Tax Recknor Ay 2011-12
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Income Tax rates/slabs for Financial year 2011-12 assessment year 2012-13 exemptions, deduction /
capital gain , set off carry forward losses a small ready reckoned by www.simpletaxindia.netASSESSMENT YEAR 2012-2013
RELEVANT TO FINANCIAL YEAR 2011-2012
I TAX RATES FOR INDIVIDUALS OTHER THAN II, III & IV BELOW
Upto 1,80,000 - Nil1,80,000 to 5,00,000 - 10% of the amount exceeding 1,80,000
5,00,000 to 8,00,000 - Rs.32,000 + 20% of the amount exceeding 5,00,0008,00,000 & above - Rs.92,000 + 30% of the amount exceeding 8,00,000
II TAX RATES FOR RESIDENT WOMEN BELOW 60 YEARS
Upto 1,90,000 - Nil1,90,000 to 5,00,000 - 10% of the amount exceeding 1,90,0005,00,000 to 8,00,000 - Rs.31,000 + 20% of the amount exceeding 5,00,0008,00,000 & above - Rs.91,000 + 30% of the amount exceeding 8,00,000
III TAX RATES FOR INDIVIDUAL RESIDENTS AGED 60 YRS AND ABOVE & BELOW 80 YEARS (SENIOR
CITIZEN)Upto 2,50,000 - Nil2,50,000 to 5,00,000 - 10% of the amount exceeding 2,50,0005,00,000 to 8,00,000 - Rs.25,000 + 20% of the amount exceeding 5,00,0008,00,000 & above - Rs.85,000 + 30% of the amount exceeding 8,00,000
IV TAX RATES FOR INDIVIDUAL RESIDENTS AGED 80 YRS AND ABOVE (VERY SENIOR CITIZEN)Upto 5,00,000 - Nil5,00,000 to 8,00,000 - 20% of the amount exceeding 5,00,0008,00,000 & above - Rs.60,000 + 30% of the amount exceeding 8,00,000There is no surcharge in the case of every individual, Hindu undivided family, Association of persons and body ofindividuals.
EDUCATION CESS
The amount of Income-tax shall be increased by Education Cess of 3% on Income-tax.
Tax calculator simple for financial year 2011-12 assessment year 12-13 is available here
EXEMPTIONS/DEDUCTIONS FROM SALARY
1. VOLUNTARY RETIREMENT 10(10C)
Amount received or receivable (ie.,in instalments) by an employee on his voluntary retirement in accordance with anyscheme of Voluntary Retirement is exempt to the extent of Rs.5,00,000, provided the VRS is in accordance with Rule2BA of IT Rules. However no 89(1) relief can be claimed.
2. HOUSE RENT ALLOWANCE EXEMPT U/S.10(13A) Read with Rule 2A of IT Rules 1962
a) Actual HRA received : Rs.xxxxb) Rent paid in excess of 10% of Salary : Rs.xxxxc) 50% of Salary in Metro Cities or40% of Salary in other cities : Rs.xxxx
Least of a), b), c) is exempt.
NOTE : Here Salary means Basic Salary as well as DA if the terms of employment so provide.According to thenotification issued by the Income tax department, now landlord PAN card is must to get tax exemption against HRAallowance. One will have to submit PAN card as a proof if he is applying for more than 15000 per month.read here.
3. CONVEYANCE ALLOWANCE :Any allowance granted to meet the expenditure incurred wholly, necessarily andexclusively on conveyance in performance of the duties of office and so certified by the employer is exemptu/s.10(14).
4. TRANSPORT ALLOWANCE : Any allowance granted to an employee to meet the expenditure for the purpose ofcommuting between the place of his residence and the place of his duty to the extent upto Rs.800/- per month isexempt u/s.10(14).
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5. MEDICAL REIMBURSEMENT : An amount of Rs.15,000 or the actual amount reimbursed by the employerwhichever is less is exempt u/s.17(2).
6. PROFESSION TAX : Profession Tax levied by the State Government is allowable as a deduction from Gross
Salary provided it has been paid.7.Valuation of perquisites rules are available here
8. Exempted /Taxable allowance List is available here
DEDUCTIONS FROM HOUSE PROPERTY
1. DEDUCTION U/S.23(1) : For let out property, amount actually paid by the owner towards taxes levied by any
local authority in respect of the property is deductible from Annual value(taxes pertaining to any previous years).
2. DEDUCTION U/S.24(a) :For let out property, deduction of 30% of the Net Annual Value is allowed. No separatededuction for Repairs, Collection Charges, Insurance Premium, Annual Charge and Ground Rent.
3. INTEREST ON BORROWED LOAN(U/S.24(b)):
FORSELF OCCUPIED PROPERTY
a. If Property is acquired or constructed with loan taken after 01/04/99 and construction is completed within 3 yearsfrom the end of the financial year in which the capital was borrowed Rs.1,50,000 or actual interest paid/payable
whichever is less is deductible.
b. If new housing loan is taken for repayment of old loan (old loan taken after 1/4/99) Rs.1,50,000 or actualinterest paid/payable whichever is less is allowed as deduction.
c. If Property is acquired or constructed with loan taken before 01/04/99, Rs.30,000 or actual interest paid/payable
whichever is less is allowed as deduction.
d. If loan taken for Repairs, renewal, reconstruction of property, Rs.30,000 or actual interest paid/payable whichever is less is allowed as deduction.
FOR LET OUT PROPERTY,actual interest paid/payable can be claimed as deduction.ONLY OWNER OF THE HOUSE PROPERTY CAN AVAIL THE ABOVE DEDUCTIONS.
CAPITAL GAINS:With effect from 01/10/2004, Long Term Capital Gains arising on sale of equity shares or unit of equity oriented fundthrough recognized stock exchange is exempt if such transaction is chargeable to Securities Transaction Tax(u/s.10(38)).
Short Term Capital Gains arising on sale of equity shares or unit of equity oriented fund through recognized stockexchange is subject to tax at the rate of 15% if such transaction is chargeable to Securities Transaction Tax.
EXEMPTION U/S.54EC:The Capital Gain arising out of sale of long term capital asset can be invested in National Highways Authority ofIndia, Rural Electrification Corporation Limited, within six months from the date of sale subject to a ceiling of Rs.50lakh during any financial year. (Lock-in period is 3 years)Cost Inflation Index for the F.Y.2011-12 is 785.
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check exemption 54,54b,54ec,54f at a glance
Long Term Capital
Gain - Exemption
u/s 54 u/s 54B u/s 54EC u/s 54F
a. Who can claim
exemption
Ind/HUF Individual Any person Ind/HUF
b
.
Eligible assets
sold
A residential
House property(minimum holding
period 3 year)
Agriculture land which
has been used byassessee himself or byhis parents foragriculture purposes
during last 2 yrs oftransfer
Any long-term
capital assets(minimum holding
period 3 years)
Any long term asset (other
than a residential houseproperty ) provided on thedate of transfer the taxpayerdoes not own more than
one residential houseproperty from theassessment year 2001-02(except the new house)
c. Assets to be
acquired forexemption
Residential house
property
Another agriculture land
(urban or rural)
Bond of NHAI or
REC
Residential house property
d
.
Time limit for
acquiring thenew assets
Purchase :1 year
back or2 y e a r f o r w a r
d , Construction: 3year forward
2 yrs forward 6 months forward Purchase :1 year back or 2
year forward, Construction:3 year forward
e. Exemption
Amount
Investment in the new
assets or capital gain,which ever is lower
Investment in
the agriculture land orcapital gain, which everis lower
Investment in
the new assets orcapital gain, whichever is lower (Max.Rs. 50
Lacs in Fin. Yr.)
Investment in the new
assets / NetSale considerationXcapital gain
f. Whether
"Capital gaindeposit account
scheme"
applicable
Yes Yes not applicable Yes
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Set off and carry forward of losses at a glance
CARRY FORWARD & SET-OFF OF LOSSES:
Set-offDuring the year
Carry Forward & Set - off Nextyear(s)
SameHead
Anotherhead
Against C/F Years Agst ProfitsFrom
1. House Property Yes Yes - Yes 8years
same head
2. Speculation Business Yes No FromSpeculationProfits
Yes 4years
Same/anotherSpeculationBusiness
Unabsorbed Depreciation
/ Cap Exp on SR/FP
Yes Yes any
income
Yes No
limit
any income
(other thansalary)
Non-speculative Businessor Profession
Yes Yes(exceptsalary)
AnyBusinessProfits
Yes 8years
same head
3. Long Term CapitalLosses
Yes No LTCG Yes 8years
LTCG
Short Term Capital Losses Yes No STCG/LTCG Yes 8years
STCG/LTCG
4. Owning / Maintainingrace horses
Yes No same item Yes 4years
same item
5. Income from OtherSources (except if exempt)
Yes Yes NA No NA NA
6. Specified Business u/s35AD
Yes No SpecifiedBusinessProfits
Yes NoLimit
Any SpecifiedBusiness
STANDARD DEDUCTION FOR FAMILY PENSION U/S.57(iia):An amount of Rs.15,000 or 33&1/3% of family pension whichever is less is allowed as deduction. If an assesseereceives arrears of family pension, then Relief u/s.89(1) can be claimed by him.
Family Pension received by the widow or children or nominated heirs, as the case may be, of a member of the armedforces(including para-military forces) of the union, where the death of such member has occurred in the course ofoperation is exempt.
EXEMPTIONS OTHER SOURCES
Any income by way of Dividends from company, Income received in respect of units from the Unit Trust of India,
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Income received in respect of the units of a mutual fund are exempt.
DEDUCTIONS FROM GROSS TOTAL INCOME (CHAPTER VIA):
Sl.No. I.T. Sec. Nature of Deduction Amount of deduction
1.a.
b.c.
80 CCE80 C
80 CCC80 CCD
Limit on Deduction u/s.80C, 80CCC & 80CCDLife Insurance Premia, PF, PPF, NSC, ELSS, Units of MutualFund referred to u/s.10(23D), Tuition Fees(max. 2 Children),Repayment of Principal of Housing loan, Bank Fixed Deposit of5 yrs period, notified Bonds of NABARD, Deposit in an accountunder Senior Citizens Savings Scheme rules, 5 year timedeposit in an account under Post Office Time Deposit Rules,1981 etc.Premium paid towards approved Pension Fund (like LICsJeevan Suraksha) max. 1 lakh.Contribution to Central Government Pension Schemes. Upto10% of salary with matching contribution from
Government.
Maximum overall
Deductions
allowed u/s. 80C,
80CCC & 80CCDis Rs. 1,00,000
(Employer contribution
isdeductible without any
limit from fy 2011-12)
2. 80 CCF Amount paid/deposited as subscription to long-term
infrastructure bonds being notified by the Central Government.Rs. 20,000
3. 80 D (a) Medical Insurance Premium paid by an individual/HUF by
any mode of payment other than cash to effect or keep in forcean insurance on the health of the assessee(self) or hisfamily(spouse & dependent children) for policies taken fromGeneral Insurance Corporation /other approved Insurance
Regulatory and Development Authority or any contributionmade to the Central Government Health Scheme.(b) Medical Insurance Premium paid by an individual/HUF byany mode of payment other than cash to effect or keep in force
an insurance on the health of his/her parent or parents forpolicies taken from General Insurance Corporation /otherapproved Insurance Regulatory and Development Authority orany contribution made to the Central Government HealthScheme.(c) For Senior Citizens
Upto Rs.15,000
Upto Rs.15,000
Upto Rs.20,000
3. 80 DD (a) Any expenditure for Medical, Nursing & Rehabilitationincurred on dependant suffering from permanent disability
including blindness, mental retardation, autism, cerebral palsyor multiple disabilities(b) Deposits under LIC, UTIs Scheme & other IRDA approvedinsurers for the benefit of physically handicapped dependent
Rs.50,000 (Rs.1,00,000 if
the disability is severe
exceeding 80%)
4. 80 DDB (a) Actual expenditure incurred on Medical treatment of Self ordependant or a member of HUF suffering from terminaldiseases like Cancer, AIDS, Renal failure etc.(b) For Senior Citizens(self or dependent on whomexpenditure on medical treated is taken)
Upto Rs.40,000
Upto Rs.60,000
5. 80 E Interest on loan taken from Financial/Charitable Institutions forSelf/Spouse/Children for pursuing Higher Education (for a max.period of 8 yrs)
Actual Interest repaid
6.
80 G (a) Donations made to National Defence Fund, Prime MinistersRelief Fund, approved Funds of reputed Educational
Institutions, National Trust for Welfare of persons with Autism,Cerebral Palsy etc.(b) Donations made to Jawaharlal Memorial Fund, PMsDrought Relief fund, Any approved Charitable Institution/Trust,Religious Institutions, a corporation established by the
Government for promoting interest of the members of aMinority Community
100% of Donation
50% of Donation restricted
to 10% of Adjusted Gross
Total Income
7. 80 GG Deduction in respect of rents paid, provided the assessee is notin receipt of HRA and no house is owned by self, spouse, minorchild or HUF in the place of work subject to filing of declaration
in Form No.10BA
25% of income
or rent paid in excess of
10% of income
or ceiling of Rs.24,000 p.a
whichever is less
8. 80 U Persons suffering from Permanent Physical Disability asspecified in Rule 11D
Rs.50,000 (Rs.1,00,000 in
case of severe disability)
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PENALTY U/S.271F: If a person who is required to furnish a return of income as required under section 139(1) orby the proviso to that sub-section, fails to furnish such return before the end of the relevant assessment year, shallbe liable to pay by way of penalty a sum of Rs.5,000.so no penalty if no tax payable and you file your return by endof financial year.
INTEREST U/S.234A:Where in any financial year, the return of Income of any assessment year u/s.139(1) or 139(4)or in response to a notice u/s.142(1), is furnished after the due date as specified in sub-section 1 of section 139, or isnot furnished, the assessee shall be liable to pay simple interest at the rate of one percent for every month or part ofa month comprised in the period commencing on the date immediately following the due date.
INTEREST U/S.234B:Where an assessee who is liable to pay advance tax(where tax liability exceeds Rs.10,000 afterTDS) under section 208 has failed to pay such tax or, where the advance tax paid by such assessee under theprovisions of section 210 is less than 90% of the assessed tax, the assessee shall be liable to pay simple interest atthe rate of one percent for every month or part of a month comprised in the period from the 1st day of April followingthe financial year.
INTEREST U/S.234C:Where an assessee other than a Company, who is liable to pay advance tax (where tax liabilityexceeds Rs.10,000 after TDS)under section 208 has failed to pay such tax or,
1) The advance tax paid by the assessee on his current income on or before the 15th day of September is less than30% of the tax due on the returned income or the amount of such advance tax paid on or before the 15th day of
December is less than 60% of the tax due on the returned income, then, the assessee shall be liable to pay simpleinterest at the rate of one percent per month for a period of three months on the amount of the shortfall from 30%or, as the case may be, 60% of the tax due on the returned income.
2) The advance tax paid by the assessee on his current income on or before the 15th day of March is less than thetax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of one percent onthe amount of the shortfall from the tax due on the returned income.
DUE DATES FOR FILING RETURN OF INCOME : All Individuals/HUF/Firms deriving Income from Salary, House
Property, Capital Gains, Business or Other Sources and not covered under section 44AB are required to file theReturn of Income by 31st July of the assessment year. All Tax Audit Cases covered under section 44AB & Companiesare required to file the Return of Income by 30th September of the assessment year. In the case of an assesseebeing a company, which is required to furnish a report referred to in section 92E(Transfer Pricing), the due date is30th November of the assessment year.
MODE OF FILING INCOME-TAX RETURNS : All Individuals, HUFs & Partnership Firms who are required to gettheir accounts audited u/s.44AB are required to compulsorily file their income-tax return electronically with digitalsignature. All companies are also required to compulsorily file their income tax return electronically with Digitalsignature.
Return up to 5 Lakh income is exempted subject to few conditions.
PERMANENT ACCOUNT NUMBER:Every person who is required to furnish a return of income u/s.139 is requiredto obtain 10 Alpha numeric Permanent Account Number (PAN) and quote the same in his returns, challans &
correspondence. PAN can be obtained by applying in new Form No.49A at the designated Service Centres of UTITSLOR NSDL(Log on to our website). PAN is essential for processing the Return of Income and for giving credit for taxespaid. If a person who is required to quote his Permanent Account Number fails to do so or intimates or quotes falsenumber which he either knows or believes to be false or does not believe to be true, the Assessing Officer may directthat such person shall pay, by way of penalty, a sum of Rs.10,000.(S.272B)
To Know Your PAN, with name and dob visitknowyourpan.org
For PAN Grievances : UTITSL e-mail [email protected]
NSDL - e-mail [email protected]
TAX PAYMENTS :Advance tax payments and Self-assessment tax payments have to be made in Challan No.280.(download chall and check how to fill) The BSR Code and the Serial No. on the counterfoil of the challan has to be
quoted in the return of income.
CENTRALIZED PROCESSING CENTRE (CPC) : ITR-V(where returns are efiled) has to be sent to CPC, Post Bag
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No.1, Electronic City Post Office, Bangalore 560 100 by ORDINARY/SPEED POSTonly.
FORM NO.26AS :Assessees can view their Annual Tax Statement (Form No.26AS) online by logging onto www.incometaxindia.gov.in orwww.tin-nsdl.com
For any Loan apply online on bank bazzar and get discounted rates .
Home Loan Applicants
Personal Loan Applicants
Car Loan Applicants
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Sheet1
Page 1
Cost Inflation Index Notiified by the GOVTFinancial Year (CII) Financial Year (CII)
1981-82 100 1995-96 281
1982-83 109 1996-97 305
1983-84 116 1997-98 331
1984-85 125 1998-99 351
1985-86 133 1999-2000 389
1986-87 140 2000-2001 406
1987-88 150 2001-2002 426
1988-89 161 2002-2003 447
1989-90 172 2003-2004 463
1990-91 182 2004-2005 480
1991-92 199 2005-2006 497
1992-93 223 2006-2007 519
1993-94 244 2007-2008 551
1994-95 259 2008-2009 582
2009-10 632
2010-11 711
2011-12 785
SIMPLE TAX INDIA
download above chart in PDF format
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Use ful Chartsf or Ta x C o mp li an ce
Use ful C hartsf o r Ta x C o mp li an ce2 12 1
Covering:
Income Tax
Companies Act
Service Tax
LLP
P F - ES IC
Excise
GVAT
S t am p D u ty
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Index
1 . I n c o m e Ta x R a t e s . . . . . . . .. . . . . . .. . . . . . . .. . . . . . .. . . . . . .. . . . . . . .. . . . . 1
2 . S e c ur i ti e s Tr a ns a ct i on Ta x R a te s . . . . .. . .. . . .. . . .. . . .. . .. . . .. . . .. . 2
3 . C a p i ta l G a i n s Ta x R a t e s . . . . . . .. . . . . . . .. . . . . . .. . . . . . . .. . . . . . .. . . . . 2
4 . C os t I nf la ti on I nd ex / G ol d S il ve r R at es . .. .. .. .. .. .. .. .. .. .. .. 3
5 . I n te r e st P ay a bl e - I n c om e Ta x A c t . . . .. . . .. . . .. . .. . . .. . . .. . .. . . .3
6 . Pe n a lt i es u n d er I n c om e Ta x A c t . .. . . .. . .. . . .. . . .. . .. . . .. . . .. . . .. . 4
7 . T D S & T C S R a te Ch a rt . . . .. . . .. . .. . . .. . . .. . . .. . .. . . .. . . .. . .. . . .. . . .5
8 . Pr e s um p ti v e Ta x at i on : I n c om e Ta x & We a lt h Ta x . . . .. . .. . . .. . 6
9 . I n te r e st A c c ru a l: N S C & K V P . .. . . .. . .. . . .. . . .. . . .. . .. . . .. . . .. . . .. . 7
1 0 . D e pr e c ia t io n C h ar t - I n c om e Ta x . . . .. . .. . . .. . . .. . .. . . .. . . .. . . .. . 8
1 1 . D e pr e c ia t io n C h ar t - C o mp a n ie s A c t . . .. . . .. . . .. . . .. . .. . . .. . . .. . 9
1 2 . R O C C o m p l ia n c e . . . . . . . .. . . . . . .. . . . . . . .. . . . . . .. . . . . . . .. . . . . . .. . . . . 1 0
1 3 . P F ES I C & Pa y r o l l C o m p l ia n c e . . . . . . .. . . . . . . .. . . . . . .. . . . . . .. . . . . 1 1
1 4 . S e r v i ce Ta x C o m p l ia n c e . . . . . . . .. . . . . . .. . . . . . .. . . . . . . .. . . . . . .. . . . . 1 2
1 5 . P e na l t i e s: S e r v i c e Ta x . . . . . . .. . . . . . . .. . . . . . .. . . . . . . .. . . . . . .. . . . . . 13
1 6 . P oi n t o f Ta x a t io n R u l e s : S e r v i c e Ta x . . . . . . . .. . . . . . .. . . . . . . .. . . . 1 4
1 7 . S t a m p D u t y - G u j a r at . . . . . . .. . . . . . .. . . . . . . .. . . . . . .. . . . . . . .. . . . . . .1 4
1 8 . VAT - G u j a r at . . . . . . .. . . . . . .. . . . . . . .. . . . . . .. . . . . . . .. . . . . . .. . . . . . . .. . 1 5
1 9 . D u e D a t e s C h a r t . . . . . . . .. . . . . . .. . . . . . . .. . . . . . .. . . . . . . .. . . . . . .. . . . . 1 6
2 0 . E x c i se D u t y : P e ri o d i c al R e tu r n s . . . . . . . .. . . . . . .. . . . . . .. . . . . . . .. . 1 6
2 1 . L L P C o m p l ia n c e s & Pe n a l t ie s . . . . . . .. . . . . . .. . . . . . . .. . . . . . .. . . . . . 17
U s e f u l W e b S i t e s . . . . . . . .. . . . . . .. . . . . . . .. . . . . . .. . . . . . . .. . . . . . .. . . . . 1 8
H o li d ay s i n B a nk s a n d I n c om e Ta x D e pa r tm e nt . . . .. . .. . . .. . . 19
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Income Tax Rates
F or I nd iv id ua ls , H UF , A OP , B OI
O t her A s ses s ees
Assessment RateY ear
Nil Upto 1,80,000 Upt o 1,90,000 Upto 2,50,000 Upt o 5,00,000
10% 1, 80,001 to 5,00,000 1,90,001 t o 5,00,000 2,50, 001 to 5,00, 000 -
2 0 % 5 , 00 , 00 1 t o 8 ,0 0 ,0 0 0 5 , 00 , 00 1 t o 8 ,0 0 ,0 0 0 5 , 00 , 00 1 t o 8 ,0 0 ,0 0 0 5 , 00 , 00 1 t o 8 ,0 0 ,0 0 0
30% Above 8,00,000 Above 8,00,000 A bove 8,00, 000 Above 8,00,000
General Women Senior Ci ti zen60 to 80 years 80 years & above
2012-13
Asses sment R ateYear
Nil Up to 1, 60,00 0 Upto 1,9 0,00 0 Upt o 2,4 0,00 0
10% 1 ,60, 001 to 5,0 0,00 0 1, 90,0 01 to 5,0 0,000 2 ,40,0 01 to 5,0 0,00 0
20% 5 ,00, 001 to 8,0 0,00 0 5, 00,0 01 to 8,0 0,000 5 ,00,0 01 to 8,0 0,00 0
30% Ab ove 8,0 0,00 0 Ab ove 8,0 0,000 Ab ove 8,0 0,00 0
NI L Upt o 1,6 0,,00 0 Upto 1,9 0,000 Upto 2,4 0,00 0
10% 1 ,60, 001 to 3,0 0,00 0 1, 90,0 01 to 3,0 0,000 2 ,40,0 01 to 3,0 0,00 0
20% 3 ,00, 001 to 5,0 0,00 0 300 001 to 50 0000 3 ,00,0 01 to 5,0 0,00 030% Ab ove 5,0 0,00 0 Ab ove 5,00 ,000 Ab ove 5,0 0,00 0
Gene ral Women Se nior Citizen
2011-12
2010-11
Total Income Rate of Rate of Rate of Dividend
I nc om e Ta x ( %) M AT ( %) D is tr ib ut io n Ta x ( %)
Ta x R a t e s f o r D o m e s ti c C o m p a n i e s
Up to Rs. 1 crore 30 .90 19. 055 1 6.22 3
Exceed in g Rs. 1 crore 32.4 45 20. 007 1 6.22 3
Ta x Ra t e s f o r F o r e i gn C o m p a ni e s
Up to Rs. 1 crore 41 .20 19. 055
Exceed in g Rs. 1 crore 42.0 24 19. 436
Ta x R a t e s f or o t h e r s
Fi rm s 30 .90
LL P 30 .90 1 9.05 5*
Lo ca l a uthori tie s 30 .90
*Al t ernat e M i ni m um Tax
C es s @ 3 %
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Tr ansa ction Rates Pa yable By
P u r c ha s e / S al e o f e q u i ty s h a r e s, u n i t s o f e q u i t yorien ted m utua l fu nd (de li ve ry b a sed ) 0. 125% Pu rcha ser / Sel le r
S a l e o f eq u i t y s h a r e s, un i t s o f e q u i t y o r i e n te dMutu al f und (n on-del ivery based) 0. 025% Se ll er
Sal e of an o pti on i n securiti es 0. 017% Se ll er
Sal e of an opti on i n securi ti es, where opti onis exerci se d 0. 125% Pu rcha ser
Sal e of futu re s i n securiti es 0. 017% Se ll er
S a l e o f u n i t o f a n e q u it y o r i e n t ed f u n d t o t h eMutu al Fu nd 0 .25% Se ll er
Securities Transaction Tax Rates
C a pi ta l Ga i n s T a x Ra t es
Assessment Year 2012-13
Assessment Year 2012-13
Pa rticular s Shor t-ter m Capital Long-te rm ca pita lg ai ns ta x r at es (a ) g ai ns ta x r at es (a )
S a le t r a n sa c ti o ns o f e q u it y s h ar e s / u n i tof an equ ity o rie nted fun d whi ch attract STT 1 5% N il
Sale transaction other than mentioned above:
I n d i vi d u a l s ( r e s id e n t a n d n o n - r es i d e n ts ) P r o g r es s i ve s l a b r a t e s 2 0 % w i t h i n d e x at i o n
Fi rms inclu di ng LL P (reside nt a nd 1 0% (wit houtnon-reside nt) 30 % I ndexati on for uni ts/
Resi de nt Com pan ies 30 % zero cou pon bond s)
O v e r se a s f i n a n ci a l o r g a n i sa t i o n s s p e c i fi e d 4 0 % ( c o r po r a t e )
secti on 115AB 30 % (non-corporate ) 1 0%FII s 30 % 1 0%
Oth er Foreig n comp ani es 40 % 2 0% / 1 0%
Local auth ority 30 % 1 0%(with out ind exa tio n
Co-operat ive society Pro gressi ve sl ab f or uni ts/ ze ro co upo nRa tes b ond s)/20 % for oth ers
T h e s e r a t e s w i l l f u r t he r i n c r e a s e b y a p p l ic a b l e s u r c ha r g e & e d u c a t io n c e s s .
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C o st I n fl a ti o n I n d ex
Assessment Year 2012-13
F. Y. INDEX F. Y. INDEX F.Y. IND EX F.Y. IND EX19 81-82 100 198 9-90 17 2 1 997-98 3 31 200 5-06 49719 82-83 109 199 0-91 18 2 1 998-99 3 51 200 6-07 5 1919 83-84 116 199 1-92 19 9 1 999-00 3 89 200 7-08 5 5119 84-85 125 199 2-93 22 3 2 000-01 4 06 200 8-09 5 8219 85-86 133 199 3-94 24 4 2 001-02 4 26 200 9-10 6 32
19 86-87 140 199 4-95 25 9 2 002-03 4 47 2 010-11 71119 87-88 150 199 5-96 28 1 2 003-04 4 6319 88-89 161 199 6-97 30 5 2 004-05 4 80
2011-12 7 85
G ol d - Si l ve r R a te s o f L a st 1 0 Y e ar s
2002-2003 31/03/2002 5010 7875
2003-2004 31/03/2003 5310 7695
2004-2005 31/03/2004 6065 117702005-2006 31/03/2005 6180 10675
2006-2007 31/03/2006 8490 17405
2007-2008 31/03/2007 9395 19520
2008-2009 31/03/2008 12125 23625
2009-2010 31/03/2009 15105 22165
2010-2011 31/03/2010 16320 27255
2011-2012 31/ 03/2011
Assessment Rel evant Std. Gol d Rate Si lver RateY ear V aluation (24 Carat for 10 gms (9960 touch for 1 kg.
Date i .e. 0.87 tol a. ) i. e. 85. 734 tol a)
Delay in furnishing return of income 1% p.m. Due date Date return furnished 234ANot furnishing return of income 1% p.m. Due date Date of complet ion of
assessment U/S 144 234A
F ai lu re t o p ay a dv an ce t ax , 9 0% o f 1 % p .m . 1 st A pr il o f AY D at e Ta x P ay me nt i s m ad e 2 34 Ba s s es s e d t a x a s a d v an c e ta x
Def erring Advance Tax 1% p .m. Due date Due date of next instalment 234C
Failure to deduct tax at source 1% p.m. Date of payment Date of deduct ion 201(1A)
F ai lu re t o d ep os it t ax i n t im e 1 .5 % p .m . D at e o f d ed uc ti on D at e o f d ep os it 2 01 (1 A)
Description SectionRate Per iod From Pe riod To
Interest payable - Income Tax Act
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P e n al t i es u n de r I n c o me T a x A c t
N o n P a ym e nt
F a i l u r e t o C o m p l y
Concealment
Books, Audit, Loans
TDS
Tax Pa ym ents i ncl udi ng Sel f Asse ssme nt Tax Upto tax in arre ar 221(1)
With Noti ce U/S 143 (2 ) Rs. 10,0 00 fo r each fa ilu re 271(1)(b) F ai lu re t o a ns we r q ue st io ns o r s ig n s ta te me nt s R s. 1 0, 00 0 f or e ac h f ai lu re 2 72 A( 1)
C o n c e a lm e n t o f i n c o m e o r i n a c cu r a t e 1 0 0 t o 3 0 0 % o f t a x s o u g h t t o 2 7 1 ( 1 )( c )
pa rt icula rs be e vad ed
U nd is cl os ed i nc om e d ur in g s ea rc h i n 1 0% o f u nd is cl os ed i nc om e 2 71 AA Ap r o c e e di n g a n d c u r r e n t F Y i n w h i c h s e a r c ht o o k p l ac e
Fai lu re to keep , retai n b ooks U /S 4 4AA Rs. 2500 0 271A Fai lu re to g et bo oks a udi ted U/ S 4 4AB 0.5% o f gross sal es Ma xi mum 271B
R s 1 . 5 0 L a c
Ta kin g lo an i n c on tra ve nt io n o f Se c 2 69 SS Eq ua l t o a mo un t o f l oa n t ak en 2 71 D
R e p ay m en t o f l o an i n c o nt r av e nt i on o f E q ua l t o a m o un t o f l o an r e pa i d 2 7 1E
S ec 2 69 T
Fai lu re to fu rn ish retu rn u/s 1 39 (1 ) before Rs. 5000 271F
end of AY
Fai lu re to de duct i n pa rt or ful l Equ al t o tax n ot de ducted 271C
Fai lu re to col lect ta x i n p art or ful l Equ al t o tax n ot coll ected 271CA Quot ing fal se TAN i n chal la n / stat emen ts Rs. 1000 0 272BB(1A)
Fai lu re to ap ply fo r TAN Rs. 1000 0 272BB(1)
Fai lure to fu rn ish eTDS statem ent Rs. 100 p er day . L im ited to 272A(2)(c)
amount of TDS
Fai lure to fu rn ish TDS Certifi cate Rs. 100 p er day . L im ited to 272A(2) (g )
amount of TDS
Default Penalty Section
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T D S & T C S Ra t e Ch a rt
Al cohol i c Li quor for human consumpti on 1
Tim be r o bt ain ed un de r a fo re st le as e, or an y o th er mo de , o th er fo re st pr od uce 2 .5
Scrap 1
Parki ng Lots, Toll Plaza L ease a nd M ine Qu arry Le ase 2
Tend u Le aves 5
RateDescriptionTCS Rate Chart
TDS Rate Chart
RateRateRateDescription
194A
194B
194C
194D
194H
194 I
194J
194
Threshold
Limit
Company
Firm
Co-op Soc.
Local
Authority
If No PAN
Or
Invalid
PAN
Individual
HUF
10
10
30
1
1
10
10
10
2
10
10
30
20
10
10
20
20
30
20
20
20
20
20
20
20
20
30
20
20
20
1 0 , 0 0 0
5 , 0 0 0
1 0 , 0 0 0
3 0 , 0 0 0
7 5 , 0 0 0
2 0 , 0 0 0
5 , 0 0 0
1 , 8 0 , 0 0 0
1 , 8 0 , 0 0 0
3 0 , 0 0 0
-
5 , 0 0 0
1 , 0 0 0
1 , 0 0 0
1 , 0 0 , 0 0 0
Nature of payments
m a d e t o r e s i de n t
I n te r es t - P a ya b le b y B a n k s
I n t e re s t - P a y a bl e b y O t h er s
W i n n in g f r o m L ot t e ri e s / C r o s s wo r d P u z z le
P a y me n t t o C o n t ra c t o rs - S i n gl e T r a ns a c t io n
P a y me n t t o C o n t ra c t o rs - A g g r eg a t e d u r i ng F Y
I n s u ra n c e C o m mi s s i on
C o m mi s s i on / B r o k er a g e
Rent
R e n t -P l a nt / M a c hi n e r y
P rof essional Fees
Dividends
W i n n in g s f r o m h o r s e r a c e
R e p u rc h a s e U n i t s b y M F s
C o m mi s s i on - L o t te r y
I m m ov a b l e P r o pe r t y
Sec.
10
10
30
2
2
10
10
10
2
10
10
30
20
10
10
194BB
194F
194G
194LA
Amount
Assessment Year 2012-13
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P r es u m pt i v e T a x at i o n: I n c om e T a x
Ship pi ng (b) 7. 5% of gross recei pts
E x pl o ra t io n o f m i ne r a l o i l ( b )( c ) 1 0 % o f g r o ss r e ce i pt s
O p e r a t io n s o f A i r c ra f t ( b ) 5 % o f g r o s s r e c e ip t s
T ur n ke y p o we r p r o je c ts ( b )( c ) 1 0 % o f g r o ss r e ce i pt s
Business R a t e a t w h i c h i n c o m e i s p r e su m e d
Non-Resident Taxpayer
All Resident Taxpayers
(i) Smal l Busin ess [e xclu din g (ii )] 8% of gross turnover/ recei pts(a)(b)(c)(d)
(i i ) Pl yi ng, l easi ng or hi ri ng of trucks (person INR 5,000 per month / part of month for each
shou ld not h ave own ed o ver 1 0 go ods he avy g oods vehi cl e.c ar ri ag es a t a ny t im e d ur in g t he p re vi ou s I NR 4, 50 0 p er m on th / p ar t o f m on th fo r e ac hyear) (b)(c) l ig ht go ods vehi cl e.
Business R a t e a t w h i c h i n c o m e i s p r e su m e d
(a) The gross receipts of the taxpayer do not exceed Rs. 60 Lacs
( b ) A ll d e d u ct i o n s/ e x p en s e s ( in c l u di n g d ep r e c i at i o n ) sh a l l b e d e em e d t o ha v e b ee nallowed.
The taxpayer can claim lower profits, if he keeps and maintains specified books of accounts and obtains a tax audit report.
Wealth Tax
On Val ue of specif ied Assets he ld on 31 st March 1%
Basic Exem ptio n 30 Lacs
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I nt er es t A cc ru al : N SC & K VP
Period f rom t he dat e Purchased f rom Purchased f rom Purchased f romof cert if icate to t he 1-3- 2001 to 28-2- 2002 1- 3- 2002 to 28-2- 2003 1- 3- 2003
D a te o f i t s e n ca s hm e nt R a te o f M a tu r it y R a te o f M a tu r it y R a te o f M a tu r it yI nterest Val ue Rs. Int erest Value Rs. Interest Value Rs.
1 Year 7. 75 1079.00 7. 25 1074.00 6. 40 1065. 02
2 Years 7. 75 1164.00 7. 25 1153.00 6. 40 1134. 28
2 Years and 6 Months 7. 75 1209.00 7. 25 1195.00 6. 40 1170. 51
3 Years 8. 25 1274.00 7. 75 1256.00 6. 40 1207. 95
3 Year and 6 Months 8. 25 1327.00 7. 75 1305.00 6. 88 1267. 19
4 Years 8. 75 1409.00 8. 25 1382.00 6. 88 1310. 80
4 Year and 6 Months 8. 75 1470.00 8. 25 1439.00 6. 88 1355. 90
5 Years 9. 25 1572.00 8. 75 1534.00 7. 36 1435. 63
5 Year and 6 Months 9. 25 1644.00 8. 75 1602.00 7. 36 1488. 49
6 Years 9. 75 1770.00 8. 75 1672.00 7. 36 1543. 306 Year and 6 Months 9. 75 1857.00 9. 25 1800.00 7. 85 1649. 13
7 Years NA NA 9. 25 1883.00 7.85 1713. 82
7 Year and 6 Months - 2000. 00* - 2000.00** 7.85 1781. 06
8 Years NA NA NA NA 7.85 1850. 93
8 Year and 7 Months NA NA NA NA - 2000. 00
* 7 Ye a rs 3 M o nt h s * * 7 Ye a rs 8 M o nt h s
A m o u nt o f i n t e r e s t ( R s .) a c c r u i n g o n t h e c e r t i fi c a t es o f R s . 1 0 0 d e n o mi n a t i on s p u r c ha s e d b e t w ee n
12.40 11.83 11. 30 9.72 9.20 8.16
13.90 13.23 12.58 10.67 10. 05 8.83
15.60 14.80 14.00 11.71 10. 97 9.55
17.50 16.54 15.58 12.85 11.98 10.33
19.70 18.51 17.35 14.10 13. 09 11.17
22.40 20.69 19.31 15.47 14. 29 12.08
The year f or 01-04-1989 01-04-1999 15-01-2000 01-03-2001 01-03-2002 01-03-2003which Int. & & & & & onwardaccrues 31-12-1998 14-01-2000 28-02-2001 28-02-2002 28-02-2003
First Year
Second Year
Third Year
Fourth Year
Fifth Year
Sixth Year
I n t er es t A c cr u a l: K i sa n V i k as P a t r as ( K V P)
I n ter es t A c cr u a l: N a t io n a l S a v in g s C er ti f i ca t e ( N S C)
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D e pre c i at i o n C h ar t : I n c om e T a x
Assessment Year 2012-13
Bl oc k Nature of Ass et Ra te of Depreciation
BuildingBlo ck-1 Resi dent ial bui ld ing oth er than hote ls and boa rd ing hou se s 5B l oc k -2 O f fi c e, f a ct o ry, g o d ow n s o r b u il d in g - n o t m a in l y r e si d en t ia l p u rp o se 1 0Blo ck-3 Temp orary ere cti ons such as woo den structures 10 0
FurnitureBlo ck-4 Furni ture - Any furni ture / fitt ing s i nclu din g el ectri cals fi ttin gs 10
P l a n t a n d M a c h i n er yB lo ck -5 A ny p la n t or m a ch in e ry ( no t c ov er ed b y b lo ck 6 , 7, 8 ,9 ,1 0 ,11 o r 1 2 )
a n d m o t or s c a r s ( o t h e r t h a n t h os e u s ed i n a b u s i n es s o f r u n ni n gthe m on hi re ) acq uired or pu t to u se on o r a fter Apri l 1 , 199 0 15
B l oc k -6 O c ea n -g o in g sh i ps , ve s se l s o r di n ar y o p er a t in g o n i n la n d wa t er si ncl udi ng sp eed b oats 20
B l oc k -7 B u se s , l o rr i es a n d t a xi e s u s ed in b us i ne s s o f r u n ni n g t h e m o n hi r e,m a c h i ne r y u s e d i n s e m i - c o nd u c t o r i n d u st r y, m o u l d s u s e d i n r u b b e r
an d pl astic go ods factori es 30Blo ck-8 Aeropl anes, l ife sa vi ng m edi ca l e qui pme nt 40B lo ck -9 C on t ai ne rs m ad e o f g la ss o r p la st ic u se d a s r ef il ls , n ew c o mm e rc ia l
vehi cl e whi ch i s acqui red duri ng Jan 1, 2009 and Sept 30, 2009 and i sp ut to us e b ef or e O ct 1, 20 09 fo r t he pu rp os e o f b us in es s / pr of es si on 5 0
B l o c k- 1 0 C o m p u t e rs i n c l ud i n g c o m p u t er s o f t w ar e . B o o k s ( o t h e r t h a n a n n u a lp u b l i ca t i o n ) o w n e d b y a p r o f e ss i o n a l. 6 0
B l oc k -11 E n er g y s a vi n g d e vi c es ; r e ne w a l e n e rg y d e vi c es ; r o ll e rs i n f l ou r m i ll s ,sugar wo rks and st eel ind ustry 80
B l o c k- 1 2 A i r p o l l u ti o n c o n t r ol e q u i p m en t s ; w a t e r p o l l u ti o n c o n t r ol e q u i p m en t s ;sol i d waste control equi pments, recycl i ng and resource recoverys y s t em s ; ( b e i n g a n n u al p u b l i ca t i o n s) o w n e d b y a s s e ss e e sc a r r yi n g o n a p r o f es s i o n o r b o o ks ( m a y o r m a y n o t b e an n u a lpu bli ca tio ns) carryi ng o n bu si ness in ru nni ng l end ing li braries 10 0
Intangible AssetsB l o c k- 1 3 I n t a n g ib l e a ss e t s ( a c q u ir e d a f te r m a r ch 3 1 , 1 99 8 ) - K n o w - h ow ,
p a t e n t s, c o p y r i g h t s, t r a d e m a r k s, l i c e n c e s , f r a n ch i s e s a n d a n y o t h e r bu si ness or co mme rcia l rig hts of si mil ar na ture 25
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Nature of Assets W.D.V(%) S.L.M(%)
L a nd a nd B u il di n g
Plant and M achinery
Furniture and Fittings
B ui ld in g s ( o th e r t h an f a ct o ry b ui ld in g s) 5 1 . 63 Factory Buildings 10 3.34 Purely Temporary Erections such as wooden structures 100 100
pl ant and machi nery (not bei ng a ship) other than SS 13.91 4.75continuous process plant for which no special rate has DS 20.87 7.42been prescribed TS 27.82 10.34
El ectri cal Machi nery, X-ray and el ectrotherapeuti c apparatusand accessories thereto, medical di agnosti c equipments,namely, Catscan, Ultrasound Machine, ECG Monitors, SS 20 7.07
Motor-cars, motor cycl es, scooters and other mopeds SS 25.89 9.5 El ectri cal l y operated vehicl es i ncl udi ng battery powered or
fuel cell powered vehicl es SS 20 7.07 Machi nery used i n the manufacture of el ectroni c goods or SS 15.62 5.38
components DS 23.42 8.46TS 31.23 11.87
Earth-moving machinery employed in heavy construction SS 30 11.31works, such as dams, tunnels, canals, etc.
Motor buses and motor lorries other than used in a SS 30 11.31business of running them on hire
M o to r b us es , m ot o r lo rr ie s a n d mo to r t ax ie s u se d i n abusiness or running them on hire
R ub be r a nd p l as ti c g oo ds f ac to ri es M ou ld s Data Processi ng Machines i ncl udi ng computers G a s c yl in d er s i nc lu d in g v a lv e s a n d r eg u la t or s S S 4 0 1 6 .2 1
General rates 18.1 6.33
Rate for furni ture and fi tti ngs used in hotel s, restaurantsand boarding houses, schools, colleges and othereducational institutions, libraries, welfare centres, meetinghalls, cinema houses, theatres and circus, and for furnitureand fittings let out on hire for use on the occasion of marriages and similar functions 25.88 9.5
SS : Single Shift DS : Double Shift TS : Triple Shift
D e pre c i at i o n C h a rt : C o m pa n i es A c t
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ROC Compliance
Fili ng with Stock Ex change Q1 Q2 Q3 Q4
C orp or at e G ove rn en ce R ep or t 1 5/ 07 /2 011 1 5/ 10 /2 011 1 5/ 01 /2 01 2 1 5/ 04 /2 01 2
D ist ri bu tio n Sc he du le f il in g 2 1/ 07 /2 011 2 1/ 10 /2 011 2 1/ 01 /2 01 2 2 1/ 04 /2 01 2
Un audi ted Fina ncial Resul ts 14 /08/ 2011 1 4/11 /2011 14/0 2/20 12 15/ 05/2 012
Audi ted Yearl y Fi nanci al Resul ts - - - 30/05/2012
C ompli ance Date
L ast Day for conveni ng AGM 3 0/09 /2011
Fi le cop ies o f Annu al Account s w i th R OC with in 3 0 da ys o f AGM -
Fi li ng o f Annu al Return w ith ROC with in 60 da ys of AGM -
F o r A l l d oc u m e n ts ( e x ce p t Fo r m 1 A )
Rs 1, 00,0 00 a nd ab ove bu t bel ow R s 5 ,00,0 00 Rs. 2 00
Rs 5, 00,0 00 a nd ab ove bu t bel ow R s 2 5,00, 000 Rs. 3 00
Rs 25 ,00, 000 and a bove Rs. 5 00
F or Fo rm 1 A
Form 1A Appl icati on Fe e Rs. 5 00
In sp ection Fee Rs 50
Compliance
C o m p l ia n c e B y L i s t e d C o m p a ni e s
Compliance By All Companies
F i li n g F e e
Up to 3 0 Day 2 Tim es
M ore tha n 30 days and upto 60 days 4 Tim es
M ore tha n 60 days and upto 90 days 6 Tim es
M ore tha n 90 days 9 Tim es
Delay
A d d i t io n a l F e e s F o r D e l a y e d F i l i n g
Addl. Fee
Fees
*
* if co mp a n y o p ts n o t to p u b lish un a u d ite d fin an cia l re su lt fo r Q4 th en 3 0 /0 6 /2 0 12
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P F, E SI C & P ay ro ll C om pl ia nc e
Q u ar t er l y e T ds s t at e me n t. P F D ep os it . P ayment of P rofession Tax
1
5
Issue of TDS certificate in May. P F F or m 3A / 6 A i n A pr il .
st 2 1 - P ay me nt o f E SI C.
th 2 5 - P F F or m 5 /1 0/ 12 Ath 1 2 M ay - E SI C F or m 5 .
th
11 N o v. - E SI C F o rm 5.
Contribution
PF 12% o f Ba si c+D A Emp loyee
PF 12% o f Ba si c+D A Emp loyer
o f w h i ch 8 . 3 3 % o r M a x R s . 5 4 1 fo r P e n si o n F u nd
EDLI 0.5% of Basic+DA or Ma x Rs. 3 2.50 Emp loyer
ESIC 1.75 % of Wa ges Emp loyee
ESIC 4.75 % of Wa ges Emp loyer
A d mi n C h ar g es
PF 1.1% o f Basi c+DA Emp loyer
EDLI 0.01 % of Basic+DA or M ax Re 0.6 5 Emp loyer
Type Des cription Responsibili ty
30/31
Qtr Qua rter E nding Due Date
Q1 Ju ne Jul -1 5
Q2 Se pt Oct 1 5
Q3 Dec Jan -1 5Q4 M ar ch M ay -1 5
e T DS F o rm 2 4 Q f i li n g
Sa lary Prof. Ta x
P r o f e ss i o n T ax - G u j a r a t
Upto Rs. 29993000 to 5999
6000 to 8999
9000 to 11999
12000 and above
NIL20
80
150
200
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Service Tax Compliance
Basic Exemption Limit Chart
Rate Of Service Tax
Payment Of Service Tax Using Challan GAR-7
Half-yearly Return In Form ST-3
Revision of Form ST-3
Period Basic Exemption Limit
Period Service Tax EC SHEC Net Rate
Individual, Proprietorship, Partnership Corporate Entities, Trust & Socities
Period Due Date
Before 01-04-2005 No Limit
01-04-2005 to 31-03-2007 Rs. 4 Lakhs
01-04-2007 to 31-03-2008 Rs. 8 Lakhs
01-04-2008 onwards Rs. 10 Lakhs
18.04.2006 to 23.02.2009. 12% 2% 1% 12.36%
24.02.2009 onwards 10%. 2% 1% 10.30%
Value Realized* Due Date Value Realized* Due Date
th stApril to June 5 July March 31 March
th thJuly to September 5 October Other months 5 of succeeding month
thOctober to December 5 January
st
January to March 31 MarchI f e-Paym ent i s done t hen ef f ect i ve due dat e wi l l be 6t h of t he succeedi ng m ont h/ quart er t i ll 8. 00 p. m .
* Wi t h ef f ect f rom Jul y1, 2011, on servi ce provi ded or i nvoi ce i ssued or val ue real i zed, whi chever i searl i er.
thA pr il t o S ep te mb er 2 5 o f O ct ob er (3 1s t O ct ob er fo r I np ut Se rv ic e D is tr ib ut or s)
thO c t o be r t o M a r c h 2 5 o f A p r i l ( 3 0 t h A p r i l f o r I n p u t S e r v ic e D i s t ri b u t or s )
ST-3 form c an be rev ised and s ubm itted again within 90 day s from the date of filing of original return.
01.07.1994 to 15.07.2001
16.07.2001 to 15.08.2002
16.08.2002 to 09.09.2004
10.09.2004 to 31.03.2011
01.04.2011 onwards
Period
Table of Rates of Interest
1.5 % p.m. and part thereof
24 % p.m.
15 % p.m.
13 % p.m.
18 % p.m.
15 % p.m.
Rate of Interest
( f o r a s s e s s e es h a v in gtu rn o ve r u p to R s.6 0 L a cs)
01.06.2007 to 28-02-2008
0 1 - 0 3 - 2 0 08 t o ti l l d a t e
Period
Table for Works Contract Rate
2.06 %
4.12 %
Rate of Tax
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P e n al t i es : S e r vi c e T a x
7 0 F ee s f or la te fi li ng of Re tu rn .
De la y u pto 1 5 da ys Rs. 500De la y o f more than 15 a nd u pto 3 0 da ys Rs. 100 0De la y o f more than 30 d ays Rs. 100 0 + R s. 10 0 fo r e ach da y
but not exceedi ng Rs. 20,00076 Fa ilu re to p ay se rvice t ax 1% of the t ax p.m. or Rs 100
p e r da y l i mi t ed t o 5 0 % o f t a x
77 Pena lty fo r d efau lt in obtai nin g Servi ce Ta x Upto Rs 1 0,00 0 or Rs 20 0 pe r r e g i s tr a t i o n c e r t if i c a t e a n d p a y m e n t o f s e r v ic e t a x d a y t i l l f a i l ur e , w h i c he v e r i s
higher.
7 7 F a il ur e t o k ee p , m a in t ai n o r r et ai n b o ok s o f U pt o R s 1 0 ,0 0 0a c c o u n t a n d o t h e r d o cu m e n t s r e q u i re d
77 Assessee fa il s t o : Upto Rs 1 0,00 0 or Rs 20 0 pe r ( i) fu rn is h i nf or ma ti on ca ll ed by a n o ff ic er ; o r d ay t il l f ai lu re , w hi ch ev er is( ii ) p ro ce du re d oc um e nt s c al le d fo r b y a Ce n tr al h ig h er.Exci se Offi cer; or
(i i i ) appear before the Central Exci se Offi cer,when issued with a summon for appearance to giveevi dence or to produce a document i n an i nqui ry.
77 Assessee fa il s t o pa y service tax el ectroni ca ll y Upto Rs 1 0,00 0
7 7 A ss es se e i ss ue s i nv oi ce i n a cc or da n ce w it h U pt o R s 1 0 ,0 0 0p r o v i si o n s o f t h e A ct o r r u l e s m a d e t h e r e un d e r,w i t h i n co r r e ct o r i n c o m pl e t e d e t ai l s o r f a i l s t oa c c o u n t f o r a n in v o i c e i n h i s b o o k s o f a c c ou n t
7 7 P en a lt y f or c on t ra ve n ti on o f a ny p ro vi si on f o r N ot e xc ee d in g R s 1 0, 0 00w h ic h n o p e n a lt y i s p r ov i de d
7 8 P en a lt y f or s up p re ss in g v al ue o f t a xa b le 5 0% o f t ax a m ou n t
service (I f reco rd s cap tured a re true )1 00 % o f ta x a m ou n t(If not recorded i n books
*
**
^)
Section Nature of default Amount of penalty
***
^
Totally mitigated if tax and interest paid before issue of notice : Sec 73(3)Mitigation (a) 1% per month; maximum upto 25% if all dues paid before notice : Sec 73 (4A)
(b) 25% of tax if all durs paid within 30 days of issuance of notice (90 days for small assessees) : Proviso to Sec 78
No mitigation
Over and above the penalties, department has now the power of prosecution also.
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P oi nt O f T ax at io n R ul es , 2 01 1 : S er vi ce T ax
th0 7 J u ly, 2 0 11
th0 7 J u ly, 2 0 11
th
0 7 J u ly, 2 0 11th
0 7 J u ly, 2 0 11
th0 7 J u ly, 2 0 11
1.
2.
3.4.
5.
th0 7 J u ly, 2 0 11
th0 7 J u ly, 2 0 11
th
0 5 A p ri l , 20 11th
0 5 A p ri l , 20 11
th0 5 A p ri l , 20 11
th1 0 J u ly, 2 0 11
th1 0 A u g. , 2 011
th
0 5 A p ri l , 20 11th
0 5 M a y, 2 0 11
th0 5 A p ri l , 20 11
th1 0 A u g. , 2 011
th1 0 S e p. , 20 11
th
1 0 A u g. , 2 011th
0 5 A p ri l , 20 11
th1 0 A p ri l , 20 11
Determination of Point of Taxation
ServicePro vid ed o n
Sr.No .
In vo iceIssued on
Paym en tReceived o n
Po in t o f Taxation
S t am p D ut y - G u ja r at
L e av e & L i ce n ce
Lease Agreement
For 1 Year
F o r 2 & 3 Ye a r s
Above 3 Years
For Male Registrants
For Female Registrants
Power of Attorney
0.7% of Average Rent
1.4 % of Average Rent
2.8 % of Average Rent
4.9 % of Average Rent
4.9 % on Market Value
1% Surcharge on Market Value
4.9 % on Market Value
No Surcharge
Rs. 100/-
S t a m p Du t y R at e F o r L e a ve & L i c e nc e Ag r e em e n t
Sale Deed of Commercial or Residential Property
Particu lars
Particu lars
Rate o f Du ty
Rate o f Du ty
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VAT - Gujarat
Periodicity CriteriaDue Dates for
Payment of GVATD u e D a te s f o r F i li n g R e tu r ns
Monthly
Quarterly
A nnualy
2 2 n d da y a f t e r en d
of the Month
2 2 n d da y a f t e r en d
of the Quarter
N.A .
N.A .
(i) 30th day after end of the Month if
G VAT p a y a bl e i s l e s s t h a n Rs . 5 , 0 00
(ii) 40th day after end of the Month if
G VAT p a y a bl e i s m o r e t h a n R s . 5, 0 0 0
45th day after the end of the Quarter
31st December after
e n d o f t h e f i n a n ci a l y e a r
30th June after
e n d o f t h e f i n a n ci a l y e a r
GVA T paid more
than Rs. 60,000
GVA T paid upto
Rs. 60,000
D e a l er s l i a b l e to
V AT A udit
D e a l er s n o t l i a b le t o
GVA T A udit
Due Date for Payment of GVAT and Filing of GVAT Return
Descri pti on Form No.
GV AT ReturnGeneral Form 201, 201A,
201B , 201C
S pecificD ea le rs u nd er c om po si ti on s ch em e an d en ti re t ur no ve r is u nd er c om po si ti on F or m 20 2, 2 02 AD e al e rs e x ec u ti n g wo r ks c o nt r ac t - P a rt o r F u ll a n d op t ed f o r l um p s um p e r mi s si o n F o rm 2 0 2 , 20 2 AEn gag ed in ac ti vi ty o f t ran sf er of the ri ght s t o u se an y g o od s an d o pt ed for F orm 20 2, 202 ALump sum permissionAnnual Return Form 205, 205ACST Return I II-E, Anne - I & IIGVAT Payment Chall an Form 207
GVAT / CST Returns
Mandatory if sale or purchase Exceeds 1 CroreDue Dat e 31st JanunaryForm No Form No. 217
GVAT Audit
R at e o f i nt er es t 1 .5 % p ar t o f a mo nt hP e ri o d o f I nt e re s t B e tw e en A c tu a l D a t e o f p a ym e nt a nd D u e D a te
E paym ent of GVAT is com pulsory f or dealers whose GVAT paym ent exceeds Rs. 10 lacs eit her inprevious year or in current year E-fi l i ng of GVAT return i s mandatory for
Interest For Delayed Payment
(i) dealers engaged in interstate sales and / or purchases;(ii) dealers engaged in export and / or import;(iii) dealers liable to Audit;(iv) dealers having turnover Rs.50 Lakh or more;(v) dealers dealing in SEZ in current or previous financial year.
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Due Dates Chart
Form Descripti on Who is r equired to file Time li mit
E R - 1 M o n th l y R e t u rn M a n uf a c t ur e r s n o t e l i gi b l e f o r S S I 1 0 t h o f f o l l ow i n g m t h .` By Large unit s concession
ER-2 Return by EOU EOU unit s 10th of following mth.
ER -3 Qua rt er ly Re tur n by S SI As se ss ee s av ai li ng SSI c onc es si on 1 0t h of f oll ow ing q tr.
ER-4 Annual Financial Assessees paying duty Annually, by 30t hI nf or ma ti on S ta te me nt o f R s. 1 c ro re o r m or e p .a . N ov em be r o f
through PLA & CENVAT succeeding year
ER -5 I nf or ma ti on re lat ing t o As se ss ee s pa yi ng du ty o f R s. 1 An nu al ly, by 3 0t hPrincipal I nputs crore or more per annum through April current year
PLA & CENVAT and manufacturinggoods under specified tariff heading
E R- 6 M on th ly R et ur n A ss es se es r eq ui re d t o s ub mi t E R- 5 1 0t h o f f ol lo wi ng m th .o f r ec ei pt & c o n su mp ti on r et ur no f e a c h o f P r i n c i pa l I n p ut s
ER-7 Annual I nst alled Capacity All M anufacturers 30th April o f theStatement following year
Quarterly r eturn by f irst Regist ered Dealers 15th day o f followingand second stage dealers quarter
E x ci s e D u ty : P er i od i ca l R e tu r ns
F or F in an ci al Ye ar 2 01 1- 12
Mon Payment Quarterly Filing of Advance Payment GVATof TDS Income Tax ofService
ESICPayment
PFPayment Payment
TDS Return Tax Return Payment Tax
ServiceTax
Return
April 30 - - - 25 21 15 22
May 7 15 - - 5 - 21 15 22
June 7 - - 15 5 - 21 15 22
July 7 15 31 5 - 21 15 22
August 7 - - - 5 - 21 15 22
September 7 - 15 5 - 21 1530 22
November 7 - 30* - 5 - 21 15 22
December 7 - - 15 5 - 21 15 22
January 7 15 - - 5 - 21 15 22
February 7 - - - 5 - 21 15 22
March 7 - - 15/31 5/31 - 21 15 22
October 7 15 5 25 21 15 22-
* F o r C o m p an i e s r e q u i r e d t o f il e r e p o r t u / s 9 0 E
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L L P C om pl i an c e s & P e n al t i es
Annual Compliances
R e g u la r C o mp l i a n ce s
Statement of Accounts &Sol vency
Annual Return
S h a l l f i l e w i th i n a p e r i o d o f s i xm o n t h s f r o m t h e e n d o f e v er yf i n a n ci a l y e a r. P r e p a r e a n d f i l ea Statement of Account and
S o l v en c y w i t h t he R O C .
Annual Return to the ROC wi thi n si x t y d a y s o f c lo s u r e o f t h ef i n a n ci a l y e a r.
S h a ll n o t be l e ss t h a n R s 2 5 , 00 0 b ut m a ye x t e n d t o R s 5 , 0 0 , 0 00 a n d e ve r y d e s i g n at e dp a r t n e r o f s u c h LL P s h a l l b e p u n i sh a b l e wi t hf i ne w h i ch s h a ll n o t b e l es s t h an R s 1 0 , 00 0 b u t
w h ic h m a y e x te n d t o R s 1 , 0 0, 0 0 0
L L P s h a l l b e p un i s h a bl e wi t h f i n e s h a l l n o t bel e ss t h an R s 2 5 ,0 0 0 b u t wh i ch m a y e x te n d t o R s5 , 0 0 , 0 0 0 a n d e v e ry d e s i g na t e d p a r t n e r o f s u c hL L P s h a l l b e p u ni s h a b le w i th f i ne w h ic h s ha l l n o tb e l e ss t h a n Rs 1 0 , 00 0 b u t w hi c h m ay e x te n d t oRs. 1,00,000
Minimum number of Designated Partners
Designated PartnersIdentification Number(DPIN)
Consent andP a rt i cu l ar s o f Designated Partners
Change of RegisteredOffice
Change of Name
At least 2 partners whowould be designatedpartners
All the provisions of sections2 66 A t o 26 6G o f t heC o m p an i e s A c t , 1 9 5 6 s h a l la p p l y a c c o r di n g l y
File e-form 4 with ROC in 30d a y s o f t h e a pp o i n tm e n t
File the notice of anychange in registered officewith the ROC in e-form 4.
L LP m ay c ha ng e i ts n am eregistered with the ROC byfiling e-form 5.
N o t l e s s t h a n R s . 1 0, 0 0 0 b u t m aye x t e nd t o R s 5 , 0 0 ,0 0 0
M a y e x t e n d t o Rs . 5 , 0 0 0 ; in c a s eo f c o n t i n u o u s c o n t ra v e n t io nf u r t he r R s . 5 0 0 p e r d ay d u r i ngwhich the default continues.
N o t b e l e s s t h a n R s . 1 0, 0 0 0 b u tm a y e x t e n d t o Rs . 1 , 0 0 , 00 0 .
S h a l l n o t be l e ss t h a n R s . 1 0 , 0 0 0b u t m a y e x t e n d to R s . 1 , 0 0 ,0 0 0 .
M a y e x t e n d t o Rs . 5 , 0 0 , 00 0 b u ts h al l n o t b e l es s t h an R s . 5 , 00 0and with a further fine which maye x t e nd t o R s 5 0 p e r d a y.
He a d Complia nc e P e n al t y f o r N o n C o m p l i an c e
He a d Complia nc e P e n al t y f o r N o n C o m p l ia n c e
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7/29/2019 Tax Recknor Ay 2011-12
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U se fu l W eb S it es
Area Desc ription we bs ite
Income Tax Officia l W eb Site http: //www. incom etaxin dia .gov.i n/e-Fi l i ng https://i ncometaxi ndi aefi l i ng.gov.i n/S er vi ce s To Ta x P ay er h tt p: // ww w. in co me ta xi nd ia pr. go v. inTa x I n fo rm a ti on Ne tW or k h tt p: / /w ww. t in -n sd l. co m/ITAT http: //ita t.ni c.i n/
Service Tax Official W eb Site http: //www. serviceta x.g ov.in /E-Fil in g http: //www. ace s. gov.i n/
Corporate Law MCA http: //www. mca.go v. in/LLP http: //www. ll p.go v. in/
Sup re me Co urt Official Web Site http: //www. sup re mecou rto fin dia .nic.i n/
RBI Official Web Site http: //www. rb i.org. in/h ome .aspxO mb ud sm an B an ki ng h tt p: // se cw eb .r bi .o rg .i n/ bo /c om pl ti nd ex .h tm
Min istry o f Fina nce Off icial Web Site http: //www. finm in .nic.i n/
Provide nt Fun d Off icial Web Site http: //www. epfi ndi a.ni c.in/
ESIC Off icial Web Site http: //www. esi c.nic.i n/
Gu jarat VAT Off icial Web Site http: //www. com mercial tax.gu jarat .gov.i n/
Central Bo ard of Off icial Web Site http: //www. cbe c.g ov.i n/Customs
Directorate Ge neral Off icial Web Site http:/ /www. dgft. gov.i n/of Forei gn Trade
Righ t to i nfo rm ati on Off icial Web Site http:/ /www. rti .go v. in
Central Vi gi lan ce Off icial Web Site http:/ /www. cvc. nic.i nCommi ssi on
XBRL Interna tio nal Off icial Web S ite http:/ /www. xbrl .orgXBRL Indi a Off icial W eb Site http:/ /www. xbrl .org/i n
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