Income Tax Ready Recknor 2010-11

8/8/2019 Income Tax Ready Recknor 2010-11

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http://www.simpletaxindia.org/



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Sl No Particulars Page

01 Message from the Team 302 About Lucknow Chartered Accountants Club 5

03 Finance Ministers of India from 1947 to 2010 604 Highlights04.1 Service Tax 704.2 Income Tax & Wealth Tax 1305 Major Changes brought about in Taxation for:05.1 Salary Income 1505.2 Income from other Sources 1605.3 Limited Liability Partnerships 1705.4 Deductions/Reliefs 2005.5 Business & Profession 2305.6 Settlement & Appeals 2806 Section wise Major Changes 3007 Other Useful Information:

07.01 Maintenance of Books of Account 48

07.02 NSC Interest Table 4907.03 Cost Inflation Index 5007.04 Prime Depreciation Rates 5107.05 Income Tax Rates 5107.06 TDS Rates Table 5207.07 Jurisdiction Area of Income Tax Officers in UP 5507.08 Directory of Income Tax Officers 5707.09 Codes for Residences and Status 5907.10 Various Income Tax Challans 6007.11 Stamp Act Table (U.P.) 6007.12 New Income Tax Return Forms 6107.13 Due Date Calendar 6307.14 Income Tax for Dummies 6407.15 New TDS Rules 87

07.16 PIN Codes for Lucknow 9507.17 EMI Chart 9807.18 Useful Web Links 100

CONTENTS




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ESIDENTS MESSAGE

Dated: 26th

Feb, 2010

Dear Friends,

I am happy to introduce the Budget Publication: 2010-11 of LucknowChartered Accountants Club (LCAC). This is the third successivepublication of its kind by the Club. This Booklet targets our valuedcolleagues and especially public at large for a better understanding andpractical application.

Budget is a lengthy document running into hundreds of pages and onehas to plough and dig the information relevant for use. This is whatexactly we have attempted to do for you. Even in this cyber age whenmachine readable materials are becoming favourite and hand books aregoing out of shelf, we believe this boklet will find its place in your hands.

Apart from our effort on summarizing changes in the direct taxation, wehave tried to incorporate few useful information of day to day use to helpsave your valuable time.

If you have any query or would like a machine-readable copy of thisbooklet, either call us, or you may write to this office at:

Lucknow Chartered Accountants Club

15 Chandganj GardenLucknow-226024Tel# 9415464475, 9839874068email: [email protected]

We also take this opportunity, to acknowledge contributions of all theLCAC Members in devoting their time and energy for making thispublication a success.

Thank you all for your continued appreciation and support.

Team

Lucknow Chartered Accountants Club

-----

MESSAGE FROM THE TEAM




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Lucknow Chartered Accountants Club has been embarked on January2008 with the objective of promoting the development of knowledge, skillscapabilities of the members and public in general and to promote literary,scientific, cultural and social and sporting improvement among members.

In this short period LCAC has aimed at augmenting its resources andstrength, developing and establishing a good relations among membersand organizing get-togethers among members. Recreation Centre atAliganj, Lucknow is just one of the gestures for promoting its objectives.

The Budget Discussions that were held among members has provideduseful inputs for this Budget Booklet.

We are pleased to introduce to you the proud team of Office Bearers ofLCAC as under:

Sl No Name Contact01 CA Ashutosh Lohani 9415464475

02 CA Ravi Agarwal 9415542942

03 CA Saurabh Pratap Singh 9839874068

04 CA Ashutosh Kumar Gupta 9335123350

05 CA Mahaveer Agarwal 9415520995

06 CA Tushar Nagar 9839021599

07 CA Praveen Kumar Santoshi 9236187958

08 CA Rupak Agarwal 9839125100

-----

ABOUT LUCKNOW CHARTERED ACCOUNTANTS CLUB

Pranab Mukherjee( 1982-1985,

Feb 2009-May2009,

May 2009-Continuing)

Manmohan Singh(1991-1997,

Dec 2008-Jan 2009)

P

Madhu Dandavate(1990-1991)

S.B. Chavan(1989-1990)

RamaswamyVenkataraman(1980-1982)

ChoudharyCharan Singh(1979-1980)

Indira Gandhi(1970-1971)

Morarji Desai(1967-1970,1959-1964 )

ChintamanraoDeshmukh

(1951-1957)

John Mathai(1949-1951)

R.

FINANCE MINISTERS




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and notified underclause (iii) of sub-section (1) of section35.

10AA Newly establishedUnits in Special

Economic Zones.

01-04-2006 Section 10AA wasinserted by the

Special EconomicZone Act, 2005 witheffect from 10.2.2006.

Through the Finance(No.2) Act, 2009,section 10AA(7) wasamended and thewords by theundertaking weresubstituted for by theassessee with effectfrom AY 2010-11 andsubsequent AY. Thiswas done as the

existing formula wasperceived to bediscriminatory in sofar as thoseassessees areconcerned who havemultiple units in boththe SEZ and thedomestic tariff area(DTA) vis--vis thoseassessees who werehaving units in onlythe SEZ. With a viewto removing theanomaly, the

provisions of sub-section (7) of section10AA of the Income-tax Act wereamended.

12AA (3) Registration of atrust or institution.




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Finance (No.2) Act,1996.

32 Depreciation 01-04-2011AY 2011-12

It has been providedthat In case ofsuccession of a privateco. or unlisted public

co. by LLP, theaggregate depreciationallowable to thepredecessor Co. andthe successor LLPshall be calculated atthe prescribed rate as ifno succession hastaken place.

35 Expenditure onresearch.

01-04-2011AY 2011-12

Weighted deductionincreased:

from 150 times to 200times for inhouseexpenditure by cos.

From 125 to 175 timesfor:

Any sum paid to anapproved scientificresearch associationthat has the object ofundertaking scientificresearch or to anapproved university,college or otherinstitution to be usedfor scientific researchis allowed.Any sum paid to aNational Laboratory or

a university or IIT or aspecified person forthe purpose of anapproved scientificresearch programme.

35AD Expenditure onspecified business




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classified by theCentral Governmentshould commence itsoperation on or after1st April, 2010.

Definition of SpecifiedBusiness is proposedto be amended toinclude businessrelating to building andoperating, anywhere inIndia, a new hotel oftwo-star or abovecategory as classifiedby the CentralGovernment.

35DDA Amortisation ofexpenditure incurredunder voluntaryretirement scheme.

01-04-2011AY 2011-12

It is proposed that incase of successionof a private company orunlisted public co. by a

LLP, the provisionsrelated to deductionshall apply to thesuccessor LLP as theywould have applied tothe predecessorcompany.

It is also provided thatin case of suchconversion, nodeduction under thesaid section shall beallowed to thepredecessor companyin the previous year in

which the conversiontakes place.

40(a)(ia) Amounts notdeductible.

01-04-2010AY 2010-11

Disallowance will beattracted, only if, afterdeduction of tax duringthe previous year, thesame has not been

43 Definitions of certaterms relevant PGPB

44AB Tax Audit

44AD Presumptive Profit

44BB Business exploration, etc., mineral oils

44DA Royalties etc. case of noresidents.

47(xiiib) Transactions nregarded as transfe

47A Withdrawal exemption in certacases.




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49

49(4)

Cost with referenceto certain modes ofacquisition.

01-04-2011AY 2011-12

01-06-2010AY 2011-12

Consequential to

section 47(xiiib)

Cost of acquisition ofproperty being shares

received withoutconsideration orinadequateconsideration shall bedeemed to be the valuewhich has been takeninto account for thepurpose of new clause(viia) of sub-section (2)of section 56.

56(2)(vii)(b)

56(2)(viia)

Income from othersources.

01-10-2009AY 2010-11

01-06-2010AY 2011-12

01-06-2010AY 2011-12

It is proposed thatvalue of theimmoveable propertyreceived shall be taxedonly if the property is

received without anyconsideration.

Its notable that thecondition as regardsinadequateconsideration has beenremoved.

Definition of propertyamended to restrict itsapplication to propertywhich is in the natureof capital asset of theassessee.

Bullion included withinthe specified categoryof property.

Following New sectionadded for incomechargeable under other




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transfer underclause (via) orclause (vic) orclause (vicb) orclause (vid) orclause (vii) of

section 47.

Explanation.For thepurposes of this clause,fair market value of aproperty, being shares ofa company not being acompany in which thepublic are substantiallyinterested, shall have themeaning assigned to it inthe Explanation toclause (vii)

72A (6A)

72A 7(a)72A 7(b)

Carry forward andset off inamalgamation ordemerger, etc.

Accumulated lossand unabsorbeddepreciation

01-04-2011AY 2011-12

New clause inserted forthe case of successionof business, whereby,a private company orunlisted publiccompany is succeededby a limited liabilitypartnership fulfilling theconditions laid down inthe proviso to clause(xiiib) of section 47

Expressionsaccumulatedloss and unabsorbeddepreciation redefinedto provide reference toconversion into LLP.

80A(7) Deductions to be

made in computingtotal income.

01-04-2011

AY 2011-12

Deduction claimed

under this chapter cantbe reclaimed undersection 35AD inrelation to suchspecified business forthe same or any otherassessment year.

80CCF Deduction subscription to lonterm infrastructubonds

80D Deduction for HealInsurance Premia.

80GGA Deduction in respe

of certain donationfor scientresearch or rudevelopment.

80IB(10)(a) Deduction in respeof profits and gaifrom certa

industrialundertakings oththan infrastructuredevelopmentundertakings.




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80IB(10)(d) The built-up area limitof the shops and othercommercial establishmentsincluded in the housingproject revised asunder:

Existing: 5% of theaggregate built-up area ofthe housing project or2,000 square feet,whichever is less.Revised: 3% of theaggregate built-up area of

the housing project or5,000 square feet,whichever is higher.

80ID(2)(i) Deduction in respectof profits and gainsfrom business ofhotels andconvention centresin specified area.

01-04-2011AY 2011-12

Deadline forconstruction of thecentre extended to 31stJuly, 2010.

115JJA(7) Tax credit in respectof tax paid ondeemedincome relating tocertain companies.

01-04-2011AY 2011-12

New clause to providefor exclusion of LLPwhich has beenconverted from aprivate co. or unlistedpublic co. under theLimited LiabilityPartnership Act, 2008.

115JB(1) Minimum AlternateTax

01-04-2011AY 2011-12

MAT rate increased to18% from 15%

115WE(1B) FBT Assessment 01-04-2010 Time limit for issuanceof direction by CentralGovt increased to31.03.2011

139(4C) Return of income.

142A(1) Estimate Valuation Officer certain cases.

143(1B)

143(3)

Assessment




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substituted byreferences to researchassociation.

194B TDS on Winningsfrom lottery or

crossword puzzle

01-07-2010 Limit for TDS isenhanced from five

thousand rupeesto ten thousandrupees.

194BB TDS on winningsfrom horse race.

Limit for TDS isenhanced fromthousand five hundredrupees to five thousandrupees

194C TDS on paymentsto Contractors

01-07-2010 It is proposed toenhance the limit from:

20000 for a singletransaction to 30000and

50000 for theaggregate transactionsduring the financialyear to 75000

194D TDS on Insurancecommission

01-07-2010 Limit increased from5000/- to 20000/-

194H TDS on commissionor brokerage


194I TDS on Rent 01-07-2010 Limit increased from120000/- to 180000/-

194J TDS on fees forprofessional ortechnical services


201(1A) Consequences offailure to deduct or

pay tax.

01-07-2010 Interest of delayeddeposit increased to

1.5% p.m. from existing1% p.m.

203(3)

206(C)

Certificate for taxdeducted.

01-04-2010 It is proposed to omitthe sub-section (3)which provides that orafter 1st April, 2010

245A expression case

245C Settlement of case

245D(4A) Procedure on receof an application fosettlement of cases




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after 1st June, 2010,within 18 months

256(2A) Statement of case tothe High Court.

01-06-1981 High Court can admitan application after theexpiry (6 months fromthe date of receipt of

the order of Tribunalrefusing to state thecase on the groundthat no question of lawarises) if it is satisfiedthat there wassufficient cause for notfiling the same withinthe said period

260A(2A) Appeal to HighCourt.

01-10-1998 High Court isempowered to admit anappeal after 120 daysfrom the date of receiptof the order appealedagainst, if it is satisfiedthat there wassufficient cause for notfiling the appeal withinthe said period

271B Penalty for failure toget accounts audited

01-04-2011AY 2011-12

Maximum Penaltyincreased from 1 lakhto Rs. 1.50 lakh.

282B DocumentIdentification No.

01-10-2010 Effective Date for useof computer generatedDocument IdentificationNumber extended to01-10-2011

Rule 5(b)First Schedule

computation ofprofits and gains ofother insurancebusiness

(i) Any gain or losson realisation ofinvestments shallbe added or

deducted, as thecase may be, ifsuch gain or lossis not credited ordebited to theprofit and loss

22A(b) Expression Case

22D Procedure on receof an application foSettlement

WEALTH TAX




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27(3B) Reference to HighCourt.

01-06-1981 High Court can admitan application after theexpiry (90days from thedate of receipt of theorder of Tribunalrefusing to state the

case on the groundthat no question of lawarises) if it is satisfiedthat there wassufficient cause for notfiling the same withinthe said period

27A Appeal to HighCourt.

01-10-1998 High Court isempowered to admit anappeal after 120 daysfrom the date of receiptof the order appealedagainst, if it is satisfiedthat there wassufficient cause for not

filing the appeal withinthe said period

1. In the instances of the books of accounts is com- Legal- Medical (Form 3C has been - Engineering- Architectural- Accountancy-Technical Consultancy-Interior Decoration- Profession of Information T- Company Secretary- Authorised representative- Film Artist

2. Other than above, mai

compulsory if:

(a) If income exceeds 1.2in any three year prece

(b) in the first year of thexpected to cross the a

(c) Profit claimed in thedeeming provisions:- Profits and gains of b- Playing, Hiring or Lea

MAINTEN




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Accrued Interest per year on investment of Rs. 100/-(To take benefit of Income Tax Act under section 80C)

Year

Periodof

Investment

Till31/12/9

8

1/1/99to

14/1/00

15/1/00to

28/2/01

1/3/01to

28/2/02

1/3/02to

28/2/03

After1/3/03

InterestRate %

12.00 11.50 11.00 09.50 09.00 08.00

1 12.40 11.83 11.30 09.72 09.20 08.162 13.90 13.23 12.58 10.67 10.05 08.833 15.60 14.80 14.00 11.71 10.97 09.554 17.50 16.54 15.58 12.85 11.98 10.335 19.70 18.51 17.35 14.10 13.10 11.176 22.40 20.69 19.31 15.47 14.29 12.087 Total

Interest111.50 95.60 90.12 74.52 69.59 60.12

MaturityAmount withInterest

201.50 195.60 190.12 174.52 169.59 160.10

Example:

1. Investment date = 26-02-2004Investment Amount = 5000/-

The Amount of interest to be taken for deduction u/s 80C for theAY 2010-11 would be = 5000 x (12.08/100) = 604.00

2. Investment date = 16-03-2005Investment Amount = 10000/-

The Amount of interest to be taken for deduction u/s 80C for theAY 2010-11 would be = 5000 x (11.17/100) = 1117/-

NSC INTEREST TABLE

Chart showing Cost Inflatiopurpose from

Sl.No Financial Year CII01 1981-82 10002 1982-83 10903 1983-84 11604 1984-85 12505 1985-86 13306 1986-87 14007 1987-88 15008 1988-89 16109 1989-90 17210 1990-91 182

11 1991-92 19912 1992-93 22313 1993-94 24414 1994-95 259

15 1995-96 281

Example: Date of TransSale ConsiderCost of acquisDate of acquisIndexed Cost

COST INFL




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The following are the prime depreciation rates under the Income Tax Actfor the financial year 2009-2010 & 2010-11

Sl No. Asset Rate %01 Building:

ResidentialFactory

0510

02 General Plant & Machinery 15

03 Motor Car 1504 Motor Buses/Lorries Used In Hire 3005 Computers including Software 6006 Furniture 10

07 Patents, Know-how, copyrights, licenses etc. 25

Effective Income tax rate for the financial year 2009-10 & 2010-2011

SurchargeSl.No.

Person / Assessee 2009-10 2010-11

2009-10 2010-111 Partnership firms 30% 30% 10% Nil2 Domestic Company 30% 30% 10% 7.5%3 Foreign Company 30% 30% 2.5% 2.5%4 Local Authority 30% 30% Nil Nil5 Co-operative society

Income up to Rs 10,000/- 10% 10% Nil NilRs 10,000 to Rs 20,000/- 20% 20% Nil NilRs 20,000 and above 30% 30% Nil Nil

Note:

1. Surcharge will be livable on asessee mentioned above if incomeexceeds Rs 1.00 crore.

3. An education cess of 2% + Secondary & Higher Education Cess of 1%shall be charged over and above the tax and surcharge.

DEPRECIATION RATES

INCOME TAX RATES(Other than individuals and HUF)

For changes proposed for AY 20

Section Nature of Payment

1 2

192 Salaries

193 Interest on Securities >Rs.10,000

194 Deemed dividendu/s.2(22)(e) Dividendsother than listedcompanies

194A Interest other thanInterest on securities >

Rs.10,000194B Lottery / Cross Word

Puzzle > Rs.5,000194BB Winnings from Horse

Race > Rs.2,500194C(1)

Contracts > Rs.20,000- upto 30/09/2009- wef 01/10/2009

194C(2)

Sub-Contracts/Advertisements

194D Insurance Commission> Rs.5,000

194EE Refund of NSS >Rs.2,500

194F Repurchase of units byMF/UTI

194G Commission on sale oflottery tickets >Rs.1,000

TDS CHA




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CIT-I LUCKNOWRange I (Alphabet A to J)

Companies Cases Non Companies casesChowk, Rajabajar, Bajar Khala,Subhash Marg, Sahadatganj,Asharafabad, Old haiderganj,

Hazratganj, Purana Kila, Cantt. Road,Vidhan Sabha Marg, Model House,Station Road, Murli Nagar, GokhleyMarg, Madan Mohan Malviya Marg,Sapru Marg, Hussainganj, Rana PratapMarg, Shahnajaf Road, Narhi andLalbagh

Daliganj, Nirala Nagar, Mahanagar,Faizabad Road, Vikas Nagar, GomtiNagar, Aliganj, Indira Nagar, Sitapur

Road, Chinhat, Kursi Road, all TransGomti Area and Unnao.

Range-II (Alphabet K to Z)Non Companies CasesAll trust cases of above and Chowk, Rajabajar, Bajarkhala, Subhash Marg,Sahadatganj, nakhhas, Asharfabad, hazratganj, Old Haiderganj, Purana Kila,Cantt. Road, Vidhan Sabha Marg, Model House, Station Road, Murli Nagar,Gokhley Marg, Madan Mohan Malviya Marg, Sapru Marg, Hussainganj, RanaPratap Marg, Shahnajaf Road, Narhi and Lalbagh

Range-IIINon Companies cases: Govt. salary (Employees of Central Govt, State Govt.,Local Bodies, Public Sector Undertakings)

CCIT,

LUCKNOW

CIT-I

LucknowCIT-II

Lucknow

CIT- TDS

Lucknow

CIT-

Faizabad

JURISDICATION OF CCIT LUCKNOWCIT-II LUCKNOW

Companies Cases Aminabad, Gwyne Road, KuchehriRoad, Golaganj, B. N. Road,Kaiserbagh, Nazirabad, YahiyaganNaka Hindola, Rakabganj, AishbaghPaper Mill Colony, Cantt., G. B. MarFatehganj, Charbagh, Ganeshganj,Guru Gobind Singh Marg, Lalkuan,Chhitwapur, Risaldar Park,Maqboolganj, Vidyant Road, BakshiTalab, Y. N. Sanyal Road, AshokNagar, Rajajipuram, Alambagh, KanRoad, Talkatora Road, Mawaiya,sarojini Nagar and Barabanki

Non Companies Cases:Aminabad, Gwyne Road, KuchehNazirabad & Barabanki and all trust

Non Companies Cases:Private/ Non Govt. Salary cases incl




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1. Residence

Residence in India CodeResident 01Non-Resident 02Resident but not ordinarily resident 03

2. Status

Status Code Status CodeIndividual 01 Association of persons

(AOP)

07

HUF 02 Association of persons(Trust)

08

HUF Which has at leastone member with totalincome of the previousyear exceeding themaximum amount notchargeable to tax

03 Body of individuals(BOI)

09

unregistered firm 04 Artificial juridical person 10

Registered firm/firm(other than the oneengaged in profession)

05 Co-operative Society 11

Registered firm/firmengaged in profession

06 Local authority 16

CODES FOR RESIDENCE AND STATUS

Sl No Purpose 01 Payment of INCO

companies and non c02 Deposit of TDS both

company deductee 03 Securities transaction

Wealth taxGift taxExpenditure/other taxEstate dutyInterest taxHotel receipts tax

04 Banking Cash Transa05 Fringe Benefits Tax

Letter of Acknowledgement of Dexceeding Rs. 1,000/-Affidavit Articles and Memorandum Deed of Partnership Dissolution of Partnership DdeeGeneral Agreement Supplementary partnership DeeIndemnity/Surety Bond General Power of Attorney Specific Power of Attorney

Undertaking Bank Guarantee

INCOME T

STAMP ACT as a lic




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Area PIN Area PIN

32 Bat. PAC 226008 Canal Colony 226001A N L Colony 226004 Chakganjaria 226002

A P Sabha 226001 Chandganj 226024

Adarsh Nagar 226005 Chandrawal 226002

Aishbagh 226004 Charbagh 226004

Alambagh 226005 Chaupatiyan 226003

Alamnagar 226017 CIMAP 226015

Aliganj Extension 226024 D M Road 226020

Aliganj 226024 D S Bazar 226002

Amausi Ad 226009 Daliganj 226020

Amausi 226008 Darul Safa 226001

Amberganj 226003 Diguria 226020

Aminabad Park 226018 Dilkusha 226002

Anandnagar 226005 Distt. Jail 226005

Arjunganj 226002 Ganesh Ganj 226018

Arya Nagar 226004 Gayrtinagar 226021

Barauna 226002 Ghaila 226020

Barha 226005 Ghazipur 226016

Basha 226026 Gokhley Marg 226001

Batha Sabauli 226021 Golaganj 226018

Behta 226026 Gomtinagar 226010

Benti 226005 Gomtinagar Vistar 226010

Bhadrukh 226002 Guramba 226026

Bhatgaon 226005 Gurdwara 226004Bijnaur 226002 H C Bench 226001

Birhana 226004 HAL 226016

Blunt Square 226004 Harauni 226005

C B Lines 226002 Hasanpur Keoli 226002

PIN CODES FOR LUCKNOW: Area P

Hasnain Market 2260

Husainabad 2260

Iim Mubarakpur 2260Ind.Area Sarojininagar 2260

Indira Nagar 2260

Indiranagar Sec-14 2260



Industrial Area 2260

Int Gaon 2260

Ismailganj 2260

Ashok Marg 2260

Kalyanpur 2260

Kharika 2260

L D A Colony 2260

Lalbagh 2260

Laulai 2260

Locomotive W Shop 2260

Lonikatra 2260

Chowk 2260

Lucknow G.P.O. 2260

M N Colony 2260

Madiyaon 2260Mahanagar 2260

R B Colony 2260

R G C Mill 2260

Maharishi Vidya Mandir 2260

Malesemau 2260

R P Line 2260

Manaknagar 2260




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Area PIN Area PIN

Rajendranagar 226004 Sujanpura 226005

Roberts Line 226002 Sunderbagh 226018

Saadatganj 226003 Thakurganj 226003Sadrauna 226008 Tirwa 226005Sanatan Dharam VidyaPeeth 226026 Topkhana Bazar 226002

Sant Market 226006 Triveni Nagar 226020

Sarai Mali Khan 226003 U I C Mill 226006

Sarfraj 226003 Ujariaon 226010

Sarojini Nagar 226008 Utrathia 226002Sarvoday Nagar 226016 Victoriaganj 226003

Sitapur Road, Sec-C 226021 Vikas Nagar 226022

Secretariat 226001 Wazirganj 226018

Shivaji Marg 226018 Yahiaganj 226003

Singar Nagar 226005 Zarda 226003

Years 8% 9% 10% 1

1 8699 8746 8792 82 4523 4569 4615 43 3134 3180 3227 3

4 2442 2489 2537 25 2028 2076 2125 26 1754 1803 1853 1

7 1559 1609 1661 18 1414 1466 1518 1

9 1302 1355 1408 1410 1214 1267 1322 1311 1142 1197 1252 13

12 1083 1139 1196 113 1034 1090 1148 1

14 992 1049 1109 115 956 1015 1075 1

Year 8.25% 9.25% 10.25%

1

1 8711 8757 8804 88

2 4535 4580 4627 463 3146 3192 3239 324 2454 2501 2549 25

5 2040 2088 2138 26 1766 1815 1866 19

7 1572 1622 1674 178 1427 1479 1531 159 1315 1368 1422 14

10 1227 1281 1336 1311 1156 1210 1267 13

12 1097 1153 1210 12

13 1048 1105 1163 1214 1006 1064 1124 115 971 1030 1090 1

EMI CHARTS MONTHLY R




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1. Income From salary (complete TDS circular 1/2010 with all details about tax rates deductio

,house property income )

2. Income Tax Calculator for Salaried Person Fy 2009-10

3. Taxable and non taxable allowance

1. List oftaxable and Non taxable allowance

2. Calculator forHouse rent allowance exemption.

3. Leave travel allowance/assistance/concession exemption (LTC/LTA)4. HRA & House loan both can be claimed at the same time

4. Valuation of perquisites

1. Valuation of perquisites New rule as on 18.12.2009

2. Valuation of Motor car perquisites

3. Valuation of concessional loan Interest

4. Valuation ofrent free House accommodation Furnished /unfurnished

5. Valuation ofMedical reimbursement facility

6. Pick up & drop facility from home to office and Back

7. Petrol reimbursement charges valuation.

8. Inequity in new valuation rules9. Tax paid on perquisites u/s 192(1A) tax treatment and etds return

5. Leave salary exemption calculation

6. Deduction of profession tax .

1. Deduction ofprofession tax under section 16(iii)

7. Deduction Available to Individuals

1. Deduction under section 80 C

1. savings in whose name can be done

2. Life Insurance Policy

1. Life Insurance premium on wife policy

2. Life insurance FAQ3. Life Insurance Policy new Direct tax Code

4. ULIP(lint linked insurance Plan )

3. Mutual Funds

1. Why should Invest in Mutual funds

2. Mutual fund Faq

3. Mutual Funds Your rights

4. How to invest In Mutual funds.

5. How Much You should Invest in Mutual funds

6. Types of Mutual funds

4. Tuition fees5. house loan and section 80C

6. 80 C benefit is to be reversed if House sold before 5 years

2. Deduction under section 80D

3. Deduction under 80DDB

4. Deduction u/s 80E Higer Education Loan

5. Deduction under section 80GG (house rent paid where no hra received)
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8. Relief under section 89(1) salary in arrears and advance calculator.

9. Income Tax Return

1. How to Fill ITR-1

2. How To Fill -ITR-2

3. which ITR form You should Fill

10. Form 16 & 16A rules and issue and forms in Excel

11. Salary Allowances Tax issue -Direct Tax Code12. House Property Adjustment of Let Out House/Self occupied house is available while calculatin

TDS under section 192
http://www.simpletaxindia.org/2010/01/relief-under-891-salary-arrear-advance.htmlhttp://www.simpletaxindia.org/2010/01/relief-under-891-salary-arrear-advance.htmlhttp://www.simpletaxindia.org/2009/02/how-to-fill-itr-1-ppt.htmlhttp://www.simpletaxindia.org/2009/02/dear-friends-after-sucessful-post-of.htmlhttp://www.simpletaxindia.org/2009/04/which-itr-form-is-applicable-on-my.htmlhttp://www.simpletaxindia.org/2009/03/new-form-16-and-form-16-excel-provision.htmlhttp://www.simpletaxindia.org/2009/08/salaryallowancesperks-direct-tax-code.htmlhttp://www.simpletaxindia.org/2010/02/employer-can-adj-loss-on-let-out-house.htmlhttp://www.simpletaxindia.org/2010/02/employer-can-adj-loss-on-let-out-house.htmlhttp://www.simpletaxindia.org/2010/01/relief-under-891-salary-arrear-advance.htmlhttp://www.simpletaxindia.org/2009/02/how-to-fill-itr-1-ppt.htmlhttp://www.simpletaxindia.org/2009/02/dear-friends-after-sucessful-post-of.htmlhttp://www.simpletaxindia.org/2009/04/which-itr-form-is-applicable-on-my.htmlhttp://www.simpletaxindia.org/2009/03/new-form-16-and-form-16-excel-provision.htmlhttp://www.simpletaxindia.org/2009/08/salaryallowancesperks-direct-tax-code.htmlhttp://www.simpletaxindia.org/2010/02/employer-can-adj-loss-on-let-out-house.htmlhttp://www.simpletaxindia.org/2010/02/employer-can-adj-loss-on-let-out-house.html


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ALL ABOUT TDS

1. A list of posts regarding TDS and Etds return is given below.If You have query then put it in

comment section.

2. TDS RATES

1. TDS(Tax Deducted at source) RATES from 01.04.2009 to 30.09.2009 (FY 2009-10) an

from 01.10.2010

2. TCS (Tax Collected at source)RATES from 01.04.2009 (FY 2009-10)

3. TDS calculator from 01.10.2010

4. Higher (20 %)TDS rate without pan From 01.04.2010

5. Nil TDS on Transport Contractor.

6. TDS rate applicable from 01.04.2009 -FAQ

7. No Surcharge and Cess on payment to residents in case of TDS

3. TDS on Job work(194C)

4. TDS on Cold Storage (194C clarification)5. TDS on salaries Complete circular(192)

6. TDS on payment to travel Agent(194C)

7. TDS on Rent without service tax(194 I)(clarification 4/2008)

8. Tds on Professional service (194J) including service tax (clarification)

9. TDS on Taxi Charge covered under 194C (contractor)or 194 I(rent)

10.

Payment Of TDS

1.Do and Dont's Tax deposit of Taxes2. E-payment of TDS mandatory from 01.04.2008

3. E-Payment Auto Filler for Tds Challan

4. E-Payment From Other Banks Account Allowed

5. TDS challan ITNS 281 In excel &

6. How to Fill TDS CHALLAN-ITNS 281

7. How To pay Income Tax/Tds Online FAQ

8. Deposit Tax On line Through ATM-Corporation bank

9. Cheque deposited Before due date and cleared after due date

10. Challan Tender date and Clearing Date

11. Know Challan Details By SMS12. what is OLTAS(on line Tax accounting system)

13. What is TIN (tax information system)

14.

ETDS -ETCS Return

1. Download ETDS return Free software (applicable from 01.10.2009 latest FVU and RPU)
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2. Due dates for filling ETDS-ETCS returns

3. Inconsistencies In ETDS return and solution

4. NIL TDS return Not mandatory

5. Inconsistencies in ETDS return PPT

6. Know Deductee PAN and verify pan to avoid correction return

7. One challan relate to two quarter -How to prepare ETDS return

8. ETDS return -Faq(updated 2008)9. TAN -FAQ(updated 2008)

10. ETDS return -Less than 90/95 % pan Solution

11. ETDS 24Q ,Quarter 4 How to fill

12. Employee working part of the Year -How to Fill Form 24Q q4

13. Less TDS Deducted Deposited later :How to fill Etds Return

14. Correct Pan But wrong Name :Impact on ETDS return

15. Tax On perquisites paid by employer:How to show in tds return

16. On line TAN registration mandatory to view Etds return status

17. ETDS return how to fill :where Interest Is deposited in the challan

Penalty on Non Deposit Of TDS

1. Dis allowance of Expense for non deposit of TDS -Section 40(a)(ia)

2. Penalty on Late deposit of TDS

3.

TDS Certificate Form 16 and 16A

1. Provisions relating form 16 and Form 16A

View Your Tax deducted at source (TDS) /TCS ,Advance Tax ,Self assessment tax and Refunds

Online

Register for Form 26AS (pan Login) FAQ and procedure

E BOOK

1. E book On TDS (other than salary updated Finance Act 2008)

Budget 2010
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SERVICE TAX

1. SERVICE TAX RENTING OF IMMOVABLE PROPERTY-BUDGET 20102. SERVICE TAX - CHANGES MADE BY THE FINANCE BILL, 20103. SCOPE OF SERVICE WIDENED-ENLARGED-AMENDED-SERVICE TAX4. NEW SERVICE IN SERVICE TAX NET-BUDGET 20105. NEW SERVICE TAX EXEMPTIONS-BUDGET 2010

INCOME TAX

1. INCOME TAX CALCULATOR AFTER BUDGET 2010 FY 2010-11 AY 2011-122. NEW TDS RATE AFTER BUDGET 2010 -CUT OFF LIMIT CHANGES3. TOP NEWS HIGHLIGHTS OF INCOME TAX BUDGET 2010 BY CA DAVINDER JAIN4. NEW TAX RATE OF INCOME TAX BUDGET 20105. TDS CERTIFICATE FORM 16,FORM 16A AND TCS CERTIFICATE PHASE OUT

PLAN CANCELLED6. TAX AUDIT LIMIT 44AB ENHANCED 40 LAKH TO 60 LAKH ,10 LAKH TO 15 LAKH7. INTEREST RATE ON LATE DEPOSIT OF TDS INCREASED

8. DIS ALLOWANCE FOR NON DEDUCTION /DEPOSIT OF TDS 40(a)(ia) TIME LIMIT EXTENDE9. WEIGHTED DEDUCTION ON PAYMENT TO INSTITUTES FOR SCIENTIFIC RESEARCH10. WEIGHTED DEDUCTION ON EXPENDITURE FOR RESEARCH11.

GENERALWHAT IS CHEAPER AND WHAT IS DEARER-BUDGET 2010BUDGET HIGHLIGHTS DIRECT TAX /INDIRECT TAXPAY MORE FOR PETROL AND DIESEL- HIKE IN PETROL PRICES

DOWNLOAD

DOWNLOAD COMPLETE FINANCE BILL WITH BUDGET SPEECH ,

MEMORANDUM ,NOTES, ANNEXURE (ZIP-650kb)
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Capital Gain

1. Capital Gain index 1981-2010

2. Exemption on capital Gain Tax

1. Exemption on Purchase/construction of New house on Long term Capital gain U/s 54

2. Exemption on Purchase of agriculture Land u/s 54B

3. Exemption on purchase of Capital gain bonds from REC /NABARD section 54EC4. Exemption of purchase/construction of new house u/s 54F

5. Section 54B,54EC,54F combined can be claimed

3. Section 54 F is available even you already have another house

4. Section 54EC How you can save one crore instead of 50 Lakhs

5. Indexation benefit for gifted asset from year of acquisition by previous owner

6. Capital Gain tax and repayment of Loan

7. Free e book on calculation of capital gain tax

8. Capital Gain on Sale of Agriculture Land

9. Save capital gain tax Vs investment in Capital gain tax bonds

10. Forfeit advance in sale ofhouse how to calculate capital gain

11. House loan repayment is also Eligible under section 54,54F etc subject to Normal time Limit

Given in the setion

12. Subsidy from NABARD how to treat in books of accounts

13. Long term capital Gain,advance payment,possession,registration relation

14. Income from Shares -How to calculate Capital Gain

15. Save Long Term capital Gain from Loss from shares Loss

16. House Sold Before 5 years :Section 80 C benefit will be reversed
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Income Tax Ready Recknor 2010-11

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