How to File Return

For the assessment year, income tax is paid on total income earned during the preceding financial year. This period is referred to as the previous year in the Income Tax Act. The present information is applicable to the financial year beginning on 1st April 2002 to 31st March 2003, relevant for the Assessment Year 2003-2004.

Persons who are required to file income

A) Individual, Hindu Undivided Family, Association Of Persons and Body of Individuals: Income tax return has to be filed if the annual income is more than Rs. 50, 000/- or if one out of six economic criteria are satisfied (irrespective of the income).

B) Companies: Return of income has to be filed compulsorily every year.

C) Firms and co-operative societies: Return of income has to be filed if they have any income or if one out of six economic criteria is satisfied (irrespective of the income).

Note: Return of income has to be filed even if tax has been deducted at source. It has also to be filed by certain legal representatives and representative assessees.

Forms to be used for filing income tax return

Tax Slabs and Rates

The present information is applicable to the financial year beginning on 1st April 2002 to 31st March 2003, relevant for the Assessment Year 2003-2004.

Tax rates for Individuals, HUF, BOI and AOP

For the financial year beginning on 1st April 2002 to 31st March 2003, relevant for the Assessment Year 2003-2004 the tax rates are as under.

Tax rates for firms

For the financial year beginning on 1st April 2002 to 31st March 2003, relevant for the Assessment Year 2003-2004 tax rate for firms is 35% of the total income with surcharge of 5% on payable tax

Tax rates for Companies

For the financial year beginning on 1st April 2002 to 31st March 2003, relevant for the Assessment Year 2002-2003, tax rate for domestic companies is 35% of the total income with surcharge of 5%

Tax rates for Co-operative society

For the financial year beginning on 1st April 2002 to 31st March 2003, relevant for the Assessment Year 2003-2004 the tax rates are as under.

Tax rates for Local authority

For the financial year beginning on 1st April 2002 to 31st March 2003, relevant for the Assessment year 2003-2004 , Tax rate for Local Authority is 30% of the total income with surcharge of 5% on

How to Pay Tax

You have to pay the tax using the appropriate challan. Please mention your PAN and Assessing Officer Code number in the challan. The tax has to be deposited in   RBI, State Bank of India, IOB, Indian Bank and other notified banks. To get challans, you can contact the Public Relations Officer (PRO) at 8276737 or your assessing officer.

The cheque accompanying the challan has to be made payable to "Name of Bank / Branch - A/c Income Tax" (in case the cheque is deposited in a branch different from where the assessee has his account) or "Yourselves- A/c Income Tax" (if cheque is deposited in the branch where he has account)

Appropriate tax challan

Important Dates

Last date for filing of return

For four categories namely: 

A.      Companies

B.      All auditable cases

C.      Working partner of auditable firms,

D.      Persons covered other than one by six scheme,

the last date for filing of return is 31st October 2003. For all others the last date was 31st July, 2003

Note: Auditable cases are the cases where the turnover of business exceeds Rs. 40 lakhs or gross professional receipts exceed Rs. 10 lakhs.  These persons are required to submit an audit report by 31st October, 2003 and failure to do so may result in penalty up to Rs. 1 lakh.

Dates for Advance tax

You are required to pay your advance tax by the following dates

Capital gain index

Cost Inflation index

Cost inflation index for the financial year 2002-2003 is