Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 23 April 2010
Dear Ameet,
Wealth Tax return for your reference:
FORM BA
Form Of Return Of Net Wealth For Individual/Hindu Undivided Families/Companies
regards,
ratan
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 23 April 2010
Dear Ameet,
Wealth Tax Challan 282 is to be used for welath tax payment.
Below find the attached form for your reference.
regards,
ratan
Ameet
(L)
(1678 Points)
Replied 23 April 2010
Dear Sir,
I am using this return excel sheet. One thing i m facing problem that where or which row i should claim Rs. 15 lacs u/s. 3(2)?. since whole amount of movable taking as tax in the sheet.
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 23 April 2010
Dear Ameet,
U hv to Deduct the threshhold limit in point no. 22 from the value of movable assets.
Example if movable assets value is 32 lacs write it as (32-15)*1% Your tax liability will be Rs. 17000/-
Hope ur doubt will be cleared. And more thing take care of the correct Challan.
regards,
ratan
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 23 April 2010
| Originally posted by : Ameet | ||
 |
THANK YOU SIR. I WILL TAKE CARE. |
 |
you are most welcome SIR
keep smiling.......
ratan
Rachit
(Analyst)
(913 Points)
Replied 23 April 2010
You are not required to show reduction of basic exemption limit in the return.
It is only at the time of calculation of tax and in computation
eg. if total wealth figure come to 20 lacs
tax payble column should reflect Rs. 5000/-
It is similar to I.Tax. Nowhere in the return do we reduce the basic exemption limit of 1.60lacs
I hope its clear
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 23 April 2010
| Originally posted by : Rachit | ||
|
|
You are not required to show reduction of basic exemption limit in the return. It is only at the time of calculation of tax and in computation eg. if total wealth figure come to 20 lacs tax payble column should reflect Rs. 5000/- It is similar to I.Tax. Nowhere in the return do we reduce the basic exemption limit of 1.60lacs I hope its clear |
|
Dear Rachit,
we are talking abt wealth tax here....... basic exemption limit is Rs. 15 Lacs for that.....
Plz correct ur error......
keep smiling........
ratan
Rachit
(Analyst)
(913 Points)
Replied 23 April 2010
Right thats how the W.T liability comes to 5000/= in my illustration
20L-15L= 5L * 1%=5000/=
So there is no error as such.
Hope it is clear to you now
Rachit
(Analyst)
(913 Points)
Replied 23 April 2010
| Originally posted by : Rachit | ||
|
|
You are not required to show reduction of basic exemption limit in the return. It is only at the time of calculation of tax and in computation eg. if total wealth figure come to 20 lacs tax payble column should reflect Rs. 5000/- It is similar to I.Tax. Nowhere in the return do we reduce the basic exemption limit of 1.60lacs I hope its clear |
|
It is similar to I.Tax . Nowhere in the return do we reduce the basic exemption limit of 1.60lacs
Its a mere comparison with the way we fill up the I. Tax return.
CA Pankaj Warke
(Fin Man)
(268 Points)
Replied 25 October 2010
Plz also note that the Basic Exemption limit has been increased to Rs. 30 Lacs from A.Y. 2010-11
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