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5652 39172 Chart It 11
5652 39172 Chart It 11
ADVANCE IT : (if liability = or > 10 Due Date By 15th june By 15th Sep By 15th Dec By 15th Mar Company
upto 15% upto 45% upto 75% 100% 100 109 116 125 133 140 150 161 172 182 199 223 244 259 281
Senior Citizen 60 yrs or more [65 yrs till 31.03.2011] Resident Woman below 60 yrs [65yrs till 31.03.2011] 2 FIRM / LLP 3 DOMESTIC COMPANY REGULAR TAX DIVIDEND TAX (Sec 115-O) MAT (Section 115JB) C/F of MAT Credit 4 TAX ON LONG TERM CAPITALGAIN
30+0.9%** 30+0.9%**
Notes: 1) Tax on LTCG can be taken as 10%+SC+Cess in case of transfer of listed shares/securities/units without indexation benefit 2) Income from LTCG is exempt in case of transfer of equity shares/units of equity oriented fund which are liable to STT
15+0.45%** 15+0.45%** 15+0.45%** 10% 10% 10% Nil 10% Nil Nil 7.5% Nil
**SURCHARGE
[ before EC/SHEC]
IND/HUF/AOP/BOI [IF Net Income>10 L] DOMESTIC CO [IF Net Income > 1 Cr] FIRM / LLP [IF Net Income > 1 Cr]
1981-82 1982-83 1983-84 1984-85 1985-86 1986-87 1987-88 1988-89 1989-90 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96 >
B DEDUCTIONS & REBATES a General Deduction b Mediclaim (otherwise than cash) 80C/80CCC/80CCD
MISC PROVISIONS:
[notified LT infrastructure bond]
80CCF 80D
Senior Citizen
Partners Remuneration u/s 40(b) Book Profit <0 < or = Rs 300000 on Balance
*Additional Deduction for Mediclaim of Parents Rs 15,000 (Rs 20,000 in respect of Sr. Citizen)
24(a) 30% 30% 30% 30% (in case of rented House Property) d Int on borrowed capital 24(b) [Self Occupied HP] 150000* 150000* 150000* 150000* *30000 Generally (higher deductions are allowable only where the capital is borrowed after 01.04.99 and property is
c Standard Deduction acquired/constructed within 3yrs from the end of FY in which capital was borrowed.) Set-off
Same Head
another head
>
Compulsory Tax Audit 44AB [from FY 2010-11] 44AB [upto FY 2009-10] 44AE,44BB, 44BBB
Carry Forward & Set-off C/F No Yes Yes Yes Yes Yes Yes Yes No No Years NA 8 years 4 years No limit 8 years 8 years 8 years 4 years NA NA Tax agst whom NA same head same item any income same head same item same head same item NA NA INTEREST ON INCOME TAX: 1.Filing of return after due date u/sec 234A 2.Defaults in pymt of Advance Tax u/s 234B 3.Deferment in pymt of Advance Tax u/s 234C 4.Interest for late pymt of demand u/s 156 4.Failure to deduct and pay TDS u/s 201(1A) 44AD Yes Yes No Yes Yes* No No No No Yes
* except Salaries
1. Salaries 2. House Property 3. Speculation Business / Specified Bus. 35AD Ubabs. Depreciation / Cap Exp on SR/FP Non-speculative Business or Profession 4. Long Term Capital Gains Short Term Capital Gains 5. Owning / Maintaining race horses Lotteries / Crossword Puzzles etc. Income from Other Sources (except if exempt) D WEALTH TAX [IND / HUF / CO] wef 1-Apr-06 1-Oct-09 recipient Ind/Huf* Ind/Huf* Ind/Huf* Ind/Huf* Ind/Huf* 1-Jun-10 Co** Co**
wef FY 2009-10
Exemption Criteria
30 lac
1%
E GIFT AS INCOME FROM OTHER SOURCES U/S 56(2) [Gift Tax abolished wef 01.10.1998] nature of receipt any sum of money any sum of money immovable properties other properties other properties property being shares property being shares Taxability as Income whole amount whole amount whole of stamp value whole of FMV such excess amount whole of FMV such excess amount 15 yr Public compound Provident Fund int 8% per yr
rate of bonus
without consideration > 50,000 without consideration > 50,000 without consideration > 50,000 without consideration > 50,000 FMV less consideration > 50,000 without consideration > 50,000 FMV less consideration > 50,000
*Exempted, If received from relatives, under will/inheritance, on marriage, on death, local auth, u/s 10(23C) **other than companies in which public are substantially interested
F Interest NSC (on every Rs 1000)
1st year
2nd Year
3rd Year
4th Year
5th Year
6th Year
81.6
88.3
95.5
103.3
111.7
120.8
Note: I)The above chart does not cover the provisions related to Non-resident assessee and Foreign Company 2) For any query on PAN/TAN/Efil Important Links: Income Tax Site: http://www.incometaxindia.gov.in For Income Tax e-Return Filing: http://incometax-indiaefiling.gov.in Tax
DY REFERENCE
ET 2011-2012)
Return Due Date u/s 139(1) From Asst year 2008-09 1. Non-corporate assessee or a working partner of a firm (where books are reqd to be audited) & Corporate Assessee 2. Corporate Assessee which is reqd to report u/s 92E 3. Any other assessee 4. Return of Loss-139(3) 5. belated return-139(4) Due Date PLANT & MACHINERY FURNITURE & FIXTURE DEPRECIATION AY 06-07 onwards
upto 30% upto 60% 100% 1996-97 1997-98 1998-99 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 305 331 351 389 406 426 447 463 480 497 519 551 582 632 711
Sep-30
COMPUTERS BUILDINGS Non RESIDENTIAL RESIDENTIAL Purely Temp Erections CAR & VEHICLES CAR OR VEHICLES USED ON HIRE
Nov 30 July 31
within due date 1yr from AY end
Only 50% Depre. will be allowed if assets acquired / used for < 180days
be made within 7 days from the end of the month in which provision for TDS is made and within 30th April if provision for TDS is made in the month of March. 2) Filing of return in computer media mandatory for Company, Govt deductor, those who r covered u/s 44AB, assessee with no. of deductors>20 (qtrly); 3) Returns to be filed quarterly in F/24Q (Salary) or F/26Q (others) within 15 days from the end of quarter (45 days in case of last quarter); 4) TDS certificate to be made in Form 16/12BA for Salary (annually) within May 31 and F/16A for others (quarterly) within 15 days from the end of due date of quarterly return; 5) For lower deduction the recipient may apply to AO in F/13 or a declaration may
be made in form 15G/15H (for Int./Div./NSS only), 15I (for transport contractor);
TDS Liability(FY 2011-12)
Interest > 5000 pa [Rs 10000 in case of pymt of banks/PO] Commission or Brokerage >5000 pa [2500 upto 30.06.2010]
Fees for Prof or Technical Services > 30000pa [20000 upto 30.06.2010]
Business
Profession
10.00% [Sec 194H] 10.00% [Sec 194J] 10.00% [Sec 194] 30.00% [Sec194B/BB]
>30000 (single) or 75000 pa [ 20000 (single) or 50000 pa upto 30.06.2010], *[transport Operator - Nil if PAN furnished] Rent - Plant & Machinery >1.8 lac pa [ 1.2 lac upto 30.06.2010] Rent - Land / Building / Furniture / Fittings >1,80,000 pa [ 1.2 lac upto 30.06.2010]
> Rs 60 Lac > Rs 15 Lac > Rs 40 Lac > Rs 10 Lac if profit or gain is less than prescribed if profit or gain is less than prescribed and if total income is taxable
Int @ 1% pm or part of the mth from the end of Due Date for filing of return Int @ 1% pm or part of the mth from the 1st day of April of the AY Int @ 1% pm or part of the mth on the deficit amt as applicable Int @ 1% pm or part of the mth from the end of 30 days of Demand Notice Int @ 1% pm or part of mth upto the date of deduction and @1.5% from date of deduction to pymt. date
2.00% [Sec 194-I] 10.00% [Sec 194-I] 10.00% [Sec 194LA] 10.00%
Dividend u/s 2(22)(e) > 2500 pa winning from lottery / horse race etc
T ON INCOME TAX:
Note:w.e.f. 01.04.2010 furnishing of PAN to deductor, in 15G/H/I and to AO for lower dedn. is mandatory - noever TDS will be higher of 20% or prescribed or in force Important Prescribed Forms under Income Tax Rules 1962 Return of Income
1. Ind. with Salary/HP(one)/Other
3. Ind/HUF being partners in firm ITR-3 (without prop.Busi/Prof) 4. Ind/HUFwith prop.Busi/Prof 5. Ind/HUF (presumptive basis) Other Forms 1. PAN Application 2. TAN Application 49A 49B Form BA 10DB/10DC 26AS 280 281 282 283 ITR-4 ITR-4S (Sugam)
8. Person reqd. to furnish return u/s ITR-7 139(4A) / (4B) / (4C) / (4D)
9.Return for Fringe Benefits Appeal 1. To CIT(Appeals)-2copies 2. To ITAT - 3copies 3. Memorandum of cross objection to ITAT-3 copies 4. To ITAT-to refer to High Court any question of law Charitable & Religious Trusts 1. Appln for regn 2.Appln for approval/ cont -inuance u/s 80G(5)(vi) 3. Notice for accumulation of Income to AO
x Saving cum Investment Schemes: Investment and interest qualify for deduction u/sec 80C
accrued 3. Wealth Tax Return tax 4. STT pymt evidence 5. Annual Tax Statement Challans
Inv qualify for tax deduction u/sec 80C;Int exempt u/sec 1. Income Tax 10(11) 2. TDS/TCS Tax Challans Bonus is totally exempt; Inv qualify for tax deduction 4. Fringe Benefit Tax u/sec 80C 3. Misc Direct Taxes
uery on PAN/TAN/Efiling/OLTAS: email to ask@incometaxindia.gov.in or call 0124-2438000 diaefiling.gov.in Tax Information Network: http://tin.nsdl.com/