CA.

Sanjay K Agarwal FCA, FCS, CPA (USA)

83/85, N.S.Road, Suite:417, Kolkata - 700 001 Ph: 22431088, 22310071, 32913756, 9331023275 Email: sanju2k@vsnl.com A TAX STRUCTURE Assessment Year ---> 2009-10 2010-11 2011-12 1 IND/HUF/AOP/BOI Basic Exemption ---> 150000 160000 160000 10+0.3% 10+0.3% 10+0.3% upto 300000 20+0.6% 20+0.6% 10+0.3% Next 200000 upto 500000 30+0.9% 30+0.9% 20+0.6% Next 300000 upto 800000 30+0.9%** 30+0.9% 30+0.9% Rest Basic Exemption:

DIRECT TAX READY REFERENCE

(COVERING BUDGET 2011-2012) 2012-13 180000
10+0.3% 10+0.3% 20+0.6% 30+0.9% 500000 225000 180000 240000 190000 30+0.9%** 30+0.9%** 240000 190000 30+0.9%** 30+0.9%** 250000 190000 30+0.9%** 30+0.9%** 15+0.45%** 10 years 20+0.6%**

ADVANCE IT : (if liability = or > 10 Due Date By 15th june By 15th Sep By 15th Dec By 15th Mar Company

upto 15% upto 45% upto 75% 100% 100 109 116 125 133 140 150 161 172 182 199 223 244 259 281

Super Senior Citizen 80 yrs or above

COST INFLATION INDEX :

Senior Citizen 60 yrs or more [65 yrs till 31.03.2011] Resident Woman below 60 yrs [65yrs till 31.03.2011] 2 FIRM / LLP 3 DOMESTIC COMPANY REGULAR TAX DIVIDEND TAX (Sec 115-O) MAT (Section 115JB) C/F of MAT Credit 4 TAX ON LONG TERM CAPITALGAIN

30+0.9%** 30+0.9%**

15+0.45%** 15+0.45%** 15+0.45%** 10 years 20+0.6%** 10 years 20+0.6%** 10 years 20+0.6%**

10+0.3%** 15+0.45%** 18+0.54%** 18.5+0.555%**

[with indexation benefit]

Notes: 1) Tax on LTCG can be taken as 10%+SC+Cess in case of transfer of listed shares/securities/units without indexation benefit 2) Income from LTCG is exempt in case of transfer of equity shares/units of equity oriented fund which are liable to STT

5 TAX ON S T CAPITAL GAIN (ON TRANSFER OF SECURITIES-SEC 111A)

15+0.45%** 15+0.45%** 15+0.45%** 10% 10% 10% Nil 10% Nil Nil 7.5% Nil

15+0.45%** Nil 5.0% Nil

**SURCHARGE
[ before EC/SHEC]

IND/HUF/AOP/BOI [IF Net Income>10 L] DOMESTIC CO [IF Net Income > 1 Cr] FIRM / LLP [IF Net Income > 1 Cr]

1981-82 1982-83 1983-84 1984-85 1985-86 1986-87 1987-88 1988-89 1989-90 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96 >

B DEDUCTIONS & REBATES a General Deduction b Mediclaim (otherwise than cash) 80C/80CCC/80CCD

MISC PROVISIONS:
[notified LT infrastructure bond]

80CCF 80D

Senior Citizen

100000 Nil 15000* 20000*

100000 Nil 15000* 20000*

100000 20000 15000* 20000*

100000 20000 15000* 20000*

Partners Remuneration u/s 40(b) Book Profit <0 < or = Rs 300000 on Balance

*Additional Deduction for Mediclaim of Parents Rs 15,000 (Rs 20,000 in respect of Sr. Citizen)

24(a) 30% 30% 30% 30% (in case of rented House Property) d Int on borrowed capital 24(b) [Self Occupied HP] 150000* 150000* 150000* 150000* *30000 Generally (higher deductions are allowable only where the capital is borrowed after 01.04.99 and property is
c Standard Deduction acquired/constructed within 3yrs from the end of FY in which capital was borrowed.) Set-off
Same Head
another head

>

Compulsory Tax Audit 44AB [from FY 2010-11] 44AB [upto FY 2009-10] 44AE,44BB, 44BBB

C CARRY FORWARD & SET-OFF OF LOSSES:

Carry Forward & Set-off C/F No Yes Yes Yes Yes Yes Yes Yes No No Years NA 8 years 4 years No limit 8 years 8 years 8 years 4 years NA NA Tax agst whom NA same head same item any income same head same item same head same item NA NA INTEREST ON INCOME TAX: 1.Filing of return after due date u/sec 234A 2.Defaults in pymt of Advance Tax u/s 234B 3.Deferment in pymt of Advance Tax u/s 234C 4.Interest for late pymt of demand u/s 156 4.Failure to deduct and pay TDS u/s 201(1A) 44AD Yes Yes No Yes Yes* No No No No Yes

* except Salaries
1. Salaries 2. House Property 3. Speculation Business / Specified Bus. 35AD Ubabs. Depreciation / Cap Exp on SR/FP Non-speculative Business or Profession 4. Long Term Capital Gains Short Term Capital Gains 5. Owning / Maintaining race horses Lotteries / Crossword Puzzles etc. Income from Other Sources (except if exempt) D WEALTH TAX [IND / HUF / CO] wef 1-Apr-06 1-Oct-09 recipient Ind/Huf* Ind/Huf* Ind/Huf* Ind/Huf* Ind/Huf* 1-Jun-10 Co** Co**

Yes Yes No Yes Yes No Yes No No Yes

wef FY 2009-10

Exemption Criteria

30 lac

1%

E GIFT AS INCOME FROM OTHER SOURCES U/S 56(2) [Gift Tax abolished wef 01.10.1998] nature of receipt any sum of money any sum of money immovable properties other properties other properties property being shares property being shares Taxability as Income whole amount whole amount whole of stamp value whole of FMV such excess amount whole of FMV such excess amount 15 yr Public compound Provident Fund int 8% per yr
rate of bonus

without consideration > 50,000 without consideration > 50,000 without consideration > 50,000 without consideration > 50,000 FMV less consideration > 50,000 without consideration > 50,000 FMV less consideration > 50,000

Some Tax Saving cum Investmen 6 year NSC VIII issue

8% compounded half yearly

*Exempted, If received from relatives, under will/inheritance, on marriage, on death, local auth, u/s 10(23C) **other than companies in which public are substantially interested
F Interest NSC (on every Rs 1000)

1st year

2nd Year

3rd Year

4th Year

5th Year

6th Year

01.03.2003 and after

81.6

88.3

95.5

103.3

111.7

120.8

Life Insurance keeps on Premium fluctuating

Note: I)The above chart does not cover the provisions related to Non-resident assessee and Foreign Company 2) For any query on PAN/TAN/Efil Important Links: Income Tax Site: http://www.incometaxindia.gov.in For Income Tax e-Return Filing: http://incometax-indiaefiling.gov.in Tax

DY REFERENCE

For PRIVATE CIRCULATION ONLY

ET 2011-2012)
Return Due Date u/s 139(1) From Asst year 2008-09 1. Non-corporate assessee or a working partner of a firm (where books are reqd to be audited) & Corporate Assessee 2. Corporate Assessee which is reqd to report u/s 92E 3. Any other assessee 4. Return of Loss-139(3) 5. belated return-139(4) Due Date PLANT & MACHINERY FURNITURE & FIXTURE DEPRECIATION AY 06-07 onwards

E IT : (if liability = or > 10000) Other than company

upto 30% upto 60% 100% 1996-97 1997-98 1998-99 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 305 331 351 389 406 426 447 463 480 497 519 551 582 632 711

Sep-30

COMPUTERS BUILDINGS Non RESIDENTIAL RESIDENTIAL Purely Temp Erections CAR & VEHICLES CAR OR VEHICLES USED ON HIRE

15% 10% 60% 10% 5% 100% 15% 30%

Nov 30 July 31
within due date 1yr from AY end

Note: Filing of Return by Corporate Assessee / Firm is compulsory

Only 50% Depre. will be allowed if assets acquired / used for < 180days

Tax Deducted at Source: 1)Deposit of TDS to Govt a/c to

be made within 7 days from the end of the month in which provision for TDS is made and within 30th April if provision for TDS is made in the month of March. 2) Filing of return in computer media mandatory for Company, Govt deductor, those who r covered u/s 44AB, assessee with no. of deductors>20 (qtrly); 3) Returns to be filed quarterly in F/24Q (Salary) or F/26Q (others) within 15 days from the end of quarter (45 days in case of last quarter); 4) TDS certificate to be made in Form 16/12BA for Salary (annually) within May 31 and F/16A for others (quarterly) within 15 days from the end of due date of quarterly return; 5) For lower deduction the recipient may apply to AO in F/13 or a declaration may

Remuneration u/s 40(b) Allowability Rs 150000 higher of 150000 or 90% 60%

be made in form 15G/15H (for Int./Div./NSS only), 15I (for transport contractor);
TDS Liability(FY 2011-12)

Rate 10.00% [Sec 194A]

TDS Liability(FY 2011-12)

Rate 1.00% 2.00%

Interest > 5000 pa [Rs 10000 in case of pymt of banks/PO] Commission or Brokerage >5000 pa [2500 upto 30.06.2010]
Fees for Prof or Technical Services > 30000pa [20000 upto 30.06.2010]

*Contractor / Ind/HUF---> Subcontractor [Sec 194C] Others ---->

Business

Profession

10.00% [Sec 194H] 10.00% [Sec 194J] 10.00% [Sec 194] 30.00% [Sec194B/BB]

>30000 (single) or 75000 pa [ 20000 (single) or 50000 pa upto 30.06.2010], *[transport Operator - Nil if PAN furnished] Rent - Plant & Machinery >1.8 lac pa [ 1.2 lac upto 30.06.2010] Rent - Land / Building / Furniture / Fittings >1,80,000 pa [ 1.2 lac upto 30.06.2010]

> Rs 60 Lac > Rs 15 Lac > Rs 40 Lac > Rs 10 Lac if profit or gain is less than prescribed if profit or gain is less than prescribed and if total income is taxable
Int @ 1% pm or part of the mth from the end of Due Date for filing of return Int @ 1% pm or part of the mth from the 1st day of April of the AY Int @ 1% pm or part of the mth on the deficit amt as applicable Int @ 1% pm or part of the mth from the end of 30 days of Demand Notice Int @ 1% pm or part of mth upto the date of deduction and @1.5% from date of deduction to pymt. date

2.00% [Sec 194-I] 10.00% [Sec 194-I] 10.00% [Sec 194LA] 10.00%

Dividend u/s 2(22)(e) > 2500 pa winning from lottery / horse race etc

Compensation on acquisition of certain immovable properties Insurance Commission - [194D]

T ON INCOME TAX:

Note:w.e.f. 01.04.2010 furnishing of PAN to deductor, in 15G/H/I and to AO for lower dedn. is mandatory - noever TDS will be higher of 20% or prescribed or in force Important Prescribed Forms under Income Tax Rules 1962 Return of Income
1. Ind. with Salary/HP(one)/Other

Form No. ITR-1 [Sahaj) ITR-2

Return of Income 6. Firms, AOPs and BOIs 7. corporate assessee

Form No. ITR-5 ITR-6

2. Ind/HUF without Busi/Prof

3. Ind/HUF being partners in firm ITR-3 (without prop.Busi/Prof) 4. Ind/HUFwith prop.Busi/Prof 5. Ind/HUF (presumptive basis) Other Forms 1. PAN Application 2. TAN Application 49A 49B Form BA 10DB/10DC 26AS 280 281 282 283 ITR-4 ITR-4S (Sugam)

8. Person reqd. to furnish return u/s ITR-7 139(4A) / (4B) / (4C) / (4D)

9.Return for Fringe Benefits Appeal 1. To CIT(Appeals)-2copies 2. To ITAT - 3copies 3. Memorandum of cross objection to ITAT-3 copies 4. To ITAT-to refer to High Court any question of law Charitable & Religious Trusts 1. Appln for regn 2.Appln for approval/ cont -inuance u/s 80G(5)(vi) 3. Notice for accumulation of Income to AO

ITR-8 35 36 36A 37 3 copies 10A 10G 3 copies 10

x Saving cum Investment Schemes: Investment and interest qualify for deduction u/sec 80C

accrued 3. Wealth Tax Return tax 4. STT pymt evidence 5. Annual Tax Statement Challans

Inv qualify for tax deduction u/sec 80C;Int exempt u/sec 1. Income Tax 10(11) 2. TDS/TCS Tax Challans Bonus is totally exempt; Inv qualify for tax deduction 4. Fringe Benefit Tax u/sec 80C 3. Misc Direct Taxes

uery on PAN/TAN/Efiling/OLTAS: email to ask@incometaxindia.gov.in or call 0124-2438000 diaefiling.gov.in Tax Information Network: http://tin.nsdl.com/