Who is now to pay Tax

Monday, December 16, 2013

Who is now to pay Tax

   Those individuals who,having a non-salaried annual income of less then Rs . 36,000.00 will not have to pay income tax;

  Those individuals who,having a salaried annual income of less then Rs 40,000.00 will not to pay income tax.

Who is to pay Tax

    An (individual) unregistered firm,association of individuals,Hindu undivided families,having an annual income of less than one lac rupees,will pay income tax at the rate of 10 per cent of his total income minus a tax credit of Rs. 3,000.The total income would, hawever,be commuted on the basis of gross receipts reduced by legally admissible expenses and losses (in case of firms),Zakat paid and Wealth Tax paid.

   An having a total salaried annual income of less than one lac rupees will pay income tax at the rate of 10 per cent minus tax credit of Rs 4,000.The total income in this category means the income from total salaries which means that there would be no rebate on certain allowances which were available in the previous system.

How to pay Tax 

   Having an annual income of less than one lac rupees will deposit the due tac himself into a treasury by means of a challan.


How to File Income Return


   Having an annual income of less than Rs. one lac will fill up a highly simplified form,called 11-E obtainable from income Tax offices and send this filled up from,(which will be considered theair Income Tax Return)along with treasury challan to the desgnated Income Tax  Office by registered post with ackonoledgement due.I case of reduction of zakat and Wealth Tax receipts of their payment will also be attached with the income Tax Return.

1 comment

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