INCOME TAX ACT COMPLIANCE CHECKLIST

Income tax rates for the financial year 2011-2012:For Indian individual persons (Men/HUF) having age less than 60 Income from all sources in Rs. 0 to 180000 180001 to 500000 500001 to 800000 800001 and above Income tax rate ( Percentage ) 0 10 20 30 Applicable Education cess on Income tax ( percentage ) 0 3 3 3 Effective tax rate

0 10.3 20.6 30.9

For Indian individual women having age less than 60 Income from all sources in Rs. 0 to 190000 190001 to 500000 500001 to 800000 800001 and above Income tax rate ( Percentage ) 0 10 20 30 Applicable Education cess on Income tax ( percentage ) 0 3 3 3 Effective tax rate

0 10.3 20.6 30.9

For Indian individual persons having age more than 60 and less than 80 (Senior citizens) Income from all sources in Rs. 0 to 250000 250001 to 500000 500001 to 800000 800001 and above Income tax rate ( Percentage ) 0 10 20 30 Applicable Education cess on Income tax ( percentage ) 0 3 3 3 Effective tax rate

0 10.3 20.6 30.9

For Indian individual persons having age more than 80 (Very Senior citizens) Income from all sources in Rs. 0 to 500000 500001 to 800000 800001 and abov Income tax rate ( Percentage ) 0 20 30 Applicable Education cess on Income tax ( percentage ) 0 3 3 Effective tax rate

0 20.6 30.9

For Local Authorities Local Authorities are taxable @ 30 percent. Surcharge is not applicable. Education cess is applicable @ 3 percent on income-tax.

For Firms [(including Limited Liability Partnership (LLP)] Firms (including LLP) are taxable @ 30 percent. Surcharge is not applicable whereas education cess is applicable @ 3 percent on income-tax. For Domestic Companies Domestic companies are taxable @ 30 percent. Special method for computation of total income for insurance companies. The rate of tax profits from life insurance business is 12.5 percent Surcharge is applicable @ 5 percent if total income is in excess of INR 10,000,000. Marginal relief may be available. Education cess is applicable @ 3 percent on income-tax (inclusive of surcharge, if any). For Foreign Companies Foreign companies are taxable @ 40 percent. Surcharge is applicable @ 2.5 percent if total income is in excess of INR 10,000,000.Marginal relief may be available. Education cess is applicable @ 3 percent on income-tax (inclusive of surcharge, if any). Minimum Alternate Tax Minimum Alternate Tax (MAT) is levied @ 18 percent of the adjusted book profits in the case of those companies where income-tax payable on the taxable income according to the normal provisions of the Income-tax Act, 1961 (the Act), is less than 18 percent of the adjusted book profits. MAT credit is available for 10 years Surcharge is applicable @ 5 percent in the case of domestic companies if the adjusted book profits are in excess of INR 10,000,000. Marginal relief may be available Education cess is applicable @ 3 percent on income-tax (inclusive of surcharge, if any). Wealth Tax Wealth tax is imposed @ 1 percent on the value of specified assets held by the taxpayer on the valuation date (31 March) in excess of the basic exemption of INR 3,000,000.

TDS RATE FOR FINANCIAL YEAR 2011-12 (ASSESSMENT YEAR 12-13) Section 193 194 Nature of Payment in brief Interest on Securities Deemed dividend Cut Off Amount 30.06.2010 01.07.2010 Rate % HUF/IND Others 10 10 10 10

194A 194A 194B 194BB 194C(1) 194C(2) 194D 194EE 194F 194G 194H 194I

194J

194LA

Interest other than Int on securities (by Bank) Interest other than Int. on securities (By others) Lottery / Cross Word Puzzle Winnings from Horse Race Contracts Sub-contracts/ Advertisements Insurance Commission Payments out of deposits under NSS Repurchase of units by MF/UTI Commission on sale of lottery tickets Commission or Brokerage Rent (Land & building) Rent (P & M , Equipment, furniture & fittings) Professional/Technical charges/Royalty & Non-compete fees Compensation on acquisition of immovable property

10000 5000 5000 2500 20000 20000 5000 2500 1000 1000 2500 120000 120000 20000

10000 5000 10000 5000 30000 30000 20000 2500 1000 1000 5000 180000 180000 30000

10 10 30 30 1 1 10 20 20 10 10 10 2 10

10 10 30 30 2 2 10 20 10 10 10 2 10

100000

100000

10

10

TCS Rates for the FY 2011-12 The Tax Collection at Source Rates for the Financial Year 2011-12 is tabulated below: Sl.No. 1. 2. 3. 4. 5. 6. 7. 8. 9. Nature of Goods Alcoholic liquor for human Consumption Tendu leaves Timber obtained under forest lease Timber obtained by any mode other than a forest lease Any other forest produce not being timber or tendu leaves Scrap Parking lot Toll plaza Mining & Quarrying Rates in % 1 5 2.5 2.5 2.5 1 2 2 2

No Education Cess on payment made to residentEducation Cess is not deductible / collectible at source in case of resident Individual/HUF /Firm/ AOP/ BOI/ Domestic Company in respect of payment of income other than salary. Education Cess @ 2% plus secondary & Higher Education Cess @ 1% is deductible at source in case of non-residents and foreign company.

Surcharge on Income-tax Surcharge on Income-tax is not deductible / collectible at source in case of individual/ HUF /Firm/ AOP / BOI/Domestic Company in respect of payment of income other than salary. Due date for furnishing TDS return for the last quarter of the financial year has been modified to 15th May (from earlier 15th June). The revised due dates for furnishing TDS return are Sl. No. 1. 2. 3. 4. Date of ending of the quarter of the financial year 30th June 30th September 31st December 31st March Due date 15th July of the financial year 15th October of the financial year 15th January of the financial year 15th May of the financial year immediately following the financial year in which deduction is made

Due date for furnishing TDS certificate to the employee or deductee or payee is revised as under : Sl. Category No. 1. Salary No.16) Periodicity of furnishing TDS certificate (Form Annual

Due date By 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted Within fifteen days from the due date for furnishing the statement of TDS

2.

NonSalary(Form No.16A)

Quarterly

Due Date for Payment of March 2011 -The time limit for deposit of TDS for the entire month of March is rationalized to 30 April instead of two separate time limits viz. 7 April for TDS up to 30 March and 31 May for TDS as of 31 March. Questions 1) Rate on TDS / TCS? 2) Amount upto which exemption is given under sections 193 to 194LA in respect of TDS and TCS? 3) What are the due dates for furnishing TDS return?

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