Assets Whch Are Exempted From Wealth Tax

The following Assets are exempted from Wealth-Tax

1. Property held under a trust or other legal obligation for any public purpose of a charitable or religious nature in India.
2. Where the Assessee has interest in the property of HUF in which he is a member.
3. Assets and money brought into India by person of Indian Origin or Indian Citizen, from a foreign country with an intention to settle down permanently in India. For this purpose, amount standing to the person in Non-Resident(External) Account in any Bank, in India is deemed to be the amount brought in by him into India on that date. Above exemption is available for 7 successive Assessment Years.

Installment Percentage Due Date
First 30% 15th September
Second 30% 15th December
Final 40% 15th March

e.g: If an Assesses estimated tax payable for the full year is Rs.30,000, he has to pay an Advance Tax of Rs.9,000 each in 1 st & 2nd Installment & Rs.12,000 in Final Installment.

• No Advance Tax need be paid, if total tax payable for the year is less than Rs.10,000.
• When employer deducts tax from Salary, employee need not pay Advance Tax.
• Non-payment or short payment of Advance Tax will attract interest.

Advance Tax Example:

Mr.Narasimhan estimates his income for the F/Y 2010-11 as on 1.9.2010

1.Business Income 5,00,000
2. Interest form Bank & NSC 25,000 Taxable Income:
3. PPF Contribution 10,000
4. Life Insurance Premium 26,000

5. ELSS 10000
6.TDS on Interest 2,400

Taxable Income
(1 & 2) Rs.5,00,000 + 25,000 = 5,25,000
(3 to 5) Rs.10000,26000,10000=(-) 46,000
Tax on 4,79,000 including
Education Cess @ 3% 32,857
Less TDS on Interest 2,400
Total Tax Payable 30,457


> Assets Whch Are Exempted From Wealth Tax
Please, Do not Spam or make vulgar and abusive comments, your ip gets logged and we can trace you

Post new comment

The content of this field is kept private and will not be shown publicly.
  • You can use Mediawiki syntax. It is possible that not all formatting options are supported at the moment.
    Links to other pages: [[Page Title]] or [[path/to/page|Title]].
    External links: or [ some link title].
    Interwiki links: [[site:Page Title]].
    You can use the following interwiki links: path, gdo, wp
    Images are included with [[Image:name]]. (wikipedia help)

  • You may post PHP code. You should include <?php ?> tags.
  • Links to specified hosts will have a rel="nofollow" added to them.

More information about formatting options

Please fill the answer for this maths question to make sure you are human
Enter the characters shown in the image.