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CA.

Sanjay K Agarwal FCA, FCS, CPA (USA) DIRECT TAX READY REFERENC
83/85, N.S.Road, Suite:417, Kolkata - 700 001 (COVERING BUDGET 2010-2011)
Ph: 22431088, 22310071, 3291 3756, 9331023275 Email: sanju2k@vsnl.com
A TAX STRUCTURE - INCOME Assessment Year ---> 2008-09 2009-10 2010-11 2011-12 ADVANCE IT : (if liability = or > 100
1 IND/HUF/AOP/BOI Basic Exemption ---> 110000 150000 160000 160000 Due Date Company
From 110000 upto 150000 10+0.3% Nil Nil Nil By 15th june upto 15%
Next 10000 upto 160000 20+0.6% 10+0.3% Nil Nil By 15th Sep upto 45%
Next 90000 upto 250000 20+0.6% 10+0.3% 10+0.3% 10+0.3% By 15th Dec upto 75%
Next 50000 upto 300000 30+0.9% 10+0.3% 10+0.3% 10+0.3% By 15th March 100%
Next 200000 upto 500000 30+0.9% 20+0.6% 20+0.6% 10+0.3% COST INFLATION INDEX :
Next 300000 upto 800000 30+0.9% 30+0.9% 30+0.9% 20+0.6% 1981-82 100
Rest - - 30+0.9%** 30+0.9%** 30+0.9% 30+0.9% 1982-83 109
Basic Exemption for: Resident Woman below 65 yrs 145000 180000 190000 190000 1983-84 116
Senior Citizen, 65 yrs or above 195000 225000 240000 240000 1984-85 125
2 FIRM / LLP 30+0.9%** 30+0.9%** 30+0.9% 30+0.9% 1985-86 133
3 DOMESTIC COMPANY REGULAR TAX 30+0.9%** 30+0.9%** 30+0.9%** 30+0.9%** 1986-87 140
DIVIDEND TAX (Sec 115-O) 15+0.45%** 15+0.45%** 15+0.45%** 15+0.45%** 1987-88 150
MAT (Section 115JB) 10+0.3%** 10+0.3%** 15+0.45%** 18+0.54%** 1988-89 161
C/F of MAT Credit 10 years 10 years 10 years 10 years 1989-90 172
4 TAX ON LONG TERM CAPITALGAIN 1990-91 182
[with indexation benefit] 20+0.6%** 20+0.6%** 20+0.6%** 20+0.6%** 1991-92 199
Notes: 1) Tax on LTCG can be taken as 10%+SC+Cess in case of transfer of listed shares/securities/units without indexation benefit 1992-93 223
2) Income from LTCG is exempt in case of transfer of equity shares/units of equity oriented fund which are liable to STT 1993-94 244
5 TAX ON S T CAPITAL GAIN (ON TRANSFER OF SECURITIES-SEC 111A) 10+0.3%** 15+0.45%** 15+0.45%** 15+0.45%** 1994-95 259
**SURCHARGE IND/HUF/AOP/BOI [IF Net Income>10 L] 10% 10% Nil Nil IMPORTANT PROVISIONS:
[ before EC/SHEC] DOMESTIC CO [IF Net Income > 1 Cr] 10% 10% 10% 7.5% > Expenses are now allowed as dedu
FIRM / LLP [IF Net Income > 1 Cr] 10% 10% Nil Nil if TDS thereon is paid within due dat
[Sec 40 (a)(ia)]- wef AY 2010-11
B DEDUCTIONS & REBATES
a General Deduction 80C/80CCC/80CCD 100000 100000 100000 100000 > Limit under sec 44AB and 44AD r
80CCF [notified LT infrastructure bond] Nil Nil Nil 20000 [wef: AY 2011-12]

80D 15000 15000* 15000* 15000* 44AB [Tax Audit]


b Mediclaim
(otherwise than cash)
for Sr. Citizen Rs.15,000/- wef AY 2000-01 & Rs. 20,000 wef AY 2008-09 44AD - threshold limit

*Additional Deduction for Mediclaim of Parents Rs 15,000 (Rs 20,000 in respect of Sr. Citizen) > Amendment to Sec 56(2)(vii):
c Standard Deduction 24(a) 30% 30% 30% 30% 1. wef 01.10.2009 - 'Property' which
(in case of rented House Property) Capital Asset only to be considered
included in the definition of Property.
d Int on borrowed capital 24(b) [Self Occupied HP] 150000* 150000* 150000* 150000*
2. wef 01.06.2010 - Receipt of share
*30000 Generally (higher deductions are allowable only where the capital is borrowed after 01.04.99 and property is
company by a firm or a closely held
acquired/constructed within 3yrs from the end of FY in which capital was borrowed.)
taxable in the hands of transferee u/s
C CARRY FORWARD & SET-OFF OF LOSSES: Set-off Carry Forward & Set-off [ maximum relief: Rs 50,000}

* except Salaries Same Head another head C/F Years agst whom
1. Salaries Yes Yes No NA NA INTEREST ON INCOME TAX:
2. House Property Yes Yes Yes 8 years same head 1.Filing of return after due
3. Speculation Business / Specified Bus. 35AD No No Yes 4 years same item date u/sec 234A
Ubabs. Depreciation / Cap Exp on SR/FP Yes Yes Yes No limit any income 2.Defaults in pymt of
Non-speculative Business or Profession Yes Yes* Yes 8 years same head Advance Tax u/s 234B
4. Long Term Capital Gains No No Yes 8 years same item 3.Deferment in pymt of
Short Term Capital Gains Yes No Yes 8 years same head Advance Tax u/s 234C
5. Owning / Maintaining race horses No No Yes 4 years same item 4.Interest for late pymt of
Lotteries / Crossword Puzzles etc. No No No NA NA demand u/s 156
Income from Other Sources (except if exempt) Yes Yes No NA NA
D WEALTH TAX [IND / HUF / CO] Exemption Tax GIFT TAX Exemption Tax 4.Failure to deduct and pay
TDS u/s 201(1A)
wef FY 1995-96 15 lac 1% FY 1995-96 to 1998-99 30000 30%
wef FY 2009-10 30 lac 1% (Abolished from 01/10/98) Some Tax Saving cum Investment
GIFT(wef Gift received by an Ind. or HUF (and in kind wef 01.10.2009) without consideration 6 year NSC 8%
VIII issue compounde
01.04.06) from a non-relative above Rs 50,000 in a FY is entirely taxable as Income d half yearly
E Interest NSC (on every Rs 1000) 1st year 2nd Year 3rd Year 4th Year 5th Year 6th Year
31.03.1989-31.12.1998 124.0 139.0 156.0 175.0 197.0 224.0 15 yr Public compound
01.01.1999-14.01.2000 118.3 132.3 148.0 165.4 185.1 206.9 Provident int 8% per
Fund yr
15.01.2000-28.02.2001 113.0 125.8 140.0 155.8 173.5 193.1
01.03.2001-28.02.2002 97.2 106.7 117.1 128.5 141.0 154.7 Life Insurance rate of
Premium bonus keeps
01.03.2002-28.02.2003 92.0 100.5 109.7 119.8 130.9 142.9 on
01.03.2003 and after 81.6 88.3 95.5 103.3 111.7 120.8 fluctuating
Note: I)The above chart does not cover the provisions related to Non-resident assessee and Foreign Company ii) reference to year wherever ap
Important Links: Income Tax Site: http://www.incometaxindia.gov.in For Income Tax e-Return Filing: http://incometax-indiaefiling.gov.in Ta
EADY REFERENCE For PRIVATE CIRCULATION ONLY
UDGET 2010-2011)

NCE IT : (if liability = or > 10000) Return Due Date u/s 139(1) DEPRECIATION AY 06-07
Other than company From Asst year 2008-09 Due Date onwards
- 1. Non-corporate assessee or a Sept 30 of PLANT & MACHINERY 15%
upto 30% working partner of a firm (where the asst year FURNITURE & FIXTURE 10%
books are reqd to be audited) &
upto 60% Corporate Assessee COMPUTERS 60%
100% BUILDINGS
1995-96 281 Non RESIDENTIAL 10%
1996-97 305 2. Any other assessee July 31 RESIDENTIAL 5%
1997-98 331 3. Return of Loss-139(3) within due Purely Temp Erections 100%
1998-99 351 date CAR & VEHICLES 15%
1999-00 389 4. belated return-139(4) 1yr from the CAR OR VEHICLES USED
2000-01 406 end of asst yr ON HIRE 30%
2001-02 426 Note: Filing of Return by Corporate Ass-essee / Only 50% Depre. will be allowed if assets
Firm is compulsory acquired / used for < 180days
2002-03 447
2003-04 463 Tax Deducted at Source: 1)Deposit of TDS to Govt a/c to be made within 7 days from the end of
2004-05 480 the month in which provision for TDS is made and within 2mths(7days for salary) if provision for
2005-06 497 TDS is made at the end of financial year.

2006-07 519 2) Filing of return in computer media mandatory for Company, Govt deductor,
2007-08 551 those who r covered u/s 44AB, assessee with no. of deductors>50 (qtrly);
2008-09 582 3) Returns to be filed quarterly in F/24Q (Salary) or F/26Q (others) within 15 days
2009-10 632 from the end of quarter (76 days in case of last quarter);

TANT PROVISIONS: 4) TDS certificate to be made in Form 16/12BA for Salary, F/16A for others;
es are now allowed as deductible for the year, 5) For lower deduction the recipient may apply to AO in F/13 or a declaration may
thereon is paid within due date of filing of return be made in form 15G/15H (for Int./Div./NSS only), 15I (for transport contractor);
0 (a)(ia)]- wef AY 2010-11
6) PAN data of deductees should be minimum 95% for 24Q & 85% for 26Q.
under sec 44AB and 44AD revised as under: TDS Liability(FY 2010-11) Rate TDS Liability(FY 2010-11) Rate
Business Profession Interest > 5000 pa [Rs 10000 in 10.00% *Contractor / Ind/HUF---> 1.00%
case of pymt of banks/PO] Subcontractor
60 Lac 15 Lac - [Sec 194C] Others ---->
[Sec 194A] 2.00%
60 Lac NA >20000 (single) or 50000 pa [ 30000 (single) or
75000 pa wef 01.07.2010],
ment to Sec 56(2)(vii): Commission or Brokerage >2500 10.00% *[transport Operator - Nil if PAN furnished]
01.10.2009 - 'Property' which is in the nature of pa [5000 wef 01.07.2010] [Sec 194H] Rent - Plant & Machinery >1.2 lac 2.00%
l Asset only to be considered. 'Bullion' also pa [ 1.8 lac wef 01.07.2010]
Fees for Prof or Technical Services 10.00% [Sec 194-I]
d in the definition of Property. > 20000pa [30000 wef 01.07.2010]
[Sec 194J] Rent - Land / Building / Furniture / 10.00%
Fittings >1,20,000 pa [ 1.8 lac wef
01.06.2010 - Receipt of shares of closely held Dividend u/s 2(22)(e) > 2500 pa 10.00% 01.07.2010] [Sec 194-I]
ny by a firm or a closely held company will be
in the hands of transferee u/sec 56(2)(viia) [Sec 194] Compensation on acquisition of 10.00%
mum relief: Rs 50,000} certain immovable properties
winning from lottery / horse race 30.00% [Sec 194LA]
etc
[Sec194B/BB] Insurance Commission - [194D] 10.00%
EST 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
Int @ 1% pm or part of the mandatory - noever TDS will be higher of 20% or prescribed or in force
mth from the end of Due
Date for filing of return Important Prescribed Forms under Income Tax Rules 1962
Int @ 1% pm or part of the Return of Income & FBT Form No. Return of Income Form No.
mth from the 1st day of April
of the AY 1. corporate assessee ITR-6 1. Ind. with Salary/HP(one)/Other ITR-1 [Saral II]
Int @ 1% pm or part of the 2. Firms, AOPs and BOIs ITR-5 2. Ind/HUF without Busi/Prof ITR-2
mth on the deficit amt as
applicable 3. Person reqd. to furnish return u/s ITR-7 3. Ind/HUF being partners in ITR-3
139(4A) / (4B) / (4C) / (4D) firm (without prop.Busi/Prof)
Int @ 1% pm or part of the
mth from the end of 30 days
of Demand Notice 4.Return for Fringe Benefits ITR-8 4. Ind/HUFwith prop.Busi/Prof ITR-4
Int @ 1% pm or part of mth 5.Manual Form for no DS ITR-V Appeal
upto the date of deduction Other Forms 1. To CIT(Appeals)-2copies 35
and @1.5% from date of
deduction to pymt. date 1. PAN Application 49A 2. To ITAT - 3copies 36
Tax Saving cum Investment Schemes: 2. TAN Application 49B 3. Memorandum of cross 36A
objection to ITAT-3 copies
Investment and accrued 3. Wealth Tax Return Form BA
interest qualify for tax 10DB/10DC 4. To ITAT-to refer to High
4. STT pymt evidence 37
deduction u/sec 80C Court any question of law
5. Annual Tax Statement 26AS 3 copies
Inv qualify for tax deduction Challans Charitable & Religious Trusts
u/sec 80C;Int exempt u/sec 1. Income Tax 280 1. Appln for regn 10A
10(11)
2. TDS/TCS Tax Challans 281 2.Appln for approval/ cont 10G
Bonus is totally exempt; Inv 3. Misc Direct Taxes 282 -inuance u/s 80G(5)(vi) 3 copies
qualify for tax deduction 4. Fringe Benefit Tax 283 3. Notice for accumulation of 10
u/sec 80C Income to AO
rence to year wherever appears represents assessment year unless otherwise specified.
etax-indiaefiling.gov.in Tax Information Network: http://tin.nsdl.com/

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