Income Tax Chart 2016-17

CA. Sanjay K Agarwal FCA, FCS, CPA (USA)DIRECT TAX READY REFERENCEFor PRIVATE CIRCULATION ONLY 83/85, N.S.Road, Suite:417, Kolkata - 700001BE HAPPY MAKE HAPPY Ph: 22431088, 32913756, 9331023275 Email: sanj1088 @gmail.com for latest / other userful charts http://smahendraco.com/Temps.aspx ATAX STRUCTUREAssessment Year ---> 2014-15 2015-16 2016-17 2017-18liab≥Rs 10,000 Return Due Date u/s 139(1) & Other Time LimitDEPRECIATION 1 IND/HUF/AOP/BOI(##-see rebate) Basic Exemption --->200000##250000##250000##250000##Due DateAll assesseeFrom Asst year 2008-09 Due Date upto 50000010+0.3% 10+0.3% 10+0.3%10+0.3%By 15th Juneupto 15%PLANT & MACHINERY15% Next 500000 upto 1000000 20+0.6% 20+0.6% 20+0.6%20+0.6%By 15th Sepupto 45%FURNITURE & FIXTURE10% Rest - - 30+0.9%**30+0.9%**30+0.9%**30+0.9%**By 15th Decupto 75%COMPUTERS 60% Super Senior Citizen 80 yrs or above500000 500000 500000 500000 By 15th Mar100%BUILDINGS Senior Citizen 60 yrs or more250000 300000 300000 300000COST INFLATION INDEX :1998-99 351 Non RESIDENTIAL 10% 2 FIRM / LLP30+0.9% 30+0.9%**30+0.9%**30+0.9%**1981-82 100 1999-00 389July 31 RESIDENTIAL 5% 3 DOMESTIC COMPANYREGULAR TAX30+0.9%**30+0.9%**30+0.9%**30+0.9%**£1982-83 109 2000-01 406within due date Purely Temp Erections/ for water Treat System100% DIVIDEND TAX (Sec 115-O)16.995%#19.9941%#$20.357647%#20.357647%#1983-84 116 2001-02 426Mar 31CAR & VEHICLES 15% MAT (Sec 115JB)18.5+0.555%**18.5+0.555%**18.5+0.555%**18.5+0.555%**1984-85 125 2002-03 447Mar 31CAR OR VEHICLES USED ON HIRE 30% C/F of MAT Credit10 years 10 years 10 years 10 years1985-86 133 2003-04 4631yr from AY endIntangible Assets 25% 4 TAX ON LONG TERM CAPITALGAIN[with indexation benefit] 20+0.6%**20+0.6%**20+0.6%**20+0.6%**1986-87 140 2004-05 480Notes: 1) Tax on LTCG can be taken as 10%+SC+Cess for listed shares/securities/units (eq oriented units wef 11.07.14) without indexation benefit1987-881502005-06497 2) Income from LTCG is exempt in cas e of transfer of equity shares/units of equity oriented fund which are liable to STT1988-891612006-07519Interest NSCVIII (on 1000)1st year2nd Year3rd Year4th Year5th Year6th Year 5 TAX ON S T CAPITAL GAIN (ON TRANSFER OF SECURITIES-SEC 111A)15+0.45%**15+0.45%**15+0.45%**15+0.45%**1989-90 172 2007-08 55101.03.03 to 30.11.1181.6 88.3 95.5 103.3 111.7 120.8 6AMT [for Non-Corporate only if dedn is claimed u/s 10AA / 80H / 80RRP (except 80P)]1990-91 182 2008-09 58201.12.11 to 31.03.1285.8 93.1 101.1 109.8 119.2 NA 18.5+0.555%18.5+0.555%**18.5+0.555%**18.5+0.555%**1991-92 199 2009-10 63201.04.12 to 31.03.1387.8 95.6 104.0 113.1 123.0 NA Domestic Co [Net Income>1Cr]5%€5%€7%€€7%€€1992-93 223 2010-11 71101.04.13 to 31.03.1686.8 94.3 102.5 111.4 121.1 NA Ind / HUF [Net Income>1Cr]10% 10% 12%15%1993-942442011-1278501.04.16 to 30.06.16 82.6 89.5 96.9 104.9 113.5 NA €10% €€12% if Net Income exceed 10 CrFirm [Net Income>1Cr]10% 10% 12%12%1994-952592012-13852NSC IXupto 01.04.122012-1312-13 to 19.12.15upto 01.04.122012-1312-13 to 19.12.15 B80C/80CCC/80CCD100000 150000 150000150000Ω1995-96 281 2013-14 9391st year88.9 91.0 89.9 6th year136.1 140.6 138.3 a Life Ins Prem-Max limit for 80C(% of SA)10%Φ10% Φ10% Φ 10% Φ1996-97 305 2014-15 10242nd year 96.8 99.3 98.0 7th year 148.2 153.4 150.8 80TTA [Int on Bank/PO other than TD]10000 10000 10000 100001997-98 331 2015-16 10813rd year105.4 108.3 106.8 8th year161.3 167.4 164.3 Mediclaim80D Pymt Modeʘ Same Amt for Partents + Addl Dedn 5000 if Snr Ctzn MISC PROVISIONS:4th year114.8 118.1 116.4 9th year175.7 182.6 179.1 Mediclaim Premium (Ind/HUF)Other than Cash15000ʘ15000ʘ25000ʘ25000ʘ>5th year125.0 128.9 126.9 10th year191.3 199.2 195.2 bMedical Expenses (Super Snr Ctzn)Other than Cash 30000 30000 TDS Liability (wef: 01.06.2016)RateTDS Liability(wef: 01.06.2016)Rate Preventive Health Check-up(Ind)Including Cash 5000 5000 5000 5000>10.00%*Contractor/SubcontractorInd/HUF--->1.00% [Sec 194A] [Sec 194C]Others --->2.00% >5.00% cStandard Deduction24(a) [Rented House Property]30% 30% 30% 30%[Sec 194H] d Int on borrowed capital 24(b) [Self Occupied HP] 150000*200000*200000*200000*ʉ>10.00% [Sec 194] 30.00%2.00% >10.00%[Sec 194B/BB] [Sec 194-I] C CARRY FORWARD & SET-OFF OF LOSSES:10.00% 10.00% * except SalariesSame Headanother headC/F Years agst whom>[Sec 194LA] 1. SalariesYes Yes No NA NA>[Sec 194J]1.00% 2. House PropertyYes Yes Yes 8 years same head5.00%[Sec 194-IA] 3. Speculation BusinessNo No Yes 4 years same item10.00% 10.00% Ubabs. Depreciation / Cap Exp on SR/FP Yes Yes Yes No limit any incomeINTEREST ON INCOME TAX:[Sec 194D] [192A] Non-speculative Business or ProfessionYes Yes*Yes 8 years same head Specified Business u/sec 35ADYes No Yes No limit same item 4. Long Term Capital Losses No No Yes 8 years same item Short Term Capital Losses Yes No Yes 8 years same he ad Return of IncomeForm No.1. PAN Application - Indian49A1. Sec: 44AB 5. Owning / Maintaining race horsesNo No Yes 4 years same item1. Ind. with Salary/HP(one)/OtherITR-1 [Sahaj)2. PAN Application - non-Indian49AAFrom FY 2012-13 Lotteries / Crossword Puzzles etc.No No No NA NA2. Ind/HUF without Busi/ProfITR-23. TAN Application 49BBusiness > Rs 1 Cr Income from Other Sources (except if exempt)Yes Yes No NA NA ITR-34. W ealth Tax ReturnForm BBProfession > Rs 25 Lac D WEALTH TAX [IND / HUF / CO, wef FY 2009-10 @ 1% above basic ex emption Rs 30 Lac]-abolished wef 01.04.2015 5. W ealth Tax Return upto FY12-13Form BA[Rs 50 Lac wef FY 16-17] E4. Ind/HUFwith prop.Busi/ProfITR-46. STT pymt evidence 10DB/10DCFY 2010-11 & 2011-12 wef recipient5. Ind/HUF(presumptive basis)IT R-4S(Sugam)7. Annual Tax Statement 26ASBusiness > Rs 60 Lac 1-Apr-06 Ind/Huf * 6. Firms, AOPs and BOIsITR-51. Income Tax 280Profession > Rs 15 Lac 1-Oct-09 Ind/Huf *Some Tax Saving cum Investment Schemes:7. corporate assessee ITR-62. TDS/TCS Tax Challans 2812. 44AE, 44BB, 44BBB Ind/Huf *ITR-73. Misc Direct Taxes 282 Ind/Huf * 4. Fringe Benefit Tax283 Ind/Huf * 5. TDS os Sale of Property26QB 1-Jun-10 Co **Charitable & Religious Trusts Co** 1. To CIT(Appeals)-2copies351. Appln for regn 10A 1-Apr-12 Co ** 2. To ITAT - 3copies36 10G 1-Apr-13 Ind/Huf *36A 3 copies 10 7. belated & revised return-upto FY15-16 Interest > 5000 pa [Rs 10000 in case of pymt by banks/PO] Commission or Brokerage >15 000 pa [5000 upto 31.05.2016 & rate 10%] Dividend u/s 2(22)(e) > 2500 pa 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 92ENov 30 3. Any other assessee 4. Return of Loss - 139(3) other forms Note: TDS Qtrly Returns due date- end of next month from Qtr-end (31st May for Jan- Mar Qtr); TDS pymt due date -7th of subsequent mth(30th Apr for Mar); If PAN not submitted-Dedn of TDS will be higher of 20% or prescribed ra te Compulsory Tax Audit 5. belated return - 139(4) from FY16-17 6. revised return - 139(5) from FY16-17 3. Ind/HUF being partners in firm (without prop.Busi/Prof) Accumulated bal of PF wef 01.06.15 > 50000 ( 30000 upto 31.05.2016] Belated Returns:Need to be furnishedby the end of asst yror before completion of asst, whichever is earlier. Canalso be revised now - wef FY 16-17 80GG limit increased to Rs 5000 pm -wef FY 16-17 whole amount Carry Forward & Set-off General Deduction Hearing to include communication of data and documents through electronic mode - wef 01.06.16 2000 Period ofholding of unlisted shares 24 monthsfor treating it as a LT Capital Asset - wef FY 16-17 TCS of 1% oncash sale of any goods or services> Rs 2 Lac - wef 01.06.16 Set-off nature of receipt Taxability as Income 2.Defaults in pymt of Advance Tax u/s 234B other properties FMV less consideration > 50,000 such excess amount immovable properties any sum of money without consideration > 50,000 3.Sec: 44AD: If profit or gain is less than prescribed (8% of the total turnover or gross receipts) and if total income is taxable- limit ≤ 2 Crore wef FY16-17 winning from lottery/cw puzzles /horse races > 10000 pa [5000 pa upto 31.05.2016 for horse races] company Challans > 30000 (single) or 100000 pa [ 75000 pa upto 31.05.2016]. *[wef: 01.06.2015 transport Operator (who owns 10 or less goods carriage, engaged in transport business and g ives a declaration with PAN- Nil ] Fees for Prof or Technical Services (or Directors Fees other than in the nature of salary wef 01.07.12) > 30000 pa other than co 3. Memorandum of cross objection to ITAT-3 copies Consideration for transfer of Immovable props (other than agri land) >50 Lac wef:01.06.13 Int @ 1% pm or part of the mth from the end of Due Date for filing of return Dividendrcd by a resident Ind/huf/firm from domestic co,in excess of Rs 10 Lacshall be taxable @10% (exclduing deemed dividen u/s 2(22)(e) -wef FY 16-17 4. Interest for late pymt of demand u/s 156 3. Notice for accumulation of Income to AO 2.Appln for approval / continuance u/s 80G(5)(vi)rate of bonus keeps on Bonus is totally exempt; Investment qualify for tax Int @ 1% pm or part of mth upto date of dedn/date of furnishing ITR and @ 1.5% from date of dedn to pymt. Investment qualify for tax deduction u/sec 80C; Int exempt u/sec 10(11A)Appeal (online filing mandatory for whom e-filing of ITR is reqd) FMV less consideration > 50,000 bestofluck Important Prescribed Forms under Income Tax Rules 1 962 without consideration > 50,000 Int @ 1% pm or part of the mth from the end of 30 days of Demand Notice Criteria5.Failure to deduct and pay TDS u/s 201(1A)GIFT AS INCOME FROM OTHER SOURCES U/S 56(2) [Gift Tax abolished wef 01.10.1998] 3.Deferment in pymt of Advance Tax u/s 234C * Exempted, If received from relatives, under will/in heritance, on marriage, on death, local auth, u/s 1 0(23C) or (members of huf other properties 15 yr Public Provident Fund immovable properties Stamp value less consideration >50,000 such excess amount Issue of Sh Cap at Prem ^ Life Insurance Premium whole of FMV property being shares COVERING BUDGET 2016-17 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 - - 100% 2000 5000 Eligible u/sec 44AD 1.Filing of return after due date u/sec 234A AY 06-07 onwards - Sep-30 Rent - Land / Building / Furniture / Fittings > 1,80,000 pa Compensation on acquisition of certain immovable props > 2.5 Lac wef:01.06.16 Insurance Commission >15000 pa [20000 pa upto 31.05.2016] Rent - Plant & Machinery > 1.8 lac pa Only 50% Depre. will be allowed if assets acquired / used for < 180days Note : Filing of Return by Corporate Assessee / Firm is compulsory / resident having foreign asset or accou nt NBFCcan also claim adedn for provn for bad & doubtful debts to the extent 5% of GTI(computed before dedn u/s 36(1)(viia) & Chap VIA- wef FY 16-17 If profit or gain is less than prescribed any sum of money whole of stamp valuewhole of FMV without consideration > 50,000 whole amount property being sharesSukanya Samriddhi Account8.Person reqd. to furnish return u/s 139(4A) / (4B) / (4C) / (4D) compound int 8.6% per yr without consideration > 50,000 compound int 8.1% per yr Investment qualify for tax deduction u/sec 80C; Int exempt u/sec 10(11) without consideration > 50,000 FMV less consideration such excess amount Basic Exem ption (Special cases) £ (29+0.87)%, if turnover/Gross Rct ≤ 5 Crore for FY 2014-15, # on buy-back of unlisted cos - 23.072%, $16.995% upto 30.09.14  -Additional deduction Rs 20,000 u/sec 80CCD(1B)-Nati onal Pension Scheme, Φ15% for person with disability as per sec 80DDB/80U, *30000 Generally (higher deductions are allowable on ly where the capital is borrowed after 01.04.99 and property is acquired/constructed within 5 yrs (3yrs upto FY2015 -16) from the end of year of borrowal) ʉ deduciton u/sec 80EE upto 50000 max subject to compliance of conditions therein ADVANCE IT wef: 01.06.2016 **SURCHARGE -before EC/SHEC DEDUCTIONS & REBATES ## Rebate u/s 87A (if Net Income

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