Every person is required to file with the Wealth-tax Officer a return of net wealth in Form BA, if his net wealth or net
wealth of any other person in respect of which he is assessable under the Act on the valuation date is of such an
amount as to render him liable to wealth-tax. Return can be filed on or before the “due date” specified under section 139 of the Income-tax Act.
Return in response to a notice – In the case of any person who, in the opinion of Wealth-tax Officer, is assessable to tax, the Wealth-tax Officer may, before the end of the relevant assessment year, issue a notice requiring him to
furnish, within 30 days from the date of service of such notice, a return of net wealth in the prescribed form.
Assessment – The assessee is required to pay the tax before filing of the return and such return is to be accompanied by the proof of such payment. Provisions of regular assessment, as applicable under Income Tax, will apply to wealth tax also.
Interest or penalty and prosecution – Interest @ 1% per month is payable for failure to pay wealth tax on due date.
Penalty and prosecution provisions also apply.