insert new sections 14A and 14B in the Wealth-tax Act relating to rule making power of the Board.
It is proposed to insert a new section 14A so as to provide that the Board may make rules providing for a class or classes of persons who may not be required to furnish documents, statements, receipts, certificates, audit reports, reports of registered valuer or any other documents, which are otherwise under any other provisions of this Act, except section 14B, required to be furnished, along with the return of wealth but on demand to be produced before the Assessing Officer.
It is further proposed to insert a new section 14B so as to provide that the Board may make rules providing for class or classes of persons who shall be required to furnish the return in electronic form; the form and the manner in which the return in electronic form may be furnished; the documents, statements, receipts, certificates, audit reports, reports of registered valuer or any other documents which may not be furnished along with the return in electronic form but shall be produced before the Assessing Officer on demand; the computer resource or the electronic record to which the return in electronic form may be transmitted.
Consequentially, it is proposed to insert new clauses (ba) and (bb) in sub-section (2) of section 46 which provides for rule making powers of the Board.
These amendments will take effect from 1st June, 2013.
