Subinoy

Wealth Tax Rules

While Income tax is payable on the total taxable Income earned by an individual in one year, wealth tax is paid on the possession of certain assets which fall under the Wealth Tax Act of the Indian taxation system. A wealth tax is a tax on the accumulated stock of purchasing power, in contrast to Income tax, which is a tax on the flow of assets (a change in stock). Wealth tax is a direct tax levied on the ownership of certain assets by individuals and Hindu Undivided Families (HUFs) even though these assets may not generate any Income. It is governed by the Wealth Tax Act, 1957.

Under the Act, the tax is charged in respect of the wealth held during the assessment year by the following :-

Individual
Hindu Undivided Family (HUF)
Company

Can ignore Wealth Tax?
Penalties related to ignorance of wealth tax are much more severe as compared to that of Income tax. Remember that ignoring wealth tax can lead to serious problems for a taxpayer, with the penalty ranging from 100% to 500% of the unpaid tax, and in extreme cases, even jail.

What is Taxable?
The assets which are taxable under the Wealth Tax Act are:

Residential property other than one house
Guesthouse
Farmhouse
Cars (unless used for commercial hiring)
Precious metals including those in the form of jewellery
Gold
Air crafts, yachts, boats
Urban land
Cash in hand in excess of Rs 50,000.

In addition to these, all assets transferred by individuals to their minor children and to a spouse for inadequate consideration also attract wealth tax. cases, even jail.

What is exempt from Wealth Tax?
Following assets are exempt from the purview of Wealth Tax:

any one residential property
commercial property
financial assets like shares, mutual funds, debentures
any outstanding loan taken to buy the asset

The government of India imposes an Income tax on taxable Income of all persons including individuals, Hindu Undivided Families (HUFs), companies, firms, association of persons, body of individuals, local authority and any other artificial judicial person.

Many jurisdictions tax the Income of individuals and business entities, including corporations. Generally the tax is imposed on net profits from business, net gains, and other Income.

Income Tax Rules
A.Y. 2011-12	A.Y. 2012-13			A.Y. 2013-14	A.Y. 2014-15
ITR - 1
ITR-1 SAHAJ Indian Individual Income tax Return English Hindi Print Specifications for SAHAJ & SUGAM English Instructions Hindi Instructions	Who can use this Return Form This Return Form is to be used by an individual whose total income for the assessment year 2012-13 includes:- (a) Income from Salary/ Pension; or (b) Income from One House Property (excluding cases where loss is brought forward from previous years); or (c) Income from Other Sources (excluding Winning from Lottery and Income from Race Horses) Who cannot use this Return Form This Return Form cannot be used by any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India.		ITR-1 SAHAJ Indian Individual Income tax Return English Hindi Print Specifications for SAHAJ & SUGAM English Instructions Hindi Instructions	ITR-1 SAHAJ Indian Individual Income tax Return English Hindi Print Specifications for SAHAJ & SUGAM English Instructions Hindi Instructions	ITR-1 SAHAJ Indian Individual Income tax Return English Hindi English Instructions Hindi Instructions
ITR - 2
ITR-2 For Individuals and HUFs not having Income from Business or Profession English Hindi English Instructions Hindi Instructions	Who can use this Return Form This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2012-13 includes:- (a) Income from Salary / Pension; or (b) Income from House Property; or (c) Income from Capital Gains; or (c) Income from Other Sources (including Winning from Lottery and Income from Race Horses). Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories. Who cannot use this Return Form This Return Form should not be used by an individual whose total income for the assessment year 2012-13 includes Income from Business or Profession.		ITR-2 For Individuals and HUFs not having Income from Business or Profession English Hindi English Instructions Hindi Instructions	ITR-2 For Individuals and HUFs not having Income from Business or Profession English Hindi English Instructions Hindi Instructions	ITR-2 For Individuals and HUFs not having Income from Business or Profession English Hindi English Instructions Hindi Instructions
ITR - 3
For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship		ITR-3 For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship English Hindi English Instructions Hindi Instructions	ITR-3 For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship English Hindi English Instructions Hindi Instructions	ITR-3 For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship English Hindi English Instructions Hindi Instructions	ITR-3 For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship English Hindi English Instructions Hindi Instructions
ITR - 4/4S
For individuals & HUFs having income from a proprietary business or profession		SUGAM (ITR-4S) Sugam - Presumptive Business Income tax Return English Hindi Print Specifications for SAHAJ & SUGAM English Instructions Hindi Instructions	SUGAM (ITR-4S) Sugam - Presumptive Business Income tax Return English Hindi Print Specifications for SAHAJ & SUGAM English Instructions Hindi Instructions	SUGAM (ITR-4S) Sugam - Presumptive Business Income tax Return English Hindi English Instructions Hindi Instructions	SUGAM (ITR-4S) Sugam - Presumptive Business Income tax Return English Hindi English Instructions Hindi Instructions
		ITR-4 For individuals and HUFs having income from a proprietory business or profession English Hindi English Instructions Hindi Instructions	ITR-4 For individuals and HUFs having income from a proprietory business or profession English Hindi English Instructions Hindi Instructions	ITR-4 For individuals and HUFs having income from a proprietory business or profession English Hindi English Instructions Hindi Instructions	ITR-4 For individuals and HUFs having income from a proprietory business or profession English Hindi English Instructions Hindi Instructions
ITR - 5
For firms, AOPs and BOIs		ITR-5 For firms, AOPs and BOIs English Hindi English Instructions Hindi Instructions	ITR-5 For firms, AOPs and BOIs English Hindi English Instructions Hindi Instructions	ITR-5 For firms, AOPs and BOIs English Hindi English Instructions Hindi Instructions	ITR-5 For firms, AOPs and BOIs English Hindi English Instructions Hindi Instructions
ITR - 6
For Companies other than companies claiming exemption under section 11		ITR-6 For Companies other than companies claiming exemption under section 11 English Hindi English Instructions Hindi Instructions	ITR-6 For Companies other than companies claiming exemption under section 11 English Hindi English Instructions Hindi Instructions	ITR-6 For Companies other than companies claiming exemption under section 11 English Hindi English Instructions Hindi Instructions	ITR-6 For Companies other than companies claiming exemption under section 11 English Hindi English Instructions Hindi Instructions
ITR - 7
For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)		ITR-7 For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) English Hindi English Instructions Hindi Instructions	ITR-7 English Hindi English Instructions ITR-7 Acknowledgement	ITR-7 English Hindi English Instructions Hindi Instructions	ITR-7 English Hindi English Instructions Hindi Instructions
ITR - 8
Return for Fringe Benefits
ITR - V / Acknowledgement
Where the data of the Return of Income in Forms Saral-II (ITR-1), ITR-2, ITR-3, ITR-4, ITR-5 & ITR-6 transmitted electronically without digital signature.		ITR – V Acknowledgement	ITR – V Acknowledgement English Hindi	ITR – V Acknowledgement English Hindi	ITR – V Acknowledgement English Hindi
Acknowledgement for e-Return and non e-Return
Forms to be submitted by Scientific Research Organisations
Application Form for approval under clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 in the case of a Scientific Research Association					FORM NO.3CF-I
Application for approval of scientific research programme under section 35(2AA) of the Income-tax Act, 1961					FORM NO. 3CG
Order of approval of in-house Research and Development facility under section 35(2AB) of the Income-tax Act, 1961					FORM NO. 3CM
Certificate of expenditure by way of payment in respect of eligible projects or schemes notified under section 35AC					FORM NO. 58A
Certificate of expenditure incurred directly by a company in respect of eligible projects or schemesnotified under section 35AC					FORM NO. 58B
Report to be submitted under clause (ii) of sub-section (4) of section 35AC of the Income-tax Act, 1961 to the National Committee by an approved association or institution					FORM NO. 58C
Report to be submitted by a public sector company, local authorityor an approved association or institution under clause (ii) ofsub-section (5) of section 35AC of the Income-tax Act,1961 to the National Committee on a notifiedeligible project or schemeReporting period ________to__________					FORM NO. 58D
Application Form for approval under clause (ii) or clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 in the case of a University, College or other Institution					FORM NO. 3CF-II
Forms to be submitted by Charitable and Religious Organisations under Section 10
Application for grant of exemption or continuance thereof under section 10(23C)(iv) and (v) for the year					FORM NO. 56
Application for grant of exemption or continuance thereof under section10(23C)(vi) and (via) for the year ___________					FORM NO. 56D
Forms to be submitted for registration of Charitable or Religious Institutions
Application for registration of charitable or religious trust or institution under section 12A(a) of the Income-tax Act, 1961					FORM NO. 10A
Software Utilities
Software utility for printing of challans with Barcoded PAN/TAN and other details.					Download
Publications
e-Delivery of Services					Download