Tax rates for Financial Year 2010-11 (Assessment Year 2011-12) are as under;

a) Personal Income Tax

There is no tax on Individuals for income upto Rs.160,000 (For females upto income of Rs.190,000 and senior citizens Rs.240,000). Thereafter, tax is on slab basis and the rate of tax ranges from 10% to 30%.

b) Corporate Income Tax

Domestic Companies:

Rate of tax for domestic companies is 30%. Surcharge @ 7.5% of tax is levied if total income exceeds Rs.1.00 Crore.

An Indian registered company which is a subsidiary of a foreign company is also considered domestic company.

Foreign Companies:

Foreign companies are chargeable to tax @ 40%. Surcharge @ 2.5 % of tax is levied if total income exceeds Rs.1.00 Crore.

c) Tax on Capital Gain

Tax on capital gain ranges between 10% to 20% depending on the period of holding of the asset and the nature of the asset.

Generally the tax on income crystallizes only on completion of the financial year. Tax is payable in advance in instalments during the financial year if the estimated tax liability of the year exceeds Rs.10,000.

If at the time of filing of return you find that you have some balance tax payable after deducting the prepaid taxes (Advance Tax, TDS, TCS) then the balance amount of tax is payable before the due date of return filing.

Entity	Return due on or before
a) Companies b) Other entities, other than companies, if their accounts are subject to audit c) working partners of a firm whose accounts are subject to audit	30th September
In all other cases other than above	31st July

Yes. This may take the form of interest if the return is not filed before the end of the assessment year. If the return is not filed even after the end of the assessment year, penalty may also be levied.

Yes. It may be furnished at any time before the expiry of two years from the end of the financial year in which the income was earned. It can be filed as a belated return.

A Permanent Account Number or PAN is allotted by the Income Tax Department. It is mandatory to quote PAN in every transaction with the Income Tax department. It is also required for other financial transactions such as opening of bank accounts, availing institutional financial credits, purchase of high-end consumer item, foreign travel, transaction of immovable properties, dealing in securities etc.

No. Return is to be filed only if you have taxable income.

TDS means Tax Deducted at Source. It is the amount withheld by the payer from payments of certain kinds such as salary, contract payment, commission etc. This withheld amount can be adjusted against your tax due.

Yes u/s 195.
In case you have any doubt regarding the amount on which TDS is to be made, you may file an application with the officer handling non-resident taxation who will pass an order determining the TDS to be made. Alternatively, if the recipient feels that the TDS is more he may file an application with his Assessing officer for non-deduction

TDS is not to be deducted in case of local authorities & Cooperative soceities.TDS is also not deducted from the income of an assessee who is not liable to tax ,in which case he will have to submit From 15G & 15H to the payer.

a) Bank Deposits, investment in shares, units of Mutual Funds etc. are exempt from wealth tax in India.
b) Interest earned on NRE and FCNR accounts is completely tax-free.

If an NRI's income consists only of investment income or long term capital gains or both and the relevant tax deductible on such income has been deducted at source, it is not necessary for him to file a return of income under section 139(1) of the Income-tax Act (the Act). This is a concessional treatment given to NRIs in accordance under the Income Tax Act.

In the case of NRIs, the categories of income, which is not includable in total income exempt under Chapter III of the Act are;

i.	Interest on securities or bonds issued by Central Government and notified.
ii.	Interest on moneys standing in Non-resident (External) account.
iii.	Interest on saving certificate issued before 01/06/2003 by the Central Government

These exemptions have to be read in the context of various schemes / notifications issued by the Central Government from time to time.

A DTAA is a bilateral arrangement between two countries which forms part of the fiscal code of the respective country. This agreement can be accessed by the residents of either country and does not restrict the basic right of a sovereign country to tax the income in question. As per the Indian Income-tax Act, 1961, the Income Tax Act or DTAA whichever is favourable can be applied by an assessee with reference to a transaction.

At present India has entered into Comprehensive DTAAs with 74 countries & limited DTAA with 24 countries

Dividend distribution tax is the tax levied by the Indian Government on companies according to the dividend paid by the company to its investors.
At present the dividend distribution tax is 15% of the amount of dividend declared or paid by a company.

Every Individual, Hindu Undivided Family and Company whose net wealth exceeds
Rs.30 Lacs as at the end of a financial year ie; 31st March, is liable to file wealth Tax Return.

1. Buildings or land other than, one house property or plot of land and one additional plot of Land having area of 500 square meters or less.
2. Motor Cars, Yachts, boats and aircrafts
3. Jewellery
4. Bullion, furniture, utensils or any other, article made wholly or partly of gold, silver,Platinum or any other previous metal
5. Urban land
6. Cash on hand in excess of Rs. 50,000/-.

Wealth tax is not levied on productive assets, hence investments in shares, debentures, UTI, Mutual Funds, etc are exempt from it.

Net wealth is the aggregate value, computed under the provisions of the W.T. Act, 1957, of all assets (including deemed assets), belonging to the assessee on the valuation date, MINUS the aggregate value of all debts owed by the assessee on the valuation date which have been taken in relation to the assets attracting wealth tax.

The value of assets to be charged to wealth tax is to be determined on the basis of rules of Schedule III.

Wealth tax is charged at 1 % of the amount by which the net wealth exceeds Rs.30 lakhs.