Harish Kumar Maheshwari
Chartered Accountant
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IT |
| | NOW |
EARLIER |
| RATES OF TAX FOR MALE INDIVIDUAL NOT SENIOR CITIZEN |
0-1,50,000
1,50,001-3,00,000
3,00,001-5,00,000
MORE THAN 5,00,000 |
NIL
10%
15,000+20%
55,000+30% |
|
0-1,10,000
1,10,001-1,50,000
1,50,001-2,50,000
MORE THAN 2,50,000 |
NIL
10%
4,000+20%
24,000+30% |
|
| RATES OF TAX FOR FEMALE INDIVIDUAL NOT SENIOR CITIZEN |
0-1,80,000
1,80,001-3,00,000
3,00,001-5,00,000
MORE THAN 5,00,000 |
NIL
10%
12,000+20%
52,000+30% |
|
0-1,45,000
1,45,001-1,50,000
1,50,001-2,50,000
MORE THAN 2,50,000 |
NIL
10%
500+20%
20,500+30% |
|
| RATES OF TAX FOR SENIOR CITIZEN (65 YEARS OR MORE) |
0-2,25,000
2,25,001-3,00,000
3,00,001-5,00,000
MORE THAN 5,00,000 |
NIL
10%
7,500+20%
47,500+30% |
|
0-1,95,000
1,95,001-2,50,000
MORE THAN 2,50,000
|
NIL
20%
11,000+30%
|
|
| SECURITIES TRANSACTION TAX / COMMODITIES TRANSACTION TAX |
ALLOWED TO BE DEDUCTED
PROVIDED INCOME ARISING FROM SUCH TRANSACTIONS IS INCLUDED IN INCOME UNDER THE HEAD ‘PROFIT AND GAINS OF BUSINESS OR
PROFESSION’
|
SECURITIES TRANSACTION TAX NOT ALLOWED TO BE DUDUCTED
COMMODITIES TRANSACTION TAX NOT AVAILABLE
|
PAYMENT IN EXCESS OF RS 20,000/- IN A DAY OTHERWISE THAN BY AN ACCOUNT PAYEE CHEQUE/BANK DRAFT
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NOT TO BE ALLOWED
IF INDIVIDUAL PAYMENT IN CASH IS LESS THAN 20,000/- BUT TOTAL COMES TO MORE THAN 20,000/- IN A DAY
|
ALLOWED
TOTAL OF ALL PAYMENTS IN CASH COMES TO MORE THAN
20,000/- IN A DAY BUT INDIVIDUAL PAYMENT IN CASH IS LESS THAN 20,000/-
|
INVESTMENTS IN POST OFFICE
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PAYMENT MADE IN AN ACCOUNT UNDER ‘SENIOR CITIZENS SAVINGS SCHEME RULES, 2004’ OR 5 YEAR TIME DEPOSIT IN AN ACCOUNT POST OFFICE TIME DEPOSIT RULES, 1981 ARE ALSO ELIGIBLE
|
NOT ELIGIBLE
|
MEDICLAIM
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ADDITIONAL RS 15,000/- SHALL BE ALLOWED IF MEDICLAIM TAKEN FOR PARENTS EVEN THOUGH THEY ARE NOT DEPENDANTS AND RS 20,000/- IF INSURED PARENTS ARE SENIOR CITIZENS
|
NOT AVAILABLE
|
TAX HOLIDAY FOR HOSPITALS
|
5 YEARS TAX HOLIDAY FOR HOSPITALS OTHER THAN IN AHMEDABAD INCLUDING GANDHINAGAR, MUMBAI, DELHI INCLUDING FARIDABAD, GURGAON, GHAZIABAD, GAUTAM BUDH NAGAR,, KOLKATA, CHENNAI, HYDERABAD INCLUDING SECUNDARABAD AND BANGALORE
HOSPITAL SHOULD HAVE BEEN MADE AND STARTED FUNCTIONING BETWEEN
1/4/2008
AND
31/3/2013
|
NOT AVAILABLE
|
TAX HOLIDAY FOR HOTELS
|
5 YEARS TAX HOLIDAY FOR 2,3,4 STAR HOTELS AND CONVENTION CENTRES IN NATIONAL CAPITAL TERRITORY OF DELHI, FARIDABAD, GURGAON, GAUTAM BUDH NAGAR & GHAZIABAD AND
WORLD HERITAGE SITES INCLUDING
AGRA, JALGOAN, AURANGABAD, KANCHEEPURAM, PURI, BHARATPUR, CHHATARPUR, THANJAVUR, BELLARY, SOUTH 24 PARGANAS, CHAMOLI,
RAISEN, GAYA, BHOPAL, PANCHMAHAL, KAMRUN, GOALPARA, NAGAON, NORTH GOA, SOUTH GOA, DARJEELING AND NILGIRI.
HOTELS AND CONVENTION CENTRE SHOULD HAVE BEEN CONSTRUCTED AND START FANCTIONING BETWEEN
1/4/2008
AND
31/3/2013
|
NOT AVAILABLE
|
SHORT TERM CAPITAL GAIN
|
15% IN CASE OF SHORT TERM CAPITAL GAIN ARISING FROM TRANSFER OF EQUITY SHARES IN A COMPANY OR UNIT OF AN EQUITY ORIENTED FUND
|
10% IN CASE OF SHORT TERM CAPITAL GAIN ARISING FROM TRANSFER OF EQUITY SHARES IN A COMPANY OR UNIT OF AN EQUITY ORIENTED FUND
|
MAT
|
ITEMS TO BE ADDED TO BOOK PROFIT
DEFERRED TAX, TAX ON DISTRIBUTED PROFITS U/S 115O OR 115R, INTEREST CHARGED, SURCHARGE, EDUCATION CESS AND SECONDARY & HIGHER EDUCATION CESS
|
EFFECT IS TO BE GIVEN RETROSPECTIVELY FROM ASSESSMENT YEAR 2001-02
|
TAX ON DISTRIBUTED INCOME
|
AMOUNT OF DIVIDEND TO BE REDUCED BY AMOUNT OF DIVIDEND RECEIVED FROM SUBSIDIARY COMPANY
PROVIDED THAT DOMESTIC COMPANY ITSELF SHOULD NOT BE SUBSIDIARY COMPANY
|
NOT AVAILABLE
|
FBT
|
EXCLUSION FROM EMPLOYEES’ WELFARE
CRECHE FACILITY FOR CHILDREN OF EMPLOYEE, SPNSOR A SPORTSMAN BEINGAN EMPLOYEE, ORGANISE SPORTS EVENTS FOR EMPLOYEES, EXPENDITURE ON MAINTENANCE OF ANY ACCOMMODATION IN THE NATURE OF GUEST HOUSE OTHER THAN USED FOR TRAINING PURPOSES
|
NOT AVAILABLE
|
RETURN OF FBT
|
DUE DATE 30TH SEPTEMBER FOR THE AUDIT ASSESSEES
|
DUE DATE 31ST OCTOBER FOR THE AUDIT ASSESSEES
|
INCOME TAX RETURN
|
DUE DATE 30TH SEPTEMBER FOR THE AUDIT ASSESSEES
|
DUE DATE 31ST OCTOBER FOR THE AUDIT ASSESSEES
|
ASSESSEMENT
|
U/S 142(2)(ii) NO NOTICE AFTER THE EXPIRY OF 6 MONTHS FROM THE END OF THE FINANCIAL YEAR IN WHICH RETURN IN FURNISHED
|
U/S 142(2)(ii) NO NOTICE AFTER THE EXPIRY OF 12 MONTHS FROM THE END OF THE FINANCIAL YEAR IN WHICH RETURN IN FURNISHED
|
TDS CERTIFICATE
|
DATE OF NO REQUIREMENT OF FURNISHING CERTIFICATE OF TDS EXTENDED TO
1/4/2010
|
DATE WAS
1/4/2008
|
ST |
THRESHOLD LIMIT
|
NO SERVICE TAX ON SERVICE PROVIDERS WHOSE ANNUAL TAXABLE SERVICES ARE LESS THAN RS 10 LACS
|
NO SERVICE TAX ON SERVICE PROVIDERS WHOSE ANNUAL TAXABLE SERVICES ARE LESS THAN RS 8 LACS
|
CTT |
COMMODITIES TRANSACTION TAX
|
0.017% PAYABLE BY THE SELLER
|
NOT AVAILABLE
|
BCTT |
BANKING CASH TRANSACTION TAX
|
REMOVED
|
PAYABLE ON CASH WITHDRAWALS
|
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By
Harish Kumar Maheshwari
Chartered Accountant
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