46_complete Compliance Need for the Financial Year

7/28/2019 46_complete Compliance Need for the Financial Year

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PT

Professional Tax

To use Calculator Open this Link

DEFINITION

An Act to provide for the levy & collection of tax onprofessionals , trade callings & employment in the

state. Came into force in 1976

FORMS

Annual Return

FORM 5

Monthly Return

FORM 5 A

DOWNLOAD FORM

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SLAB

Amount Tax

Less than 3000 Nil

3000 - 5000 30

5000 - 8000 60

8000 - 10000 100

10000 - 15000 150

More than 15000 200

DATE OF PAYMENT

15th of succeeding month +additional 5 days grace


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PF

Provident Fund


"Employee" as defined in Section 2(f) of the Act means any person who isemployee for wages in any kind of work manual or otherwise, in or in connectionwith the work of an establishment and who gets wages directly or indirectly fromthe employer and includes any person employed by or through a contractor in or

in connection with the work of the establishment.

Basic Wages" means all emoluments which are earned by employee while on dutyor on leave or holiday with wages in either case in accordance with the terms ofthe contract of employment and witch are paid or payable in cash, but dose not

include(A) The cash value of any food concession;

(B) Any dearness allowance (that is to say, all cash payment by whatever namecalled paid to an employee on account of a rise in the cost of living), house rent

allowance, overtime allowance, bonus, commission or any other allowancepayable to the employee in respect of employment or of work done in such

employment.(C) Any present made by the employer.

DEFINITION


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FORMS

http://epfindia.nic.in/downloads_forms.htm

SLAB

Employee Rate:-

8.33% Pension Fund3.67% PF Fund

Employer Rate:-

12% Basic

1.61% Admin Charges

DUE

15th ofSucceedingMonth + 5

days ofGrace
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ESI

Employees State Insurance Scheme


DEFINITION

The promulgation of Employees State Insurance Act, 1948 envisaged anintegrated need based social insurance scheme that would protect the

interest of workers in contingencies such as sickness, maternity, temporaryor permanent physical disablement, death due to employment injuryresulting in loss of wages or earning capacity. the Act also guarantees

reasonably good medical care to workers and their immediate dependants.

FORMS

http://esic.nic.iorms.htm

DUE DAT

16th of thSucceeding m+ 5 days of G
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n/f

onthrace

SLAB

Employee:-1.75% of Basic

Employer:-4.75% of Basic

&Admin Charges

1.61%
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FORMS

Tax Deducted at Source

OPEN THIS LINK TO USE CALCULATOR TDS CALCULATOR

TDS Contractors

SEC --- 194 C of IncomeTax Act

RATE SLAB

Particulars Rate

Income Tax 2%

Surcharge 10%

Cess 3%

Total 2.266%

TDS Professions

SEC - 194 J of IncomeTax Act

RATE SLAB

Particulars Rate

Income Tax 10%

Surcharge 10%

Cess 3%

Total 11.33%

TDS Commis

SEC - 194 H ofTax Act

RATE SL

Particulars

Income Tax

Surcharge

Cess

Total 11

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sion

ncome

B

Rate

10%

10%

3%

.33%

TDS Rent

SEC - 194 I of IncomeTax Act

RATE SLAB

Particulars Rate

Income Tax 20%

Surcharge 10%

Cess 3%

Total 22.66%

DUE DATE

7th of the succeedingmonth.

Quarterly Payment:-

15th of theSucceeding month ofthat particular ended

Challan no

Returns 24Q, 2


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281

Q & 27EQ


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PANName:- Previous Year

Address : Assessment YearSex

TYPE (+) / (-) PARICULARS OTHERS AMOUNT

Basic

Dearness Allownace

House Rent AllowanceConveyance

SodexHo AllowanceGift Coupons

Prequisities- AssetsOther Allowance

TOTAL 0

(+) Allowances Taxed if bills not produced

Medical AllowanceLeave Travel Allowance

Education AllowanceTelephone AllowanceSodexHo AllowanceClub MembershipDriver's AllowancePetrol AllowanceGROSS SALARY 0

(-) Exemptions Under Sec 10

House Rent Allowance ( 13 A )

Computation 40% of Basic + Dearness Allowanceor House Rent Allowance Received

or Excess of Rent Paid over 10% BASIC + DAor Rent paid during the year

Note:- Whichever is least should be taken

Conveyance U/s ( 14 )Leave Travel AllownaceMedical Reimbursement 0 0

SodexHo CouponsEducation Allowances

Telephone ReimbursementGift coupons

Petrol ReimbursementDriver Reimbursement

Club membershipTOTAL EXEMPTION

NET SALARY

(-) Deduction U/S 16Professional Tax U/s 16 ( iii )

TOTAL DEDUCTIONS

INCOMEFROMS

ALRAIES

It can be claimed 2times in a block of 4years ( 2006 - 2009 )

Interest repayment onhigher education /

university is exempted

NOTE:- AT some places Formulae are feedinto the blanks, Please do not change those

blanks as TAX COMPUTATION may gowrong.


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TOTAL SALARY INCOME

(-) Deduction under Chapter VI AU/s 80 C

Employee Contribution to Provident FundLife Insurance PremiaPublic Provident Fund

National Saving Certificate VIII IssuePrinciple for Housing Loan Repayment

Payment for Tution FeesPurchase of Infrastructure Bonds

Term depositsUnder Sec 80CCC Pensions

TOTAL

Other DeductionsU/s G ( Donations )

U/s GGA ( Donations )U/s D ( Medical Insurance premia )

U/s E ( Interest on Educational Loan )

U/s DD ( Medical Treatment for handicapped )

TOTAL

TAXABLE INCOME

TAX ON TOTAL INCOME(+) Surcharge(+) Educational Cess

TOTAL TAX PAYABLE

Tax Deducted at Source

ByByBy

TOTALTAX DEDUCTABLE

MONTH WISE PRORATA

EXCESS DEDUCTION

INCOMEFROMH

OUS

EPROPERTY

MaxUpto1,0

0,0

00

CESS


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: 2007-08: 2008-09

MALE

TOTAL FOR THE YEAR

0

0

0000000

000000000

0

00

-

00

0 IF0000000000

0

00

This

isrequiredtobefilledbyyou

According to Income Tax Act a max of 9600

The amount least

among the followingshould beconsidered

This can be claimed 2times in a block of 4years ( 2006-2009 )

Exempted amount:-

15,000 p.a i.e. 1,250 p.m

Exemption :- 800 p.m.For Disable:- 1600 p.m.

A max of 15,000 p.a. can be claimed i.e.1250 p.m.

Children staying with parents exemption of Rs 100 p.m. , if inexemption allowed for only a max

A Max of Rs 200 p.m. which = 2400 p.a.

DOWNLOAD FORM CLICK IN BOX BELOW

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yer/tds.htm#http://www.incometaxmumbai.nic.in/taxpayer/tds.htm
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0

000

000000

0

0000

0

0

0

000

0

00000

0 Monthly deduction of tax for the year

You can put remaining months incase TDS already deducted

0 And you need to consider the Tax in the preceeding ROW

SURCHARGE IS APPLICABLE @ 10% if income is 10,00,000 & above

Normal Donations are exempted

Donations Towards Research & Developm

Disable 80%:--- 75,000 exempted

Diseases:--- 65 years:---- 60,000 p.a.

Blind:---- 50,000 p.a. Exempted


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If above 65 years an additional 5000 can becharged which is 20,000 p .a .

ostel exemption of Rs 300 p.m. with theof 2 children


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ent are exempted


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Fringe Benefit Tax

DEFINITION

The Finance Act, 2005 has introduced a new levy, namely, Fringe Benefit Tax (hereaftreferred to as FBT) on the value of certain fringe benefits. The provisions relating to levy

taxare contained in Chapter XII-H (sections 115W to 115WL) of the Income-tax Act, 1961. T

circular seeks to provide a harmonious, purposive and contextual interpretation of thprovisions of

the Finance Act, 2005 relating to the FBT so as to further the objective of this levy.

PAYMENT OF FBT

Theemployer is required to pay advance tax at the rate of 30% of the current

fringe benefits paid orpayable in each quarter. The advance tax is to be paid on or before the 15th

of the month followingthat quarter. However, in the case of the last quarter ending on the 31st of

March of the financialyear, the advance tax shall be payable on or before the 15 th day of March

of that year.

BREAK UP:-

(1) 20%(2) 30%(3) 30%(4) 25%


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FBTTo use Calculator Open this Link


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rf this

hise

(A) entertainment;(B) provision of hospitality of every kind to any person,

whether by way of food orbeverages or in any other manner excluding food or

beverages provided to theemployees in the office or factory or non transferable paid

vouchers usable only at

eating joints or outlets;(C) conference excluding fee for participation by the

employees in any conference;(D) sales promotion including publicity but excluding

specified expenditure onadvertisement;

(E) employee welfare excluding any expenditure or paymentmade to fulfill any

statutory obligations or mitigate occupational hazards orprovide first aid facilities in

the hospital or dispensary run by the employer;(F) conveyance tour and travel (including foreign travel);

(G) use of hotel, boarding and lodging facilities;

(H) repair, running (including fuel) and maintenance ofmotorcars and the amount of

depreciation thereon;(I) repair, running (including fuel) and maintenance of

aircrafts and the amount ofdepreciation thereon;

(J) use of telephone (including mobile phone) other thanexpenditure on leased

telephone lines;(K) maintenance of any accommodation in the nature of

guest house other thanaccommodation used for training purposes;

(L) festival celebrations;(M) use of health club and similar facilities;

(N) use of any other club facilities;

CLASSES OF FBT


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Value Added Tax

Value Added Tax is levied onproducts sold in the state at various

rates namely 0%, 1%, 4%, 12.5%Due Date:- 20th of

Succeeding Month underForm 100


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To Download FormsClick on the Box below

http://ctax.kar.nic.in/Final_VAT_FORMS_FOR_WEB.doc
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Service Tax

To download forms click onthe box Below

http://www.servicetax.gov.in/st-formmainpg.htm

Due Date:- 5th ofSucceeding month in

GAR- 7 Challan

15th of theSucceeding monthin which Quarter

ended in ST-3

Q
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ONTHLY

UARTERLY

RATE:-

Income Tax Cess

12% 3%

Total:- 12.36%


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Checklist of usual statutory compliances for the month of January 2008

Due Date Month Area Obligation

5 Jan Service Tax Monthly Deposit of Service Tax from cooperate Assesses

7 Jan TDS Deposit TDS/TCS Deposit

14 Jan TDS Filling of Quarterly TDS return of NRI

15 Jan TDS Filling of Quarterly TDS/ TCS

15 Jan FBT Quarterly payment of FBT

15 Jan Service Tax Quarterly payment of service tax

20 Jan KVAT

Deposit of TDS and filing of the TDS Return under Karnataka

VAT

20 Jan KVAT

Monthly filing of the VAT return under the Karnataka VAT for

regular dealers

20 Jan CST - Karnataka Monthly filing of the CST return in the state of Karnataka

20 Jan TNVAT

Deposit of TDS and filing of the TDS Return under Tamil Nadu

VAT

20 Jan TNVAT Monthly filing of the VAT return under the Tamil Nadu VAT

20 Jan CST - TN Monthly filing of the CST return in the state of Tamil Nadu

20 Jan APVAT

Monthly filing of the VAT return under the Andhra Pradesh

VAT

20 Jan CST - AP Monthly filing of the CST return in the state of Andhra Pradesh

31 Jan TDS Issue TDS certificate


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Form Notes

GAR-7 The Service tax liability of DEC to be deposited by 5th JAN

Challan 281 The TDS liability of DEC to be deposited by 7th JAN

Return No 27 The liability for quarter ended DEC to be deposited by 14th JAN

Return no:- 24Q & 26Q & 27EQ The liability for quarter ended DEC to be deposited by 15th JAN

The liability of 3rd Quarter ( OCT to DEC ) to be deposited by 15th JAN

Form ST- 3 The liability of 3rd Quarter ( OCT to DEC ) to be deposited by 15th JAN

Form 126 The liability of TDS on VAT for the month of DEC to be deposited by 20th JAN

VAT 100 The VAT liability for the month of DEC to be deposited by 20th JAN

VAT 100 The CST liability for the month of DEC to be deposited by 20th JAN

Form T The liability of TDS on VAT for the month of DEC to be deposited by 20th JAN

Form I The VAT liability for the month of DEC to be deposited by 20th JAN

Form I The CST liability for the month of DEC to be deposited by 20th JAN

VAT 200 The VAT liability for the month of DEC to be deposited by 20th JAN

Form VI The CST liability for the month of NOV to be deposited by 20th DEC

Form 16 A

Issue TDS Certificate for tax deducted during previous month if the

deductee has not opted for annual TDS certificate.


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Checklist of usual statutory compliances for the month of February 2008

Due Date Month Area Obligation

5 Feb Service Tax Monthly Deposit of Service Tax from cooperate Assesee

7 Feb TDS Deposit TDS/TCS Deposit

20 Feb KVAT

Deposit of TDS and filing of the TDS Return under Karnataka

VAT

20 Feb KVAT

Monthly filing of the VAT return under the Karnataka VAT for

regular dealers

20 Feb CST - Karnataka Monthly filing of the CST return in the state of Karnataka

20 Feb TNVAT

Deposit of TDS and filing of the TDS Return under Tamil Nadu

VAT

20 Feb TNVAT Monthly filing of the VAT return under the Tamil Nadu VAT

20 Feb CST - TN Monthly filing of the CST return in the state of Tamil Nadu

20 Feb APVATMonthly filing of the VAT return under the Andhra Pradesh

VAT

20 Feb CST - AP Monthly filing of the CST return in the state of Andhra Pradesh

28 Feb TDS Issue TDS certificate


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Form Notes

GAR-7 The Service tax liability of DEC to be deposited by 5th JAN

Challan 281 The TDS liability of JAN to be deposited by 7th FEB

Form 126 The liability of TDS on VAT for the month of JAN to be deposited by 20th FEB

VAT 100 The VAT liability for the month of JAN to be deposited by 20th FEB

VAT 100 The CST liability for the month of JAN to be deposited by 20th FEB

Form T The liability of TDS on VAT for the month of JAN to be deposited by 20th FEB

Form I The VAT liability for the month of JAN to be deposited by 20th FEB

Form I The CST liability for the month of JAN to be deposited by 20th FEB

VAT 200 The VAT liability for the month of JAN to be deposited by 20th FEB

Form VI The CST liability for the month of JAN to be deposited by 20th FEB

Form 16 A

Issue TDS Certificate for tax deducted during previous month if the

deductee has not opted for annual TDS certificate.


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31/48

PT PT Computation

SL.NO Name Salary Amount of PT DOJ DOR

1 02 03 04 05 06 07 08 09 0

10 011 012 013 014 015 016 017 018 019 020 021 022 023 024 0

Total of PT amount 0

Rate of Interest

No. of months Delay

Interset Amount 0

GRAND TOTAL ( INCL OF INT ) 0


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You are required to fill in theamounts of the concerned

person's salary, it will show theamount of PT to be deducted


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PF PF Computation

Employee Employer Employee Employer Admin Charges

1 0 0 02 0 0 03 0 0 04 0 0 05 0 0 06 0 0 07 0 0 08 0 0 09 0 0 0

10 0 0 0

SL.No

Basic Salary Amount of Contribution

This column isused for fillingup the BASIC

salary ofEmployee

This Column isused for filingup the BASIC

salary ofEmployer

8.33% goes to PENSION Fund3.67% goes to PF Fund

1.1% ofEmployers

BasicSalary

0.5% ofBasicSalary

Employerhas to

payEDLIS

Total Percentagecontributed by

Employer is12%+1.61%= 13.61%


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0000000000

Employee Deposit Link Insurance Scheme

Total

This Amount constitutes12% of Employers Basic

0.01% of Basicsalary Employer

has to paytowards Admin

Charges of EDLIS


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ESI ESI Computation

Employee Employer Employee Employer Admin Charges

1 0 0 023456789

10

SL.NOBasic Salary Amount of deduction

This columnis used for

filing up theBasic salaryof Employee

This columnis used fro

filing up theBasic salaryof Employer

1.75% of Basic salary ( Eligibility:- Rs 50 &above per day )

4.75%


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0

Total

of Basic salary

SAME AS PF


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TDS CALCULATOR

1 194 C 0 0 0

2 194 C 0 0 0

3 194 C 0 0 0

4 194 C 0 0 0

5 194 C 0 0 0

6 194 C 0 0 07 194 C 0 0 0

8 194 C 0 0 0

9 194 C 0 0 0

10 194 C 0 0 0

11 194 C 0 0 0

12 194 C 0 0 0

13 194 C 0 0 0

14 194 C 0 0 0

15 194 C 0 0 0

16 194 C 0 0 0

17 194 C 0 0 0

18 194 C 0 0 019 194 C 0 0 0

20 194 C 0 0 0


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0 2 0.2 0.066 2.266

0 2 0.2 0.066 2.266

0 2 0.2 0.066 2.266

0 2 0.2 0.066 2.266

0 2 0.2 0.066 2.266

0 2 0.2 0.066 2.2660 2 0.2 0.066 2.266

0 2 0.2 0.066 2.266

0 2 0.2 0.066 2.266

0 2 0.2 0.066 2.266

0 2 0.2 0.066 2.266

0 2 0.2 0.066 2.266

0 2 0.2 0.066 2.266

0 2 0.2 0.066 2.266

0 2 0.2 0.066 2.266

0 2 0.2 0.066 2.266

0 2 0.2 0.066 2.266

0 2 0.2 0.066 2.2660 2 0.2 0.066 2.266

0 2 0.2 0.066 2.266


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FBT Name of Company:-

FBT

Clause of Section

115WB(2) PARTICULARS AMOUNT Deductions if any Total

(A). Entertainment - - -

(B). Hospitality of every kind

to an erson - - -

(C). Conference (other than

fee for participation)- - -

(D). Sales promotion,

including publicity

excluding advertisement- - -

(E). Employees Welfare - - -

(F). Boarding & Lodging - - -

Local Conveyance - - -

(G). Travel expense - - -

(H). Repair, running(including

Fuel), maintenance of

motorcars and

depreciation thereon- - -

(I) Repair, Running(including

fuel), maintenance of

aircraft and depreciationthereon

- - -

(J). Use of Telephone

including mobile

phone(other than leased- - -

(K). Maintenance of

accommodation in the

nature of guest houses

(Other than for training- - -

(L). Festival celebration - - -

(M). Use of health club and

similar facilities - - -(N). Use of any other club

facilities - - -

(O). Gifts - - -

(P). Scholarship - - -

115WB(1)(b) Any Free or Concessional

ticket for private journeys

(ACTUALS)- - -


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115WB(1)(c) Contribution to

Superannuation fund

ACTUALS - - -

Total - - -


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FBT

Percentage

expenditure/

Payment being

fringe benefits

Value of

fringebenefits

Clause of

Section115WB(2)

PARTICULARS

First

Quarter

20% - (A). Entertainment -

20% -(B). Hospitality of every kind

to an erson -

20% -

(C). Conference (other than

fee for participation)-

20% -

(D). Sales promotion,

including publicity

excluding advertisement-

20% - (E). Employees Welfare -

20% - (F). Boarding & Lodging -

20% - Local Conveyance -

20% - (G). Travel expense -

20% -

(H). Repair,

running(including Fuel),

maintenance of

motorcars and

-

0% -

(I) Repair,

Running(including fuel),

maintenance of aircraftand depreciation

-

20% -

(J). Use of Telephone

including mobile

phone(other than leased

20% -

(K). Maintenance of

accommodation in the

nature of guest houses

(Other than for training-

50% - (L). Festival celebration

50% -

(M). Use of health club and

similar facilities -

50% -(N). Use of any other club

facilities -

50% - (O). Gifts

50% - (P). Scholarship -

100% -

115WB(1)(b) Any Free or Concessional

ticket for private

journeys (ACTUALS)-

Enter Amount Here Only


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100% -

115WB(1)(c) Contribution to

Superannuation fund

ACTUALS -

- -

Total of Quarter

Total per Quarter


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Second

Quarter

Thrid

Quarter

Fourth

QuarterTOTAL

First

Quarter

Second

Quarter

Thrid

Quarter

Fourth

QuarterTOTAL

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

Amount Deductions if any


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- - - - - - - - -

- - - - - - -

- -


45/48

Total

Percentage

expenditure/

Payment being

fringe benefits

Value of

fringebenefits

- 20% -

- 20% -

- 20% -

- 20% -

- 20% -

- 20% -

- 20% -

- 20% -

- 20% -

- - -

- 20% -

- 20% -

- 50% -

- 50% -

- 50% -

- 50% -

- 50% -

- 100% -

IF THE COMPANY IS ENGAGED INHOTEL BUSINESS ( HOSPITALITY RATE

WILL BE 5% FROM 20% )

IF THE COMPANY IS ENGAGED INCONSTRUCTION BUSINESS ( CONV & TOURS

TRAVELS RATE WILL BE 5% FROM 20%)

IF THE COMPANY IS ENGAGED IN CARRYING

PEOPLE ( REPAIRS ON MOTOR CARS RATEWILL BE 5% FROM 20%)

IF COMPANY IS ENGAGED IN PRODUCTIOOF COMPUTERS OR PHARMACEUTICALSTHEN RATE WILL BECOME 5% FROM 20%

IF THE COMPANY USES AIRCRAFT TO CARRY


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- 100% -

- -


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N()


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46_complete Compliance Need for the Financial Year

Documents

Transcript of 46_complete Compliance Need for the Financial Year