The filing of income tax/wealth-tax return is a legal obligation of every person whose total income and wealth tax during the previous year exceeds the maximum amount which is not chargeable to income tax or wealth tax under the provisions of I.T. Act, 1961 or Wealth TaxAct 1957, as the case may be. The return should be furnished in theprescribed form on or before the due date(s).
At present, there is an emphasis on self compliance on the part of the taxpayers. The assessing officer will accept the returns, u/s 143(1) of the I.T. Act or u/s 16(1) of W.T. Act, as the cases, may be, on the basis of the returns/documents submitted by the assesses. That is the end of the matter for a majority of the cases, except in the small number of cases selected for scrutiny. It is, therefore, advisable for the taxpayers to furnish correct and complete particulars in the Income-Tax/WealthTax return itself.
INCOME TAX RETURN
It is compulsory for every company to furnish return of income.Every person, other than a company, whose total income from all sources of income exceeds the maximum amount which is not chargeable to income tax in any previous year ending on 31st March is liable to file the Income-tax Return. The maximum limit of income not chargeable to tax under the provisions of the Income Tax Act, 1961 is Rs. 1,10,000 (except in case of resident women below 65 years of age and resident senior citizens above 65 years of age) for assessment year2008-09.
WHAT ARE THE RATES OF INCOME-TAX ?
In the case of Individuals, HUFs, AOPs and BOIs other than those covered under the following two parts of this table :
A.Y. 2008-09
Upto Rs. 1,10,000 Nil
Rs. 1,10,001 to Rs. 1,50,000 10%
Rs. 1,50,001 to Rs. 2,50,000 20%
Above Rs. 2,50,000 30%
For Women, resident in India and below the age of 65 years :
Upto Rs. 1,45,000 Nil
Rs. 1,45,001 to Rs. 1,50,000 10%
Rs. 1,50,001 to Rs. 2,50,000 20%
Above Rs. 2,50,000 30%
For Senior Citizen and Women, age 65 years or more :
Upto Rs. 1,95,000 Nil
Rs. 1,95,001 to Rs. 2,50,000 20%
Above Rs. 2,50,000 30%
Surcharge on Income tax:- @10% shall be levied when income
mentioned in the above tables exceeds Rs. 10 lakhs.
Education Cess @ 2% on income-tax is also chargeable and an
additional levy of Secondary and High Education Cess is also payable
@1% for the A.Y. 2008-09.
The rates of tax for A.Y. 2009-10 shall be as follows :
In the case of Individuals, HUFs, AOPs and BOIs not covered under the
following two parts of this table :
Income Range Rate of Income Tax
A.Y. 2009-10
Upto Rs. 1,50,000 Nil
Rs. 1,500,01 to Rs. 3,00,000/- 10%
Rs. 3,00,001 to Rs. 5,00,000/- 20%
Above Rs. 5,00,000/- 30%
For women, resident in India and below the age of 65 years :
Income Range Rate of Income Tax
A.Y. 2009-10
Upto Rs. 1,80,000 Nil
Rs. 1,80,001 to Rs. 3,00,000/- 10%
Rs. 3,00,001 to Rs. 5,00,000/- 20%
Above Rs. 5,00,000/- 30%
2
3
For senior citizen and women, aged 65 years or more:
Income Range Rate of Income Tax
A.Y. 2009-10
Upto Rs. 2,25,000 Nil
Rs. 2,25,001 to Rs. 3,00,000/- 10%
Rs. 3,00,001 to Rs. 5,00,000/- 20%
Above Rs. 5,00,000/- 30%
The Surcharge, Education Cess and Secondary and Higher Education Cess will be the same as for the assessment year 2008-09.
For the A.Y. 2008-09 and 2009-10, two partnership firms and domestic companies the tax rate shall be 30%, but surcharge of 10% will
be levied only if the net income of the partnership firm or the domestic company exceeds Rs 1 crore, education cess will be levied at 2% and
an additional Secondary and higher education cess of 1% shall be levied.
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. The maximum limit of net wealth not chargeable to tax
under the provisions of the Wealth tax Act, 1957 is Rs. 15 lakhs at present.
WHAT IS NET WEALTH ?
Net wealth is the aggregate value, computed under the provisions of the W.T. Act, 1957, of all assets (including deemed assets), belonging
to the assessee on the valuation date, MINUS the aggregate value of all debts owed by the assessee on the valuation date which have been
taken in relation to the assets attracting wealth tax.
HOW IS WEALTH TAX CHARGED ?
It is charged @ 1% of the amount by which the net wealth exceeds Rs. 15 Lakhs.
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