furnishing a return of net wealth in a prescribed form and it has to be verified. Previously, certain documents and reports were required to be furnished along with the return of net wealth under the provisions of the Wealth Tax Act, read with the provisions of Wealth tax Rules.
Given these changes, it is clear that the government has been taking various steps to ensure compliance. If you are liable to pay wealth tax, it’s important that you comply in order to avoid any surprises from the tax department.
* The writer is senior tax professional, EY. Views expressed are personal