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Tax Management

Suresh Prasad (www.aubsp.com) (15630 Points)

07 March 2011

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Suresh Prasad (www.aubsp.com) (15630 Points)
Replied 07 March 2011

TDS Table & their Limits.

1.	Int. on Debentures & Bonds	10% over Rs. 2,500
2.	lnt. on FD’s in Banks/Hsg. Finance Cos. & 8% taxable bonds	10% over As. 10,000
3.	lnt. other than lnt. on securities	10% over As. 5,000
4.	Insurance Commission to Agents (Individuals)	10% over As 5,000
5.	Insurance Commission to Agents (Domestic Cos.)	20% over Rs 5000
6.	Winnings from Lotteries/Cross-word/Game Shows	30% over As. 5,000
7.	Commission earned on sale of Lottery Tickets	10% over As. 1,000
8.	Winnings from Horse Races	30% over As. 2,500
9.	Payments to Advertising Agency	1% over As. 20,000
10.	Payments to Contractors (per contract)	2% over Rs.20,000
11.	Payments to Sub-contractors	1% over As.20,000
12.	Commission & Brokerage (other than transactions relating to Shares & Securities	10% over As.2,500
13.	Payment of fees to Professionals / Technical Services p.a.	10% over As.20,000
14.	Payment of Rent to Individuals/HUF	10% over As.1,20,000
15.	Payment of Rent to other than Individuals/HUE	10% over As.1,20,000
16.	Payment of Rent on Plant & Machinery or Equipments	2% over As.1,20,000

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Suresh Prasad (www.aubsp.com) (15630 Points)
Replied 07 March 2011

DOCUMENTS TO BE PREPARED BY THE ASSESSEE IN SUPPORT OF THE RETURN

New return forms have dispensed with the requirement of enclosing any documents in support of the return. However, in the opinion of board of Editors, even though not required to be submitted along with the return, it is advisable that the documents be prepared! Obtained beforehand, since the Assessing Officer may, as per section 139C, require an assessee to furnish this documents at any time after the tiling of returns.

1. Statement of Computation of Income and Tax.

2. T.D.S. Certificate in Form 16 or l6Aas applicable.

3. Certificate/Receipts of payment of Insurance Premium, Provident Fund, Purchase of NSCs New equity shares, Mutual Funds, NSS, Medical Insurance, Donations, etc. in support of deductions claimed.

4. Audit report, Balance Sheet, Trading, Profit and Loss account, Personal account of Proprietor or Partners.

5. Statement of receipts and payments, where no regular books of account are maintained.

6. Tax-Audit report obtained under section 44AB, wherever required.

7. Accountants report under section 80-lA, 80-lAB, 80-lB or 80-IC, 80-ID or 80-fE.

8. Certificate of interest on housing loan from the lender, in support of deduction from house property income.

9. Other documents! statements in support of income.