Filling of Income Tax Return

Filling of Income Tax Return

Filing of income tax is compulsory for all individuals whose gross annual income exceeds the maximum amount which is not chargeable to income-tax i.e. Rs. 1, 90,000 for resident women, Rs. 2, 40,000 for Senior Citizen and Rs. 1, 60,000 for any other individual or HUF.

If thee income includes business or professional income requiring tax audit (turnover Rs. 40 lakhs), the last date for filling the return is September 30th. The penalty for non-filling of income Tax return is Rs.5,000/-

•The basic income-tax exemption limit raised to Rs 160,000 p.a

•The Income-tax rates applicable for Financial year 2009-2010

Annual income from all sources (After all permissible deductions) Income-tax rates (in Rs)

Up To 160,000 Nil 160,000 – 3,00,000 10% of the amount exceeding 160,000 (3,00,000 – 160,000=1,40,000*10%=1,40,000)
300,001 – 5,00,000 1,40,000 + 20% of amount exceeding 300,000 [14,000 + 40,000 (5,00,000 – 300,000=200,000*20%)=
54,000]
5,00,000 and above 54,000+30% of the amount exceeding 5,00,000

The Income-tax rates applicable for an individual who is a woman and not above 65 years of age for Finance year 2009-2010

Annual Income from all sources (After all permissible deductions) Income-tax rates (in Rs)
Up To 190,000 Nil
190,001 – 300,000 10% of the amount exceeding 190,000
(300,000 – 190,000 = 110,000*10%=11000)
300,001-5,00,000 11000+20% of the amount exceeding

300,000-500,000=40,000(3,00,000-500,000=200,000*20%)=51,000)

5,00,000 and above 51,000+30% of the amount exceeding
5,00,000
• No Income Tax till Rs 1.6 Lakh
• No Income Tax till Rs 1.90 Lakh for women
• No Income Tax till Rs 2.40 Lakh for seniors
• Surcharge on Income Tax Abolished for individuals.
• All saving up to Rs 1 lakh deducible from taxable income
• Education Cess Applicable @3% Tax