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IF YOU FALL IN ONE BY SIX CRITERIA AND YOU DONT FILE YOUR INCOME TAX RETURN, A PENALTY OF RS. 5000 SHALL BE LEVIED BY THE INCOME TAX DEPARTMENT.
ONE BY SIX CRITERIA- IF YOU SATISFY ANY ONE OF THE FOLLOWING CONDITIONS-

1. OWNERSHIP TO A PHONE. 2. OWNERSHIP TO AN IMMOVABLE PROPERTY EXCEEDING 600 SQ. FEET 3. OWNERSHIP OF A VEHICLE, SCOOTER, MOTOR CAR, OR A BIKE. 4. HAVE MADE A FOREIGN TRAVEL 5. MEMBERSHIP TO A CLUB 6. HAVING A CREDIT CARD.

SPECIAL ACCOUNTING ASSIGNMENT OFFER  FOR COMPANIES/PARTNERSHIP FIRMS/SOLEPROPRIETORY CONCERNS/ OR SOCIETIES:-

SALIENT FEATURES FOR ASSESSMENT YEAR 2003-04 (YEAR ending 31/Mar/2003).:-

In The Case of Individual and HUF :

A) Tax rate are as follows

B) 1) 50000 to 60000/- @ 10%
2) 60001/- To 350000/- @ 20% + 5% Surcharge.
3) Above 350000/- @ 30% + 5% Surcharge.
B) In The Case of Firm : 35% + 5 % Surcharge

C) In The Case of Companies : 35% + 5 % Surcharge

2) If you are entitled to 80HHC deduction for export profit, then 50% of export profit is taxable at appropriate rate of tax stated above.


D)SAILIENT FEATURES FOR ASST YEAR 2003-04 FOR INDIVIDUAL/HUF (YEAR ENDING 31ST MARCH 2003)

a) Income distributed by mutual fund after 1-4-2002 will be taxed in the hands of the unit holders.

b) Income from dividend and units will be taxable.

c) Casual income (i.e. income from lottery, horse races, etc.) is fully taxable(exemption up to Rs.5000 is removed)

d) For availing the deduction of interest not exceeding RS. 350000 on capital borrowed for acquiring or construction of self occupied house property, assessee should complete the construction or acquisition of such house within 3yrs from the end of the financial year of loan taken, provided the loan is taken after 1/4/99 and but before 1/4/2003. Assessee should also furnish certificate from person to whom interest is payable.

e) Additional depreciation ( in certain circumstances ) new machinery/plant:

In case a new machinery/plant (other than ships/aircraft) is acquired and installed after 31/3/2002, additional depreciation @ 15% of the actual cost of such machinery or plant will be allowed in the case of :-

A) a new industrial undertaking when it begins to manufacture or produce any article or thing on or after 31/3/2002. (B) any industrial undertaking existing before 31/3/2002,then when it achieves substantial expansion by way of installed capacity by not less than 25% .

H). If, you are a partnership firm, Interest payable to partners is allowed as follows;

From 1/4/02 to 30/5/02 @18%

From 1/6/02 to 31/3/02 @12%

I). (1) REBATE U/s.88 (LIC, PPF ETC.)
Gross Total Income Rate

Less than 1,50,000 20%

1,50,000 to Rs.5,00,000 15%

Above 5,00,000 NIL

(Gross total income means income after reducing long term capital gain and before any deduction U/ch.VI-A( Mediclaim, donation etc)

Rebate limit has been extended From Rs. 16000 to Rs. 20000 as explained below :

Any individual/HUF can avail rebate as follows:

Investment Max.Amount Max.Rebate@20%

PPF/LIC 70,000 14,000

Infrastructure Bonds 30,000 6,000

TOTAL 1,00,000 20,000

Infrastructure bonds-IDBI Flexi bonds, ICICI safety bonds etc.

If you are having salary income up to Rs.35000 and your salary income (before standard deduction) constitutes 90% of gross total income (including other incomes) you will be allowed rebate to the extent of 30% instead of 20% your investment in PPF, LIC etc. Maximum rebate will be as per above limits.

(2) individuals of sixty five of age has not pay income tax up to Rs.35000 of income tax.

Woman below 65 year age has not to pay tax up to Rs. 5000.


J). CAPITAL GAINS

Please note that brought forward & current year long-term capital loss will be allowed to be set off against long-term capital gain only. Brought forward & current short-term capital loss will be allowed to set off against short-term capital gain and long term capital gain also.

For calculation of long term capital gain for financial year 2002-2003, cost inflation Index is 447.

K) Any individual/HUF having a turnover above Rs.40,00,000/- for the Asst.yr-2002- 03 will have to compulsory deduct TDS on payment of interest or any payment to contractor or sub-contractor etc.

L). Deduction U/s.80L is Rs.12,000 (dividend, UTI, mutual funds etc,) + 3500 for government security(NSC, etc) Section 80L allows a tax deduction on interest earned for Rs. 15,000 in a financial year. This is Rs. 15,000 is split in two parts, Rs. 12,000 is available as a tax deduction on income earned from the following popular investment options : Post office scheme. National Savings Certificates, Time Deposit, Recurring Deposit and Monthly Income Scheme.

Specified debentures and bonds of financial institutions. Debentures issued by state electricity boards (SEBS)


Deposits with banks (including co-operative banks)


Deposits with state housing boards and deposits with housing finance companies


Dividends from mutual funds and companies.


The balance Rs. 3,000 is available only for interest earned on investments made in central or state government securities. You have an option of claiming the entire Rs. 15,000 only for interest earned from these securities, An eligible investment in this category should be notified as a government security. Until recently, the lot size in government securities was very high and liquidity was low. However, now, to provide greater depth to the debt markets the Reserve Bank Of India has allowed retail participation in government securities. A retail investor now has the option to buy government securities in retail lots of as low as Rs. 1,000. Besides, the investor is assured of liquidity since these securities are traded on BSE and NSE debt segment of the stock exchange. These investments can be made through authorized stockbrokers.


M) The deduction for standard deduction u/s 16(1) for salaried employees is as follows:- For gross salary (before allowing standard deduction) -


Upto Rs 350000/- 1/3rd of gross salary or Rs 35000 which is less

350000 to 350000/- RS 35000

350000 to 500000 /- Rs 20000

above 500000/- Nil

N) Return furnished under section 139, a person who fulfils any one of the conditions specified therein shall mandatory furnish a return of his income during the previous year, on or before the due date. The Finance Act, 2002, has modified this condition so that it is mandatory only for a person who is a subscriber to a cellular telephone not being a wireless in local loop telephone, to file his return of income. Remaining five conditions are same as in last financial year.


O) SALARY INCOME


The value of any fringe benefit or amenity as may be prescribed will be a perquisite as per clause (vi) of section 17(2). A proviso has been inserted under clause (vi) by the Finance Act, 2002, w. e. f. 1-4-2002 providing that for assessment year 2002-03, nothing contained in this clause shall apply to any employee whose income under the head "salaries" (whether due from, or paid or allowed by, one or more employers ) exclusive of the value of all perquisites not provided for by way of monetary payment, does not exceed one lakh rupees.

Income tax returns filed at BOMBAY,MUMBAI, DELHI, CHENNAI, KOLKATTA, BANGALORE, PUNE, SURAT, AHMEDABAD, BARODA, LUDHIANA, LUCKNOW, NASHIK,GUJARAT,HYDERABAD, SRINAGAR, NOIDA, AMRITSAR, CHATTISGARH, AND ALL OTHER PLACES IN INDIA.

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