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DIRECT TAX READY REFERENCE |
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For PRIVATE CIRCULATION ONLY |
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(COVERING BUDGET 2009-2010) |
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A |
TAX STRUCTURE - INCOME |
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2007-08 |
2008-09 |
2009-10 |
2010-11 |
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ADVANCE IT : (if liability = or > 10000) |
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Return Due Date u/s 139(1) |
DEPRECIATION |
AY 06-07 onwards |
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1 |
IND/HUF/AOP/BOI-Basic Exemption ---> |
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100000## |
110000## |
150000## |
150000## |
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Due Date |
Company |
Other than company |
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From Asst year 2008-09 |
Due Date |
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upto 05-06 |
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From 100000 |
upto |
110000 |
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10+0.2%* |
Nil |
Nil |
Nil |
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By 15th june |
upto 15% |
- |
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1. Non-corporate assessee or a working partner of a firm (where books are reqd to be audited) & Corporate Assessee |
Sept 30 of the asst year |
PLANT & MACHINERY 25% |
15% |
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Next 40000 |
upto |
150000 |
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10+0.2%* |
10+0.3%* |
Nil |
Nil |
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By 15th Sep |
upto 45% |
upto 30% |
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FURNITURE & FIXTURE 15% |
10% |
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Next 10000 |
upto |
160000 |
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20+0.4%* |
20+0.6%* |
10+0.3% |
Nil |
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By 15th Dec |
upto 75% |
upto 60% |
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COMPUTERS 60% |
60% |
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Next 90000 |
upto |
250000 |
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20+0.4%* |
20+0.6%* |
10+0.3% |
10+0.3% |
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By 15th March |
100% |
100% |
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BUILDINGS |
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Next 50000 |
upto |
300000 |
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30+0.6%** |
30+0.9%** |
10+0.3% |
10+0.3% |
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COST INFLATION INDEX : |
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Non RESIDENTIAL 10% |
10% |
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Next 250000 |
upto |
500000 |
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30+0.6%** |
30+0.9%** |
20+0.6% |
20+0.6% |
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1981-82 |
100 |
1995-96 |
281 |
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2. Any other assessee |
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July 31 |
RESIDENTIAL 5% |
5% |
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Rest |
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- |
- |
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30+0.6%** |
30+0.9%** |
30+0.9%** |
30+0.9% |
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1982-83 |
109 |
1996-97 |
305 |
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3. Return of Loss-139(3) |
within due date |
Purely Temp Erections100% |
100% |
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## Basic Exemption: |
Resident Woman below 65 yrs |
135000 |
145000 |
180000 |
190000 |
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1983-84 |
116 |
1997-98 |
331 |
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CAR & VEHICLES 20% |
15% |
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Senior Citizen, 65 yrs or above |
185000 |
195000 |
225000 |
240000 |
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1984-85 |
125 |
1998-99 |
351 |
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4. belated return-139(4) |
1yr from the end of asst yr |
CAR OR VEHICLES USED ON HIRE 40% |
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** Surcharge of 10% if net income exceeds Rs 10 Lac (AY 06-07 to 09-10) before EC/SHEC included above |
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1985-86 |
133 |
1999-00 |
389 |
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30% |
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2 |
REGD.FIRM |
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30+3.66% |
30+0.9%# |
30+0.9%# |
30+0.9% |
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1986-87 |
140 |
2000-01 |
406 |
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Note: Filing of Return by Corporate Ass-essee / Firm is compulsory |
Only 50% Depre. will be allowed if assets acquired / used for < 180days |
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3 |
DOMESTIC COMPANY |
REGULAR TAX |
30+3.66% |
30+0.9%# |
30+0.9%# |
30+0.9%# |
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1987-88 |
150 |
2001-02 |
426 |
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MAT (Section 115JB) |
10+1.22% |
10+0.3%# |
10+0.3%# |
15+0.45%# |
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1988-89 |
161 |
2002-03 |
447 |
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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 2mths(7days for salary) if provision for TDS is made at the end of financial year. |
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C/F of MAT Credit |
10 years |
10 years |
10 years |
10 years |
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1989-90 |
172 |
2003-04 |
463 |
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#if net income exceeds Rs 1.0 Crore: 1) Surcharge of 10% before EC(2%)+SHEC(1%) included above 2) Marginal relief of tax exceeding income |
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1990-91 |
182 |
2004-05 |
480 |
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4 |
TAX ON LONG TERM CAPITALGAIN (with indexation benefit) |
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# Plus S/C as applicable |
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1991-92 |
199 |
2005-06 |
497 |
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2) Filing of return in computer media mandatory for Company, Govt deductor, |
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IND/HUF/AOP/BOI |
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20+SC+EC% |
20+SC+Cess% |
20+SC+Cess% |
20+Cess% |
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1992-93 |
223 |
2006-07 |
519 |
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those who r covered u/s 44AB, assessee with no. of deductors>50 (qtrly); |
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DOMESTIC CO./FIRM |
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22.44% |
20+0.6%# |
20+0.6%# |
20+0.6%# |
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1993-94 |
244 |
2007-08 |
551 |
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3) Returns to be filed quarterly in F/24Q (Salary) or F/26Q (others) within 15 days |
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Notes: 1) Tax on LTCG can be taken as 10%+SC+Cess in case of transfer of listed shares/securities/units without indexation benefit |
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1994-95 |
259 |
2008-09 |
582 |
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from the end of quarter (76 days in case of last quarter); |
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2) Income from LTCG is exempt in case of transfer of equity shares/units of equity oriented fund which are liable to STT |
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IMPORTANT PROVISIONS: |
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4) TDS certificate to be made in Form 16/12BA for Salary, F/16A for others; |
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5 |
TAX ON S T CAPITAL GAIN (ON TRANSFER OF SECURITIES-SEC 111A) |
10+SC+EC% |
10+SC+EC% |
15+0.45%# |
15+0.45%# |
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a) Transfer of a property to non-relative Ind/HUF without consideration or less than stamp duty value (immovable) or less than FMV (movable) is chargeable to tax in the hands of transferee u/sec 56(2)(vii) wef 01.10.2009 [maximum relief Rs 50,000] |
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5) For lower deduction the recipient may apply to AO in F/13 or a declaration may |
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#if net income exceeds Rs 1.0 Crore: 1) Surcharge of 10% before EC(2%)+SHEC(1%) included above 2) Marginal relief of tax exceeding income |
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be made in form 15G/15H (for Int./Div./NSS only), 15I (for transport contractor); |
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B |
DEDUCTIONS & REBATES |
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6) PAN data of deductees should be minimum 95% for 24Q & 85% for 26Q. |
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a |
General Deduction |
80C/80CCC/80CCD |
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100000 |
100000 |
100000 |
100000 |
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TDS Liability(wef 01.10.09) |
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Rate |
TDS Liability(wef 01.10.09) |
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Rate |
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b |
Mediclaim |
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80D |
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10000 |
15000 |
15000* |
15000* |
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Interest > 5000 pa [Rs 10000 in case of pymt of banks/PO] - Sec 194A |
10.00% |
*Contractor / Subcontractor>20000 (single) or 50000 pa --- |
Ind/HUF---> |
1.00% |
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(otherwise than cash) |
for Sr. Citizen Rs.15,000/- wef AY 2000-01 & Rs. 20,000 wef AY 2008-09 |
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b) Remuneration to partners 40(b)- Fin Yr 2009-10: |
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Others ----> |
2.00% |
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*Additional Deduction for Mediclaim of Parents Rs 15,000 (Rs 20,000 in respect of Sr. Citizen) |
Book Profit |
Allowability |
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Sec 194C |
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c |
Standard Deduction |
24(a) |
30% |
30% |
30% |
30% |
30% |
30% |
< 0 |
Rs 150000 |
Commission or Brokerage >2500 pa -Sec 194H |
10.00% |
*[transport Operator - Nil if PAN furnished] |
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(in case of rented House Property) |
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< or = Rs 300000 |
higher of 150000 or 90% |
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Rent - Plant & Machinery >1,20,000 pa - 194-I |
2.00% |
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d |
Int on borrowed capital |
24(b) |
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150000* |
150000* |
150000* |
150000* |
on Balance |
60% |
Fees for Prof or Technical Services > 20000pa - Sec 194J |
10.00% |
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(in case of self occupied House Property) |
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c) Certain eligible assessee not required to maintain book of accounts, not required to pay advance tax, if there turnover/gross receipts does not exceed Rs 40 Lac and they show income @ 8% (wef: Fin Year 2010-11) |
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Rent - Land / Building / Furniture / Fittings >1,20,000 pa - 194-I |
10.00% |
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*30000 Generally (higher deductions are allowable only where the capital is borrowed after 01.04.99 and property is acquired/constructed within 3yrs from the end of FY in which capital was borrowed.) |
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Dividend u/s 2(22)(e) > 2500 pa - Sec 194 |
10.00% |
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Compensation on acquisition of certain immovable properties-194LA |
10.00% |
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C |
CARRY FORWARD & SET-OFF OF LOSSES: |
Set-off |
Carry Forward & Set-off |
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winning from lottery / horse race etc - 194B/BB |
30.00% |
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* except Salaries |
Same Head |
another head |
C/F |
Years |
agst whom |
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d) AO can include any other issue [not mentioned in 148(2)] during assessment u/sec 147 |
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Insurance Commission - 194D |
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10.00% |
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1. Salaries |
Yes |
Yes |
No |
NA |
NA |
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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 |
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2. House Property |
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Yes |
Yes |
Yes |
8 years |
same head |
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INTEREST ON INCOME TAX: |
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3. Speculation Business / Specified Bus. 35AD |
No |
No |
Yes |
4 years |
same item |
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1.Filing of return after due date u/sec 234A |
Int @ 1% pm or part of the mth from the end of Due Date for filing of return |
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Important Prescribed Forms under Income Tax Rules 1962 |
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Ubabs. Depreciation / Cap Exp on SR/FP |
Yes |
Yes |
Yes |
No limit |
any income |
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Return of Income & FBT |
Form No. |
Return of Income |
Form No. |
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Non-speculative Business or Profession |
Yes |
Yes* |
Yes |
8 years |
same head |
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2.Defaults in pymt of Advance Tax u/s 234B |
Int @ 1% pm or part of the mth from the 1st day of April of the AY |
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1. corporate assessee |
ITR-6 |
1. Individual with Salary & Int |
ITR-1 |
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4. Long Term Capital Gains |
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No |
No |
Yes |
8 years |
same item |
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2. Firms, AOPs and BOIs |
ITR-5 |
2. Ind/HUF without Busi/Prof |
ITR-2 |
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Short Term Capital Gains |
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Yes |
No |
Yes |
8 years |
same head |
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3.Deferment in pymt of Advance Tax u/s 234C |
Int @ 1% pm or part of the mth on the deficit amt as applicable |
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3. Person reqd. to furnish return u/s 139(4A) / (4B) / (4C) / (4D) |
ITR-7 |
3. Ind/HUF being partners in firm (without prop.Busi/Prof) |
ITR-3 |
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5. Owning / Maintaining race horses |
No |
No |
Yes |
4 years |
same item |
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Lotteries / Crossword Puzzles etc. |
No |
No |
No |
NA |
NA |
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4.Interest for late pymt of demand u/s 156 |
Int @ 1% pm or part of the mth from the end of 30 days of Demand Notice |
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4.Return for Fringe Benefits |
ITR-8 |
4. Ind/HUFwith prop.Busi/Prof |
ITR-4 |
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Income from Other Sources (except if exempt) |
Yes |
Yes |
No |
NA |
NA |
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5.Manual Form for no DS |
ITR-V |
Appeal |
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D |
WEALTH TAX [IND / HUF / CO] |
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Exemption |
Tax |
GIFT TAX |
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Exemption |
Tax |
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4.Failure to deduct and pay TDS u/s 201(1A) |
Int @ 1% pm or part of mth from the date on which tax was deductible |
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Other Forms |
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1. To CIT(Appeals)-2copies |
35 |
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wef FY 1995-96 |
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15 lac |
1% |
FY 1995-96 to 1998-99 |
30000 |
30% |
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1. PAN Application |
49A |
2. To ITAT - 3copies |
36 |
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wef FY 2009-10 |
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30 lac |
1% |
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(Abolished from 01/10/98) |
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Some Tax Saving cum Investment Schemes: |
2. TAN Application |
49B |
3. Memorandum of cross objection to ITAT-3 copies |
36A |
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GIFT(wef 01.04.06) |
Gift received by an Ind. or HUF (and in kind wef 01.10.2009) without consideration from a non-relative above Rs 50,000 in a FY is entirely taxable as Income |
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6 year NSC VIII issue |
8% compounded half yearly |
Investment and accrued interest qualify for tax deduction u/sec 80C |
3. Wealth Tax Return |
Form BA |
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4. STT pymt evidence |
10DB/10DC |
4. To ITAT-to refer to High Court any question of law |
37 |
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E |
Interest NSC (on every Rs 1000) |
1st year |
2nd Year |
3rd Year |
4th Year |
5th Year |
6th Year |
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5. Annual Tax Statement |
26AS |
3 copies |
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31.03.1989-31.12.1998 |
124.0 |
139.0 |
156.0 |
175.0 |
197.0 |
224.0 |
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15 yr Public Provident Fund |
compound int 8% per yr |
Inv qualify for tax deduction u/sec 80C;Int exempt u/sec 10(11) |
Challans |
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Charitable & Religious Trusts |
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01.01.1999-14.01.2000 |
118.3 |
132.3 |
148.0 |
165.4 |
185.1 |
206.9 |
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1. Income Tax |
280 |
1. Appln for regn |
10A |
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15.01.2000-28.02.2001 |
113.0 |
125.8 |
140.0 |
155.8 |
173.5 |
193.1 |
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2. TDS/TCS Tax Challans |
281 |
2.Appln for approval/ cont -inuance u/s 80G(5)(vi) |
10G |
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01.03.2001-28.02.2002 |
97.2 |
106.7 |
117.1 |
128.5 |
141.0 |
154.7 |
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Life Insurance Premium |
rate of bonus keeps on fluctuating |
Bonus is totally exempt; Inv qualify for tax deduction u/sec 80C |
3. Misc Direct Taxes |
282 |
3 copies |
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01.03.2002-28.02.2003 |
92.0 |
100.5 |
109.7 |
119.8 |
130.9 |
142.9 |
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4. Fringe Benefit Tax |
283 |
3. Notice for accumulation of Income to AO |
10 |
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01.03.2003 and after |
81.6 |
88.3 |
95.5 |
103.3 |
111.7 |
120.8 |
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Note: I)The above chart does not cover the provisions related to Non-resident assessee and Foreign Company ii) reference to year wherever appears represents asst year unless otherwise specified. |
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Important Links: Income Tax Site: https://www.incometaxindia.gov.in For Income Tax e-Return Filing: https://incometax-indiaefiling.gov.in For PAN/TAN related matters: www.tin-nsdl.com or www.utitsl.co.in |
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