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TAX for CS Exec - JUNE 2011 Exams

Krishnakumar (accounts) (106 Points)

12 May 2011

sir,

can you help in regarding the Tax (CS Executive Exams - June 2011) is the applicable finance act is 2010 ?????

but as per finance act which i have downloaded from incometax site,in that income tax slabs are upto 160,000- Nil, 160001 - 300000 -10%, 300001 -500000 - 20% & 500001 above - 30%

my question is are they correct ??

and also provide me the ADVANCE TAX LIABILITY (i.e 5000 or 10000) and TDS Rates

provide me all with relate to JUNE 2011 EXAM PURPOSE.

thanks in advance,

regards,

Krishnakumar R Shukla

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5 Replies

Deepak Gupta (CA Student) (15922 Points)
Replied 12 May 2011

1) For June 2011 examination you will have to study Finance Act, 2010 i.e. Assessment Year 2011-12 (Previous Year 2010-11). You will also have to update yourself with all the Circulars, Clarifications, Notifications, etc., issued by the CBDT & Central Government, which come into effect on or before six months prior to the date of the respective examinations.
.
2) Income Tax Slab for AY 2011-12

AY 2011 -2012
Individual (MALE)
INCOME SLAB	TAX	SURCHARGE	EDU. CESS	HIGHER EDU. CESS
Upto Rs. 160000	NIL	NIL	NIL	NIL
Rs. 160000 to Rs. 500000	10% of (total income - Rs. 160000)	NIL	2%	1%
Rs. 500000 to Rs. 800000	Rs. 34000 + 20% of (total income - Rs. 500000)	NIL	2%	1%
Above 800000	Rs. 94000 + 30% of (total income - Rs. 800000)	NIL	2%	1%

Individual (FEMALE)
Upto Rs. 190000	NIL	NIL	NIL	NIL
Rs. 190000 to Rs. 500000	10% of (total income - Rs. 190000)	NIL	2%	1%
Rs. 500000 to Rs. 800000	Rs. 31000 + 20% of (total income - Rs. 500000)	NIL	2%	1%
Above Rs. 800000	Rs. 91000 + 30% of (total income - Rs. 800000)	NIL	2%	1%

Individual (SENIOR CITIZEN)
Upto Rs. 240000	NIL	NIL	NIL	NIL
Rs. 240000 to Rs. 500000	10% of (total income - Rs. 240000)	NIL	2%	1%
Rs. 500000 to Rs. 800000	Rs. 26000 + 20% of (total income - Rs. 500000)	NIL	2%	1%
Above Rs 800000	Rs. 86000 + 30% of (total income - Rs. 800000)	NIL	2%	1%

.
3) Advance Tax Liability = 10,000 or more
.
4) TDS Rate: File Attached below
.

Attached File : 555789 2 tds ay 2011 12.pdf downloaded: 228 times

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Krishnakumar (accounts) (106 Points)
Replied 12 May 2011

Thanks a lot,

also can u tell any more amendments related to Exam Purpose (in Tax subject)

regards

Deepak Gupta (CA Student) (15922 Points)
Replied 12 May 2011

HIGHLIGHTS OF THE FINANCE ACT, 2010

Attached File : 555789 28 income tax amendments may 2011.pdf downloaded: 236 times

Latika (Reservations) (25 Points)
Replied 23 May 2011

Hi ,

I am done with service tax and VAT. Can someone tell me what other topics should i prepared in tax laws as very days left and I am left with short of time.

Latika (Reservations) (25 Points)
Replied 23 May 2011

Hi ,

I am done with service tax and VAT. Can someone tell me what other topics should i prepared in tax laws as very days left and I am left with short of time.