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

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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


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


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




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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


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



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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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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