Rates of TDS for the Financial Year 2010-2011

0 comments Monday, June 6, 2011


Section
Particulars
TDS
Threshold Limit
Surcharge and Education Cess
192
 Salary
Normal Rate
As per normal computation of income
1.      Surcharge:
No Surcharge on TDS in case of payment is made to Resident or Domestic Company
No Surcharge on TDS in case of payment is made to Non Resident other than Foreign Company
2.5% Surcharge on TDS if the recipient is a foreign company and amount exceeds Rs. 1 Crore.
2.      Education Cess
No EC or SHEC on TDS in case of payment is made to Resident or Domestic Company [Other than Salary]
3% EC and SHEC (2% + 1%) on TDS in case of Salary
3% EC and SHEC (2% + 1%) on TDS in case of payment is made to Non Resident
193
 Interest on Specified Securities
10%
 Rs. 2,500 in case of Listed Debentures
Rs. 10,000 in case of 8% Savings (Taxable) Bonds, 2003,
Rs. 10,000 in case of 6½ per cent Gold Bonds, 1977, or 7 per cent Gold Bonds, 1980, where the Bonds are held by an individual not being a non-resident, and the holder thereof makes a declaration in writing before the person responsible for paying the interest that the total nominal value of the 6½ per cent Gold Bonds, 1977, or, as the case may be, the 7 per cent Gold Bonds, 1980
No TDS on certain specified securities
193
 Interest other Securities
10%
194
 Dividend       (Deemed)
10%
 Rs. 2,500
194
 Dividend (Other)
Nil
194A
 Interest other than interest on security
10%
 (a) Rs. 10,000/- where the payer is a banking company
(b) Rs. 10,000/- where the payer is a co-operative society engaged in carrying on the business of banking;
(c) Rs. 10,000/- on any deposit with post office under any scheme framed by the Central Government and notified by it in this behalf; and
(d) Rs. 5,000/- in any other case
194B
 Winning from Lotteries
30%
 Rs. 5,000 - upto 30.6.2010
Rs. 10,000 - w.e.f. 1.7.2010
194BB
 Winning for horse race
30%
 Rs. 2,500- upto 30.6.2010
Rs. 5,000 - w.e.f. 1.7.2010
194C
 Payment to Individuals and HUF
1%
 Rs. 20,000 per single contract or Rs. 50,000 in aggregate during the Finance Year - upto 30.6.2010
Rs. 30,000 per single contract or Rs. 75,000 in aggregate during the Finance Year - w.e.f. 1.7.2010
No TDS on GTA if PAN number of the GTA is available
194C
 Payment to other contractors
2%
 Rs. 20,000 per single contract or Rs. 50,000 in aggregate during the Finance Year - upto 30.6.2010
Rs. 30,000 per single contract or Rs. 75,000 in aggregate during the Finance Year - w.e.f. 1.7.2010
No TDS on GTA if PAN number of the GTA is available
194D
 Insurance Commission
10%
 Rs. 5,000- upto 30.6.2010
Rs. 20,000 - w.e.f. 1.7.2010
194E
 Payment to a non-resident sportsman or association
10%
 -
194EE
 Payment for National Saving Scheme, 1987
20%
 -
194F
 Payment for repurchase of units
20%
 -
194G
 Commission on sale of lottery ticket
10%
 Rs. 1,000
194H
 Commission or Brokerage
10%
 Rs. 2,500- upto 30.6.2010
Rs. 5,000 - w.e.f. 1.7.2010
194I
 Rent on land, building or furniture
10%
 Rs. 1,20,000- upto 30.6.2010
Rs. 1,80,000 - w.e.f. 1.7.2010
194I
 Rent on plant, machinery or equipment
2%
 Rs. 1,20,000- upto 30.6.2010
Rs. 1,80,000 - w.e.f. 1.7.2010
194J
 Fees for Professional/Technical services
10%
 Rs. 20,000- upto 30.6.2010
Rs. 30,000 - w.e.f. 1.7.2010
194LA
 Compensation to a resident on acquisition of certain immovable property
10%
 Rs. 1,00,000

1.    Self Declaration - Tax (TDS) is not deductible under section 193, 194, 194A, 194EE or 194K if the recipient makes a declaration in Form 15G / 15H under the provisions of section 197A. But, the person seeking to furnish Form 15G / 15H must have PAN number on or after 1.4.2010
2.   Certificate from AO - Under Section 197 - A person can apply to AO and seek a certificate in Form 13 for no deduction of TDS or deduction of TDS at lower rates under sections192, 193, 194, 194A, 194C, 194D, 194G, 194H[, 194-I, 194J, 194K, 194LA and 195.
2. In case PAN of the deductee is not available than TDS rate will be 20%

Share |

Read On

Income Tax Rates for Individuals, HUF

0 comments

Rates of Income Tax as applicable to Individuals, Hindu Undivided Families (HUF) and Artificial Jurisdictional Person:

Rates For the Assessment Year 2011-2012

Net Income Range Income Tax Rates Tax
Upto Rs. 1,60,000 Nil Nil
Rs. 1,60,000 - Rs. 5,00,000 10% 10% of total income minus Rs. 1,60,000 See Notes
Rs. 5,00,000 - Rs. 8,00,000 20% Rs. 34,000 + 20% of total income minus Rs. 5,00,000 --do--
Above 8,00,000 30% Rs. 94,000 + 30% of total income minus Rs. 8,00,000 --do--
Special Rates for Resident Women (who is below 65 years at any time during the previous year)
Net Income Range Income Tax Rates Tax
Upto Rs. 1,90,000 Nil Nil
Rs. 1,90,000 - Rs. 5,00,000 10% 10% of total income minus Rs. 1,90,000 See Notes
Rs. 5,00,000 - Rs. 8,00,000 20% Rs. 31,000 + 20% of total income minus Rs. 5,00,000 --do--
Above 8,00,000 30% Rs. 91,000 + 30% of total income minus Rs. 8,00,000 --do--
Special Rates for Resident Senior Citizen (who is 65 years or more at any time during the previous year)
Net Income Range Income Tax Rates Tax
Upto Rs. 2,40,000 Nil Nil
Rs. 2,40,000 - Rs. 5,00,000 10% 10% of total income minus Rs. 2,40,000 See Notes
Rs. 5,00,000 - Rs. 8,00,000 20% Rs. 26,000 + 20% of total income minus Rs. 5,00,000 --do--
Above 8,00,000 30% Rs. 86,000 + 30% of total income minus Rs. 8,00,000 --do--
Notes for the Assessment Year 2011-2012
Note 1: - Add Surcharge - Nil
Note 2: - Add Education Cess - E. Cess is 2% of Income Tax
Note 2: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax 



Rates For the Assessment Year 2010-2011

Net Income Range Income Tax Rates Tax
Upto Rs. 1,60,000 Nil Nil
Rs. 1,60,000 - Rs. 3,00,000 10% 10% of total income minus Rs. 1,60,000 See Notes
Rs. 3,00,000 - Rs. 5,00,000 20% Rs. 14,000 + 20% of total income minus Rs. 3,00,000 --do--
Above 5,00,000 30% Rs. 54,000 + 30% of total income minus Rs. 5,00,000 --do--
Special Rates for Resident Women (who is below 65 years at any time during the previous year)
Net Income Range Income Tax Rates Tax
Upto Rs. 1,90,000 Nil Nil
Rs. 1,90,000 - Rs. 3,00,000 10% 10% of total income minus Rs. 1,90,000 See Notes
Rs. 3,00,000 - Rs. 5,00,000 20% Rs. 11,000 + 20% of total income minus Rs. 3,00,000 --do--
Above 5,00,000 30% Rs. 51,000 + 30% of total income minus Rs. 5,00,000 --do--
Special Rates for Resident Senior Citizen (who is 65 years or more at any time during the previous year)
Net Income Range Income Tax Rates Tax
Upto Rs. 2,40,000 Nil Nil
Rs. 2,40,000 - Rs. 3,00,000 10% 10% of total income minus Rs. 2,40,000 See Notes
Rs. 3,00,000 - Rs. 5,00,000 20% Rs. 6,000 + 20% of total income minus Rs. 3,00,000 --do--
Above 5,00,000 30% Rs. 46,000 + 30% of total income minus Rs. 5,00,000 --do--
Notes for the Assessment Year 2010-2011
Note 1: - Add Surcharge - Nil
Note 2: - Add Education Cess - E. Cess is 2% of Income Tax (rebate u/s 88E is not deductible)
Note 2: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax (rebate u/s 88E is not deductible )


 Income Tax Rates for Firms

Rates for the Assessment Year 2011-2012

Rate of Tax is 30% for the Assessment Year 2010-2011
Notes for the Assessment Year 2011-2012.
Note 1: - Add Surcharge - Nil
Note 2: - Add Education Cess - E. Cess is 2% of Income Tax
Note 3: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax

 Rates for the Assessment Year 2010-2011

Rate of Tax is 30% for the Assessment Year 2009-2010
Notes for the Assessment Year 2010-2011
Note 1: - Add Surcharge - Nil
Note 2: - Add Education Cess - E. Cess is 2% of Income Tax (Rebate u/s 88E is not available w.e.f. AY 2009-2010)
Note 3: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax (Rebate u/s 88E is not available w.e.f. AY 2009-2010)



Income Tax Rates for Companies

Rates For the Assessment Year 2011-2012

Company Rate of Income Tax
In case of domestic company 30%
In case of foreign Company
- Royalty received from Government or an Indian Concern in pursuance of an agreement made by it with the Indian concern after March 31, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made by it after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by central Government 50%
- Other Income 40%
Notes for the Assessment Year 2011-2012
Note 1: - Add Surcharge - Surcharge is 7.5% of income-tax and in case of domestic companies and 2.5% in case of foreign companies if net income exceeds Rs.1crore in either case.
Surcharge is subject to marginal Relief.
Note 2: - Add Education Cess - E. Cess is 2% of Income Tax plus surcharge
Note 2: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax plus surcharge

Minimum Alternate Tax for the Assessment Year 2011-2012
Company Rate of Minimum Alternate Tax
In case of domestic company 18% of book profit
In case of foreign Company 18% of book profit
Notes for the Assessment Year 2011-2012
Note 1: - Add Surcharge - Surcharge is 7.5% of income-tax and in case of domestic companies and 2.5% in case of foreign companies if net income exceeds Rs.1crore in either case.
Surcharge is subject to marginal Relief.
Note 2: - Add Education Cess - E. Cess is 2% of Income Tax plus surcharge
Note 2: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax plus surcharge


 Rates For the Assessment Year 2010-2011

Company Rate of Income Tax
In case of domestic company 30%
In case of foreign Company
- Royalty received from Government or an Indian Concern in pursuance of an agreement made by it with the Indian concern after March 31, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made by it after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by central Government 50%
- Other Income 40%
Notes for the Assessment Year 2010-2011
Note 1: - Add Surcharge - Surcharge is 10% of income-tax (Rebate u/s 88E is not available w.e.f. AY 2009-10) and in case of domestic companies and 2.5% in case of foreign companies if net income exceeds Rs. 1 crore in either case.
Surcharge is subject to marginal Relief.
Note 2: - Add Education Cess - E. Cess is 2% of Income Tax (Rebate u/s 88E is not available w.e.f. AY 2009-10) plus surcharge
Note 2: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax (Rebate u/s 88E is not available w.e.f. AY 2009-10) plus surcharge

Minimum Alternate Tax for the Assessment Year 2010-2011
Company Rate of Minimum Alternate Tax
In case of domestic company 15% of book profit
In case of foreign Company 15% of book profit
Notes for the Assessment Year 2010-2011
Note 1: - Add Surcharge - Surcharge is 10% of income-tax (Rebate u/s 88E is not available w.e.f. AY 2009-10) and in case of domestic companies and 2.5% in case of foreign companies if net income exceeds Rs. 1 crore in either case.
Surcharge is subject to marginal Relief.
Note 2: - Add Education Cess - E. Cess is 2% of Income Tax (Rebate u/s 88E is not available w.e.f. AY 2009-10) plus surcharge
Note 2: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax (Rebate u/s 88E is not available w.e.f. AY 2009-10) plus surcharge


Income Tax Rates for Co-operative Societies

Rates For the Assessment Year 2011-2012

NetIncomeRange Rate of Tax
Up to Rs. 10,000 10%
Rs. 10,000 - Rs. 20,000 20%
Rs. 20,000 and above 30%
Notes for the Assessment Year 2010-2011
Note 1: - Add Education Cess - E. Cess is 2% of Income Tax
Note 2: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax


Rates For the Assessment Year 2010-2011

Net Income Range Rate of Tax
Up to Rs. 10,000 10%
Rs. 10,000 - Rs. 20,000 20%
Rs. 20,000 and above 30%
Notes for the Assessment Year 2010-2011
Note 1: - Surcharge - Nil
Note 2: - Add Education Cess - E. Cess is 2% of Income Tax (Rebate u/s 88E is not available w.e.f. AY 2009-10)
Note 2: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax (Rebate u/s 88E is not available w.e.f. AY 2009-10)



Income Tax Rates for AOP, BOI


Sr. No.
Section
Income
Rate of Income Tax
1
67B(1)
Where the individual shares of the members of an association of persons or body of individuals (other than a company or a co-operative society or a society registered under the Societies Registration Act, 1860 (21 of 1860) or under any law corresponding to that Act in force in any part of India) in the whole or any part of the income of such association or body are indeterminate or unknown
30%
(Maximum Marginal Rate)
3
67B(1)
where the total income of any member of such association or body is chargeable to tax at a rate which is higher than the maximum marginal rate.
Such higher rate
4
67B(2)
the total income of any member for the previous year (excluding his share from such association or body) exceeds the maximum amount which is not chargeable to tax in the case of that member under the Finance Act of the relevant year.
30%
(Maximum Marginal Rate)
5
67B(2)
any member or members thereof is or are chargeable to tax at a rate or rates which is or are higher than the maximum marginal rate, tax shall be charged on that
portion or portions of the total income of the association or body which is or are relatable to the share or shares of such member or members at such higher rate or rates, as the case may be, and the balance of the total income of the association or body shall be taxed at the maximum marginal rate.
6

Any other Case
Normal Rate of Income Tax as applicable to Individual

Note: - Surcharge,  Education Cess  and Secondary and Higher Education Cess are applicable in the same manner as applicable to Individual / HUF



Income Tax Rates for Trusts

Generally Income of a Trust is taxed in the same manner as taxed in the hands of a resident Individual.

However, in certain specific cases, taxes are applicable at the following rates:


Sr. No.
Section
Income
Rate of Income Tax
1
161(1A)
Private Trust - Income includes Profit and gains from business
30% (Maximum Marginal Rate)
2
161(1)
Private Trust - Income does not include Profit and gains from business and shares are determinate or known
Rates as applicable to each beneficiary
3
164
Private Trust - Income of Private discretionary trust where shares of beneficiaries are indeterminate
30% (Maximum Marginal Rate)
4
164A
Income of a Oral Trust
30% (Maximum Marginal Rate)
5
164(2)
Public Trust – If income is not exempted u/s 11
Taxable as AOP
6
164(2)
Public Trust – If exemption is forfeited due to contravention u/s 13
30% (Maximum Marginal Rate)


Note: - Surcharge,  Education Cess  and Secondary and Higher Education Cess are applicable in the same manner as applicable to Individual / AOP as the case may be



Income Tax Rates for Some Specific Cases

For the Assessment Year 2011-2012

Sr. No. Section Income Rate of Income Tax
1 111A Short Term Capital Gain from an asset being an equity share in a company or a unit of an equity oriented fund subject to STT 10%
2 112 Long Term Capital Gain
[Other than an asset being an equity share in a company or a unit of an equity oriented fund subject to STT  - Sec. 10(38)]		 20%
3 115B Profits and Gains of Life Insurance Business 12.5%
4 115BB Winning from lotteries, crossword puzzles, or race including horse race (not being income from activity of owning and maintaining race hose) or card game and other game of any sort or from gambling or betting of any form or nature 30%
5 115BBC Anonymous Donation received in excess of the higher of the following, namely:—
               (A) five per cent of the total donations received by the assessee, or
               (B) one lakh rupees; 		30%
Note 1: - Add Surcharge -
Rate of Surcharge is Nil in the following cases:
a.       If the taxpayer is an Individual / HUF/ BOI/ AOP
b.      If the taxpayer is firm
c.       If the taxpayer is company (domestic or non-domestic company) and net income does not exceed Rs. 1 crore.
d.      If the taxpayer is a co-operative or local authority.
Rate of Surcharge will be 7.5% in the following cases:
a.      If the taxpayer is a domestic company and net income exceeds Rs.1crore.
b.       In case of section 115JB - MAT - if book profit exceeds Rs.1crore.
c.       In the cases attracting sections 161(1A), 164, 164A and 167B - surcharge is applicable irrespective of income.
Rate of Surcharge will be 2.5% in the following cases:
a.       If the taxpayer is non-domestic company and net income exceeds Rs.1crore.
Surcharge is subject to marginal Relief.
Note 2: - Add Education Cess - E. Cess is 2% of Income Tax (rebate u/s 88E is not deductible) plus surcharge
Note 3: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax (rebate u/s 88E is not deductible ) plus surcharge

For the Assessment Year 2010-2011

Sr. No. Section Income Rate of Income Tax
1 111A Short Term Capital Gain from an asset being an equity share in a company or a unit of an equity oriented fund subject to STT 10%
2 112 Long Term Capital Gain
[Other than an asset being an equity share in a company or a unit of an equity oriented fund subject to STT  - Sec. 10(38)]		 20%
3 115B Profits and Gains of Life Insurance Business 12.5%
4 115BB Winning from lotteries, crossword puzzles, or race including horse race (not being income from activity of owning and maintaining race hose) or card game and other game of any sort or from gambling or betting of any form or nature 30%
5 115BBC Anonymous Donation received in excess of the higher of the following, namely:—
               (A) five per cent of the total donations received by the assessee, or
               (B) one lakh rupees; 		30%
Note 1: - Add Surcharge -
Rate of Surcharge is Nil in the following cases:
a.       If the taxpayer is an Individual / HUF/ BOI/ AOP
b.      If the taxpayer is firm
c.       If the taxpayer is company (domestic or non-domestic company) and net income does not exceed Rs. 1 crore.
d.      If the taxpayer is a co-operative or local authority.
Rate of Surcharge will be 10% in the following cases:
a.      If the taxpayer is a domestic company and net income exceeds Rs. 1 crore.
b.       In case of section 115JB - MAT - if book profit exceeds Rs. 1 crore.
c.       In the cases attracting sections 161(1A), 164, 164A and 167B - surcharge is applicable irrespective of income.
Rate of Surcharge will be 2.5% in the following cases:
a.       If the taxpayer is non-domestic company and net income exceeds Rs. 1 crore.
Surcharge is subject to marginal Relief.
Note 2: - Add Education Cess - E. Cess is 2% of Income Tax (rebate u/s 88E is not deductible) plus surcharge
Note 3: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax (rebate u/s 88E is not deductible ) plus surcharge



Share |

Read On

Oil companies in Punjab exempted from payment of entry tax on Diesel in Punjab

0 comments
Punjab Government has exempted oil companies from payment of entry tax on diesel brought in the State of Punjab w.e.f 13-05-2011. The relevant notifiaction is produced herebelow:  
GOVERNMENT OF PUNJAB
                              DEPARTMENT OF EXCISE AND TAXATION

Read On

If income for which reasons are recorded to issue notice u/s 148, is not assessed then other income also cannot be assessed.

0 comments
Delhi High Court in an important case namely Ranbaxy Laboratories Ltd V CIT has held that if the AO doesnot assess the income for which reasons were recorded while issuing notice u/s 148 for escaped assessment then other income cannot be taxed.

Before understanding the judgement one should know that notice u/s 148 is issued for reassessment of income that has escaped assessment in the regular assessment proceedings. Notice u/s 148 is issued after recording reasons and the assessee has the right to ask for reasons recorded in writing before replying the notice u/s 148. (Read article on reassessment)

Read On

Supreme Court questions Govt. on police action taken on Baba Ramdev-notice issued to file reply

0 comments
The Supreme Court on Monday issued notice to the government on eviction of Baba Ramdev from the Ramlila ground. Taking suomoto cognizance of Baba's eviction by the government the apex court gave the government two-week notice to respond.

An advocate on Sunday approached the Supreme Court seeking a direction to the government to issue a white paper on the entire episode leading to the eviction of yoga guru Ramdev and the alleged barbaric police action early today against his followers at the Ramlila Grounds.

The petition filed by Ajay Agarwal said in the white paper the government should explain the entire sequence of events, details of negotiations and the so-called deal between the government and Ramdev.
Read On
Subscribe to: Posts ( Atom )