Professional Tax

DEFINITION

FORMS

An Act to provide for the levy & collection of tax on professionals , trade callings & employment in the state. Came into force in 1976

Annual Return

Monthly Return

FORM 5

FORM 5 A

DOWNLOAD FORM

http://ctax.kar.nic.in /prof_forms.htm

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PT

SLAB

DATE OF PAYMENT

Amount Less than 3000 3000 - 5000 5000 - 8000 8000 - 10000 10000 - 15000 More than 15000

Tax Nil 30 60 100 150 200

15th of succeeding month + additional 5 days grace

ding month +

Provident Fund

DEFINITION

"Employee" as defined in Section 2(f) of the Act means any person who is employee for wages in any kind of work manual or otherwise, in or in connection with the work of an establishment and who gets wages directly or indirectly from the employer and includes any person employed by or through a contractor in or in connection with the work of the establishment. Basic Wages" means all emoluments which are earned by employee while on duty or on leave or holiday with wages in either case in accordance with the terms of the contract of employment and witch are paid or payable in cash, but dose not include (A) The cash value of any food concession; (B) Any dearness allowance (that is to say, all cash payment by whatever name called paid to an employee on account of a rise in the cost of living), house rent allowance, overtime allowance, bonus, commission or any other allowance payable to the employee in respect of employment or of work done in such employment. (C) Any present made by the employer.

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PF

FORMS

SLAB

http://epfindia. nic.in/downloa ds_forms.htm

Employee Rate:8.33% Pension Fund 3.67% PF Fund Employer Rate:-

DUE

12% Basic 1.61% Admin Charges

15th of Succeeding Month + 5 days of Grace

Employees State Insurance Scheme

DEFINITION

FORMS

The promulgation of Employees State Insurance Act, 1948 envisaged an integrated need based social insurance scheme that would protect the interest of workers in contingencies such as sickness, maternity, temporary or permanent physical disablement, death due to employment injury resulting in loss of wages or earning capacity. the Act also guarantees reasonably good medical care to workers and their immediate dependants.

http://esic.nic.in/f orms.htm

DUE DATE

16th of the Succeeding month + 5 days of Grace

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ESI

FORMS

SLAB

tp://esic.nic.in/f orms.htm

Employee:1.75% of Basic Employer:4.75% of Basic & Admin Charges 1.61%

DUE DATE

th of the ucceeding month days of Grace

Tax Deducted at Source

TDS Contractors

TDS Professions

TDS Commission

SEC --- 194 C of Income Tax Act

SEC - 194 J of Income Tax Act

SEC - 194 H of Income Tax Act

RATE SLAB Particulars Income Tax Surcharge Cess Total Rate 2% 10% 3% 2.266%

RATE SLAB Particulars Income Tax Surcharge Cess Total Rate 10% 10% 3% 11.33%

RATE SLAB Particulars Income Tax Surcharge Cess Total 10 3 11.33 Rate

OPEN THIS LINK TO USE CALCULATOR FORMS

TDS CALCULATOR

http://www.incometaxmumbai.ni c.in/taxpayer/tds.htm

TDS Commission

TDS Rent

DUE DATE 7th of the succeeding month. Quarterly Payment:15th of the Succeeding month of that particular ended Challan no 281

H of Income Tax Act

SEC - 194 I of Income Tax Act

Returns 24Q, 26Q &

RATE SLAB Rate 10% 10% 3% 11.33%

RATE SLAB Particulars Income Tax Surcharge Cess Total Rate 20% 10% 3% 22.66%

articulars

come Tax

urcharge

Cess

Challan no 281

Q, 26Q & 27EQ

Name:Address :

NOTE:- AT some places Formulae are feed into the blanks, Please do not change those blanks as TAX COMPUTATION may go wrong. (+) / (-) PARICULARS Basic Dearness Allownace House Rent Allowance Conveyance SodexHo Allowance Gift Coupons Prequisities- Assets Other Allowance TOTAL (+) Allowances Taxed if bills not produced Medical Allowance Leave Travel Allowance Education Allowance Telephone Allowance SodexHo Allowance Club Membership Driver's Allowance Petrol Allowance GROSS SALARY (-) Exemptions Under Sec 10 House Rent Allowance ( 13 A ) Computation or or or Note:40% of Basic + Dearness Allowance House Rent Allowance Received Excess of Rent Paid over 10% BASIC + DA Rent paid during the year Whichever is least should be taken Conveyance U/s ( 14 ) Leave Travel Allownace Medical Reimbursement SodexHo Coupons Education Allowances Telephone Reimbursement Gift coupons Petrol Reimbursement Driver Reimbursement Club membership TOTAL EXEMPTION NET SALARY (-) Deduction U/S 16 Professional Tax U/s 16 ( iii ) TOTAL DEDUCTIONS OTHERS

PAN Previous Year Assessment Year Sex AMOUNT

TYPE

INCOME FROM SALRAIES

It can be claimed 2 times in a block of 4 years ( 2006 - 2009 ) Interest repayment on higher education / university is exempted

TOTAL SALARY INCOME INCOME FROM HOUSE PROPERTY (-) Deduction under Chapter VI A U/s 80 C Employee Contribution to Provident Fund Life Insurance Premia Public Provident Fund National Saving Certificate VIII Issue Principle for Housing Loan Repayment Payment for Tution Fees Purchase of Infrastructure Bonds Term deposits Under Sec 80CCC Pensions TOTAL Other Deductions U/s G ( Donations ) U/s GGA ( Donations ) U/s D ( Medical Insurance premia ) U/s E ( Interest on Educational Loan ) U/s DD ( Medical Treatment for handicapped ) CESS TOTAL TAXABLE INCOME (+) (+) TAX ON TOTAL INCOME Surcharge Educational Cess TOTAL TAX PAYABLE Tax Deducted at Source By By By TOTAL TAX DEDUCTABLE MONTH WISE PRORATA EXCESS DEDUCTION

Max Upto 1,00,000

: 2007-08 : 2008-09 MALE TOTAL FOR THE YEAR This is required to be filled by you 0 0 0 0 0 0 0 0 0

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http://www.incometaxmumbai.nic.in/taxpa yer/tds.htm#http://www.incometaxmumbai .nic.in/taxpayer/tds.htm

Exemption :- 800 p.m. For Disable:- 1600 p.m.

Exempted amount:15,000 p.a i.e. 1,250 p.m

0 0 0 0 0 0 0 0 0

This can be claimed 2 times in a block of 4 years ( 2006-2009 )

0 0 0 0 0 According to Income Tax Act a max of 9600 0 0 0 0 0 0 0 0 0 0 0 0 0 0 IF A max of 15,000 p.a. can be claimed i.e.1250 p.m. If above The amount least among the following should be considered

Children staying with parents exemption of Rs 100 p.m. , if in hostel exemptio exemption allowed for only a max of

A Max of Rs 200 p.m. which = 2400 p.a.

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Normal Donations are exempted

Donations Towards Research & Development are exempt

Disable <80%:--- 50,000 exempted Disable >80%:--- 75,000 exempted Diseases:--- <65 years:---- 40,000 p.a. >65 years:---- 60,000 p.a. Blind:---- 50,000 p.a. Exempted

SURCHARGE IS APPLICABLE @ 10% if income is 10,00,000 & above

0 0 0 0 0 0 0 Monthly deduction of tax for the year You can put remaining months incase TDS already deducted And you need to consider the Tax in the preceeding ROW

If above 65 years an additional 5000 can be charged which is 20,000 p .a .

p.m. , if in hostel exemption of Rs 300 p.m. with the r only a max of 2 children

h & Development are exempted

Fringe Benefit Tax

DEFINITION

The Finance Act, 2005 has introduced a new levy, namely, Fringe Benefit Tax (hereafter referred to as FBT) on the value of certain fringe benefits. The provisions relating to levy of this tax are contained in Chapter XII-H (sections 115W to 115WL) of the Income-tax Act, 1961. This circular seeks to provide a harmonious, purposive and contextual interpretation of the provisions of the Finance Act, 2005 relating to the FBT so as to further the objective of this levy.

PAYMENT OF FBT

The employer is required to pay advance tax at the rate of 30% of the current fringe benefits paid or payable in each quarter. The advance tax is to be paid on or before the 15th of the month following that quarter. However, in the case of the last quarter ending on the 31st of March of the financial year, the advance tax shall be payable on or before the 15 th day of March of that year.

BREAK UP:(1) 20% (2) 30% (3) 30% (4) 25%

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CLASSES OF FBT

Tax (hereafter ting to levy of this

. This etation of the

of this levy.

(A) entertainment; (B) provision of hospitality of every kind to any person, whether by way of food or beverages or in any other manner excluding food or beverages provided to the employees in the office or factory or non transferable paid vouchers usable only at eating joints or outlets; (C) conference excluding fee for participation by the employees in any conference; (D) sales promotion including publicity but excluding specified expenditure on advertisement; (E) employee welfare excluding any expenditure or payment made to fulfill any statutory obligations or mitigate occupational hazards or provide first aid facilities in the hospital or dispensary run by the employer; (F) conveyance tour and travel (including foreign travel); (G) use of hotel, boarding and lodging facilities; (H) repair, running (including fuel) and maintenance of motorcars and the amount of depreciation thereon; (I) repair, running (including fuel) and maintenance of aircrafts and the amount of depreciation thereon; (J) use of telephone (including mobile phone) other than expenditure on leased telephone lines; (K) maintenance of any accommodation in the nature of guest house other than accommodation used for training purposes; (L) festival celebrations; (M) use of health club and similar facilities; (N) use of any other club facilities;

Value Added Tax

Value Added Tax is levied on products sold in the state at various rates namely 0%, 1%, 4%, 12.5%

Due Date:- 20th of Succeeding Month under Form 100

To Download Forms Click on the Box below

http://ctax.kar.nic.in/Final_VAT_F ORMS_FOR_WEB.doc

Service Tax

To download forms click on the box Below

Due Date:- 5th of Succeeding month in GAR- 7 Challan

MONTHLY

http://www.servicetax.gov.i n/st-formmainpg.htm 15th of the Succeeding month in which Quarter ended in ST-3 QUARTERLY

RATE:MONTHLY Income Tax 12% Total:- 12.36% Cess 3%

QUARTERLY

Checklist of usual statutory compliances for the month of January 2008

Due Date 5 7 14 15 Month Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Area Service Tax TDS TDS TDS Obligation Monthly Deposit of Service Tax from cooperate Assesses Deposit TDS/TCS Deposit Filling of Quarterly TDS return of NRI Filling of Quarterly TDS/ TCS Quarterly payment of FBT Quarterly payment of service tax Deposit of TDS and filing of the TDS Return under Karnataka VAT Monthly filing of the VAT return under the Karnataka VAT for regular dealers Monthly filing of the CST return in the state of Karnataka Deposit of TDS and filing of the TDS Return under Tamil Nadu VAT Monthly filing of the VAT return under the Tamil Nadu VAT Monthly filing of the CST return in the state of Tamil Nadu Monthly filing of the VAT return under the Andhra Pradesh VAT Monthly filing of the CST return in the state of Andhra Pradesh

15 15
20 20 20 20 20 20 20 20

FBT
Service Tax KVAT KVAT CST - Karnataka TNVAT TNVAT CST - TN APVAT CST - AP

31

TDS

Issue TDS certificate

Form GAR-7 Challan 281 Return No 27 Return no:- 24Q & 26Q & 27EQ Form ST- 3 Form 126 VAT 100 VAT 100 Form T Form I Form I VAT 200 Form VI

Notes The Service tax liability of DEC to be deposited by 5th JAN The TDS liability of DEC to be deposited by 7th JAN The liability for quarter ended DEC to be deposited by 14th JAN The liability for quarter ended DEC to be deposited by 15th JAN The liability of 3rd Quarter ( OCT to DEC ) to be deposited by 15th JAN The liability of 3rd Quarter ( OCT to DEC ) to be deposited by 15th JAN The liability of TDS on VAT for the month of DEC to be deposited by 20th JAN The VAT liability for the month of DEC to be deposited by 20th JAN The CST liability for the month of DEC to be deposited by 20th JAN The liability of TDS on VAT for the month of DEC to be deposited by 20th JAN The VAT liability for the month of DEC to be deposited by 20th JAN The CST liability for the month of DEC to be deposited by 20th JAN The VAT liability for the month of DEC to be deposited by 20th JAN The CST liability for the month of NOV to be deposited by 20th DEC

Form 16 A

Issue TDS Certificate for tax deducted during previous month if the deductee has not opted for annual TDS certificate.

Checklist of usual statutory compliances for the month of February 2008

Due Date 5 7 20 20 20 20 20 20 20 20 Month Feb Feb Feb Feb Feb Feb Feb Feb Feb Feb Feb Area Service Tax TDS KVAT KVAT CST - Karnataka TNVAT TNVAT CST - TN APVAT CST - AP Obligation Monthly Deposit of Service Tax from cooperate Assesee Deposit TDS/TCS Deposit Deposit of TDS and filing of the TDS Return under Karnataka VAT Monthly filing of the VAT return under the Karnataka VAT for regular dealers Monthly filing of the CST return in the state of Karnataka Deposit of TDS and filing of the TDS Return under Tamil Nadu VAT Monthly filing of the VAT return under the Tamil Nadu VAT Monthly filing of the CST return in the state of Tamil Nadu Monthly filing of the VAT return under the Andhra Pradesh VAT Monthly filing of the CST return in the state of Andhra Pradesh

28

TDS

Issue TDS certificate

Form GAR-7 Challan 281 Form 126 VAT 100 VAT 100 Form T Form I Form I VAT 200 Form VI

Notes The Service tax liability of DEC to be deposited by 5th JAN The TDS liability of JAN to be deposited by 7th FEB The liability of TDS on VAT for the month of JAN to be deposited by 20th FEB The VAT liability for the month of JAN to be deposited by 20th FEB The CST liability for the month of JAN to be deposited by 20th FEB The liability of TDS on VAT for the month of JAN to be deposited by 20th FEB The VAT liability for the month of JAN to be deposited by 20th FEB The CST liability for the month of JAN to be deposited by 20th FEB The VAT liability for the month of JAN to be deposited by 20th FEB The CST liability for the month of JAN to be deposited by 20th FEB

Form 16 A

Issue TDS Certificate for tax deducted during previous month if the deductee has not opted for annual TDS certificate.

PT SL.NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Name

PT Computation Salary Amount of PT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DOJ DOR

Total of PT amount Rate of Interest No. of months Delay Interset Amount GRAND TOTAL ( INCL OF INT )

0 0

You are required to fill in the amounts of the concerned person's salary, it will show the amount of PT to be deducted

PF 8.33% goes to PENSION Fund 3.67% goes to PF Fund Basic Salary Employee Employer

PF Computation

SL.No

Amount of Contribution Employee Employer Admin Charges

1 2 3 4 5 6 7 8 9 10

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

This column is used for filling up the BASIC salary of Employee

This Column is used for filing up the BASIC salary of Employer

1.1% of Employers Basic Salary

0.5% of Basic Salary Employer has to pay EDLIS

Charges of EDL

Total Percentage contributed by Employer is 12%+1.61%= 13.61%

This Amount constitutes 12% of Employers Basic

Total

0 0 0 0 0 0 0 0 0 0

0.01% of Basic salary Employer has to pay towards Admin Charges of EDLIS

Employee Deposit Link Insurance Scheme

Percentage 13.61%

ESI
1.75% of Basic salary ( Eligibility:- Rs 50 & above per day )

ESI Computation
4.75% of Basic salary

SL.NO

Basic Salary Employee Employer

Amount of deduction Employee Employer Admin Charges 0 0 0

1 2 3 4 5 6 7 8 9 10

This column is used for filing up the Basic salary of Employee

This column is used fro filing up the Basic salary of Employer

% of Basic salary

Total SAME AS PF 0

TDS CALCULATOR
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 194 C 194 C 194 C 194 C 194 C 194 C 194 C 194 C 194 C 194 C 194 C 194 C 194 C 194 C 194 C 194 C 194 C 194 C 194 C 194 C 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2

0.066 0.066 0.066 0.066 0.066 0.066 0.066 0.066 0.066 0.066 0.066 0.066 0.066 0.066 0.066 0.066 0.066 0.066 0.066 0.066

2.266 2.266 2.266 2.266 2.266 2.266 2.266 2.266 2.266 2.266 2.266 2.266 2.266 2.266 2.266 2.266 2.266 2.266 2.266 2.266

IF THE COMPANY IS ENGAGED IN HOTEL BUSINESS ( HOSPITALITY RATE WILL BE IF COMPANY IS ENGAGED IN PRODUCTION IF THE COMPANY IS ENGAGED IN CONSTRUCTION BUSINESS ( CONV & TOURS TRAVELS RATE WILL BE 5% FROM 20%) IF THE COMPANY IS ENGAGED IN CARRYING

PRODUCTION