Wealth Tax Return

Dear Ameet,

Wealth Tax return for your reference:

FORM BA

Form Of Return Of Net Wealth For Individual/Hindu Undivided Families/Companies

Word Format

Excel Format

regards,

ratan

Thank you sir.

Dear Ameet,

Wealth Tax Challan 282  is to be used for welath tax payment.

Below find the attached form for your reference.

regards,

ratan

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.

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

THANK YOU SIR. I WILL TAKE CARE.

Originally posted by : Ameet
	THANK YOU SIR. I WILL TAKE CARE.

you are most welcome SIR

keep smiling.......

ratan

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

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

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

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. 

Plz also note that the Basic Exemption limit has been increased to Rs. 30 Lacs from A.Y. 2010-11