Professional Tax

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DEFINITION

An Act to provide for the levy & collection of tax on professionals , trade callings & employment in the state. Came into force

in 1976

FORMS

Annual Return

FORM 5

Monthly Return

FORM 5 A

DOWNLOAD FORM

http://ctax.kar.nic.in/prof_forms.htm

Monthly Return

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

15th of succeeding month + additional 5

days grace

Provident Fund

To use Calculator Open this Link PF

"Employee" as defined in Section 2(f) of the Act means any person who is employee for wages in any kind of work manual or otherwise, in or in connection with the work of an establishment and who gets wages directly or indirectly from the 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 duty or on leave or holiday with wages in either case in accordance with the terms of the 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 name called paid to an employee on account of a rise in the cost of living), house rent allowance, overtime allowance,

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

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

DEFINITION

FORMS

http://epfindia.nic.

in/downloads_f

orms.htm

SLAB

Employee Rate:-

8.33% Pension Fund3.67% PF Fund

Employer Rate:-

12% Basic1.61% Admin Charges

DUE DATE

15th of Succeeding Month + 5 days of Grace

Employees State Insurance Scheme

To use Calculator Open this Link ESI

DEFINITION

The promulgation of Employees’ State Insurance Act, 1948 envisaged an integrated need based social

insurance scheme that would protect the interest of workers in contingencies such as sickness, maternity,

temporary or permanent physical disablement, death due to employment injury resulting 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.in/forms.htm

DUE DATE

16th of the Succeeding month + 5

days of Grace

FORMS

http://esic.nic.in/forms.htm

DUE DATE

16th of the Succeeding month + 5

days of Grace

SLAB

Employee:-1.75% of Basic

Employer:-4.75% of Basic

&Admin Charges

1.61%

Tax Deducted at Source

OPEN THIS LINK TO USE CALCULATOR #REF!

FORMS

TDS Contractors

SEC --- 194 C of Income Tax Act

RATE SLAB

Particulars Rate

Income Tax 2%

Surcharge 10%

Cess 3%

Total 2.266%

TDS Professions

SEC - 194 J of Income Tax Act

RATE SLAB

Particulars Rate

Income Tax 10%

Surcharge 10%

Cess 3%

Total 11.33%

TDS Commission

SEC - 194 H of Income Tax Act

RATE SLAB

Particulars Rate

Income Tax 10%

Surcharge 10%

Cess 3%

Total 11.33%

http://www.incometaxmumbai.n

ic.in/taxpayer/tds.htm

TDS Commission

SEC - 194 H of Income Tax Act

RATE SLAB

Particulars Rate

Income Tax 10%

Surcharge 10%

Cess 3%

Total 11.33%

TDS Rent

SEC - 194 I of Income Tax Act

RATE SLAB

Particulars Rate

Income Tax 20%

Surcharge 10%

Cess 3%

Total 22.66%

DUE DATE

7th of the succeeding

month.

Quarterly Payment:-

15th of the Succeeding

month of that particular ended

Challan no 281

Returns 24Q, 26Q & 27EQ

Challan no 281

Returns 24Q, 26Q & 27EQ

PANName:- Previous Year

Address : Assessment YearSex

TYPE (+) / (-) PARICULARS OTHERS AMOUNT

INC

OM

E F

RO

M S

ALR

AIE

S

BasicDearness 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 Receivedor 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

TOTAL SALARY INCOME

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

Interest repayment on higher education /

university is exempted

NOTE:- AT some places Formulae are feed into the blanks, Please do not change those blanks as TAX COMPUTATION may

go wrong.

INC

OM

E F

RO

M H

OU

SE P

RO

PER

TY

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

Employee Contribution to Provident Fund

Max U

pto

1,0

0,0

00

Life 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

CESS BREAK UP 2% & 1%

: 2007-08: 2008-09

MALE

TOTAL FOR THE YEAR

000000000

000000000

0

00

- 00

00000000000

0

00

0

Th

is is

re

qu

ired

to

b

e fi

lled

b

y

you

According to Income Tax Act a max of 9600 can be claimed for conveyance

The amount least among the following

should be considered

This can be claimed 2 times in a block of 4 years ( 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 in hostel exemption of Rs 300 p.m. with the

exemption allowed for only a max of 2 children

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

DOWNLOAD FORM CLICK IN BOX BELOW

http://www.incometaxmumbai.nic.in/

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

taxpayer/tds.htm

000000000

0

00000

0

0

000

0

00000

0 Monthly deduction of tax for the yearYou 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 & Development are exempted

Disable <80%:--- 50,000 exemptedDisable >80%:--- 75,000 exempted

Diseases:--- <65 years:---- 40,000 p.a. >65 years:---- 60,000 p.a.

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

IF

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

Children staying with parents exemption of Rs 100 p.m. , if in hostel exemption of Rs 300 p.m. with the

exemption allowed for only a max of 2 children

Donations Towards Research & Development are exempted

Fringe Benefit Tax

DEFINITION

The Finance Act, 2005 has introduced a new levy, namely, Fringe Benefit Tax (hereafter

referred to as FBT) on the value of certain fringe benefits. The provisions relating to levy of this tax

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

circular seeks to provide a harmonious, purposive and contextual interpretation of the provisions 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%

To use Calculator Open this Link#REF!

The Finance Act, 2005 has introduced a new levy, namely, Fringe Benefit Tax (hereafter

referred to as FBT) on the value of certain fringe benefits. The provisions relating to levy of this tax

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

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

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

(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 payment made to fulfill any

statutory obligations or mitigate occupational hazards or provide 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 of motorcars 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 than expenditure 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

Value Added Tax

Value Added Tax is levied on products sold in the state at various rates

namely 0%, 1%, 4%, 12.5%

Due Date:- 20th of Succeeding Month

under Form 100

To Download Forms Click on the Box

below

http://ctax.kar.nic.in/Final_VAT_FORMS_FOR_WE

B.doc

Service Tax

To download forms click on the box Below

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

Due Date:- 5th of Succeeding

month in GAR- 7 Challan

MONTHLY

15th of the Succeeding

month in which Quarter ended

in ST-3

QUARTERLY

MONTHLY

QUARTERLY

RATE:-

Income Tax Cess

12% 3%

Total:- 12.36%

PT PT Computation

SL.NO Name Salary Amount of PT DOJ DOR

1 3000 302 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 30

Rate of Interest

No. of months Delay

Interset Amount 0

GRAND TOTAL ( INCL OF INT ) 30

You are required to fill in the amounts of the concerned

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

PF PF Computation

SL.NoBasic Salary Amount of Contribution

Employee Employer Employee Employer

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

10 0 0

This column is used for filling up the BASIC

salary of Employee

This Column is used for filing up the BASIC

salary of Employer

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

1.1% of Employers

Basic Salary

Total Percentage contributed by

Employer is 12%+1.61%= 13.61%

PF Computation

Amount of ContributionTotalAdmin Charges

0 00 00 00 00 00 00 00 00 00 0

Employee Deposit Link Insurance Scheme

This Amount constitutes 12% of Employers Basic

0.5% of Basic Salary

Employer has to pay

EDLIS

0.01% of Basic salary Employer

has to pay towards Admin

Charges of EDLIS

Total Percentage contributed by

Employer is 12%+1.61%= 13.61%

ESI ESI Computation

SL.NOBasic Salary Amount of deduction

Employee Employer Employee Employer

1 0 023456789

10

This column is used for

filing up the Basic salary of Employee

This column is used fro

filing up the Basic salary of Employer

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

Amount of deductionTotalAdmin Charges

0 0

4.75% of Basic salary

SAME AS PF CHARGES

NOTE:

PLEASE NOTE, THIS IS ONLY A REFERENCER. (NOT FOR ANY OTHER USE)

NAME OF THE COMPANY XYZ LTD

CURRENT YEAR ENDING 31-Dec-2007 (DD/MM/YYYY)

GRATUITY CALCULATION (15/26) 0.5769230769

SALARY GROWTH RATE 10%

INTEREST RATE(DISCOUNT RATE) 7.50%

RETIREMENT AGE 58 YEARS

DOB DOJ

1 A.BALAJI 20-Mar-1975 1-Dec-2005 2.08 252 R.SELVA KUMAR 22-Apr-1961 24-Jan-2002 5.94 113 G.LAKSHMI NARAYANAN 26-Mar-1958 1-Mar-1995 12.84 85 B.MUTHU SARAVANAN 1-Jul-1959 1-Apr-1999 8.76 9

( * ) ENTER ALL DATES IN DD-MM-YYYY FOR FORMAT ex: 31-DEC-2007 is 31-12-2007

EMPLANATION FOR EMP NO - 1 A.BALAJI

DOB MANUAL ENTRY DATE OF BIRTH

DOJ MANUAL ENTRY DATE OF JOINING

COMPL SERVICE AUTOMATIC No of Years of COMPLETED SERVICE

GROWTH RATE MANUAL ENTRY (($C$3-D6)/365,0) - Arrived No of Days Divided by 365, for arriving No of days

FUTURE SERVICE MANUAL ENTRY No of Years from the CURRENT YEAR ending an EMPLOYEE is going to STAY

FUTURE RATE MANUAL ENTRY POWER((1+1*G6),F6) - For arriving FUTURE VALUE @ FIXED GROWTH RATE

INTEREST DISCOUNT RATE MANUAL ENTRY 1/POWER((1+1*H6),F6) - For arriving PRESENT VALUE @ FIXED INTEREST RATE

GRATITY RATE MANUAL ENTRY LUMPSUM BENEFIT HERE 15/26 (approx 58%)

GROSS SALARY MANUAL ENTRY Last Drawn Salary for the CURRENT YEAR

LIABILITY AUTOMATIC LIABILITY for the UPTO CURRENT YEAR

EMPNO

EMPLOYEENAME

COMPL.SERVICE

FUTURESERVICE

10.00% 7.50% 15/26 25000 53595 5359510.00% 7.50% 15/26 60000 266333 26633310.00% 7.50% 15/26 70000 626298 35000010.00% 7.50% 15/26 10000 62797 62797

1009023 732725

DATE OF BIRTH

DATE OF JOINING

No of Years of COMPLETED SERVICE

(($C$3-D6)/365,0) - Arrived No of Days Divided by 365, for arriving No of days

No of Years from the CURRENT YEAR ending an EMPLOYEE is going to STAY

POWER((1+1*G6),F6) - For arriving FUTURE VALUE @ FIXED GROWTH RATE

1/POWER((1+1*H6),F6) - For arriving PRESENT VALUE @ FIXED INTEREST RATE

LUMPSUM BENEFIT HERE 15/26 (approx 58%)

Last Drawn Salary for the CURRENT YEAR

LIABILITY for the UPTO CURRENT YEAR

GROWTHRATE

INTERESTRATE

GRATUITYRATE

GROSSSALARY

LIABILITY MAX350000