NRI's CORNER
F.E.M.A.
FILING OF WEALTH TAX RETURNS.

NRIs CORNER - FILING OF RETURN OF NET WEALTH

WEALTH TAX HAS BEEN ABOLISHED SINCE 1st APRIL 2015.


FILING OF WEALTH-TAX RETURN NECESSARY TILL YEAR ENDED 31ST MARCH 2015.

If net wealth of NRI is more than Rs. 30,00,000/- then U/s. 14 of  Wealth Tax Act, 1957 he is required to file his return of net wealth on or before due date in prescribed form.

RETURN BY WHOM TO BE SIGNED

The return shall be signed and verified by

(a)   in case of an Individual-

(i)   by the individual himself;

(ii)  where he is absent from India, by the individual himself or by some person duly authorised by him in this behalf;

(iii)  where he is mentally incapacitated from attending to his affairs, by his guardian or any other person competent to act on his behalf; and

(iv)  where, for any other reason, it is not possible for the individual to sign the return, by any person duly authorised by him in this behalf

Providedthat in a case referred to in sub-clause (ii) or sub-clause (iv), the person signing the return holds a valid power of attorney from the individual to do so, which shall be attached to the return.

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