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
Main Points of the Income Tax-2011-12
In his budget for the coming financial year, Finance Minister Pranab Mukherjee on Monday announced raising the personal income tax exemption limit from 160,000 rupees to 180,000 rupees in FY2012.
Qualifying age for senior citizens will be reduced to 60 years from 65 years while the exemption limit will be increased from 2,40,000 rupees to 2,50,000 rupees, Mukherjee said.
The finance minister also proposed the creation of a new category of very senior citizens aged above 80 years, who will be eligible for a higher exemption limit of 5,00,000 rupees.
Except this every thing is more or less same as it was in 2009-10
WHAT ARE THE RATES OF INCOME-TAX ?
Income Tax (Rates for Assessment Year 2011-2012)
For individual and H.U.F. Upto Rs. 1,60,000 -Nil
Rs. 1,60,001 to Rs. 5,50,000 --10%
Rs. 5,00,001 to Rs. 8,00,000 --20%
Above Rs. 8,00,000 ---30%
For Women, resident in India and below the age of 65 years :
Upto Rs. 1,90,000 ---Nil
Rs. 1,90,001 to Rs. 5,00,000 --10%
Rs. 5,00,001 to Rs. 8,00,000 --20%
Above Rs.
For Senior Citizen and Women, age 65 years or more :
Upto Rs. 2,40,000-- Nil
Rs. 2,40,000 to Rs. 5,00,000 --10%
Rs. 5,00,001 to Rs. 8,00,000 --20%
Above Rs. 8,00,000 --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.
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.
DUE DATES FOR FILING TAX RETURNS- 31 October of the Assesment Year
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