DIRECT TAX READY REFERENCE For PRIVATE CIRCULATION ONLY

(COVERING BUDGET 2009-2010)

A TAX STRUCTURE - INCOME 2007-08 2008-09 2009-10 2010-11 ADVANCE IT : (if liability = or > 10000) Return Due Date u/s 139(1) DEPRECIATION AY 06-07
1 IND/HUF/AOP/BOI-Basic Exemption ---> 100000## 110000## 150000## 150000## Due Date Company Other than company From Asst year 2008-09 Due Date upto 05-06 onwards
From 100000 upto 110000 10+0.2%* Nil Nil Nil By 15th june upto 15% - 1. Non-corporate assessee Sept 30 of PLANT & MACHINERY 25% 15%
Next 40000 upto 150000 10+0.2%* 10+0.3%* Nil Nil By 15th Sep upto 45% upto 30% or a working partner of a firm the asst FURNITURE & FIXTURE 15% 10%
(where books are reqd to be year
Next 10000 upto 160000 20+0.4%* 20+0.6%* 10+0.3% Nil By 15th Dec upto 75% upto 60% audited) & Corporate COMPUTERS 60% 60%
Next 90000 upto 250000 20+0.4%* 20+0.6%* 10+0.3% 10+0.3% By 15th March 100% 100% Assessee BUILDINGS
Next 50000 upto 300000 30+0.6%** 30+0.9%** 10+0.3% 10+0.3% COST INFLATION INDEX : Non RESIDENTIAL 10% 10%
Next 250000 upto 500000 30+0.6%** 30+0.9%** 20+0.6% 20+0.6% 1981-82 100 1995-96 281 2. Any other assessee July 31 RESIDENTIAL 5% 5%
Rest - - 30+0.6%** 30+0.9%** 30+0.9%** 30+0.9% 1982-83 109 1996-97 305 3. Return of Loss-139(3) within due Purely Temp Erections100% 100%
Resident Woman below 65 yrs 135000 145000 180000 190000 1983-84 116 1997-98 331 date CAR & VEHICLES 20% 15%
## Basic Exemption:
Senior Citizen, 65 yrs or above 185000 195000 225000 240000 1984-85 125 1998-99 351 4. belated return-139(4) 1yr from the CAR OR VEHICLES USED
** Surcharge of 10% if net income exceeds Rs 10 Lac (AY 06-07 to 09-10) before EC/SHEC included above 1985-86 133 1999-00 389 end of asst yr ON HIRE 40% 30%
2 REGD.FIRM 30+3.66% 30+0.9%# 30+0.9%# 30+0.9% 1986-87 140 2000-01 406 Note: Filing of Return by Corporate Ass- Only 50% Depre. will be allowed if assets
essee / Firm is compulsory acquired / used for < 180days
3 DOMESTIC COMPANY REGULAR TAX 30+3.66% 30+0.9%# 30+0.9%# 30+0.9%# 1987-88 150 2001-02 426
MAT (Section 115JB) 10+1.22% 10+0.3%# 10+0.3%# 15+0.45%# 1988-89 161 2002-03 447 Tax Deducted at Source: 1)Deposit of TDS to Govt a/c to be made within 7 days from
C/F of MAT Credit 10 years 10 years 10 years 10 years 1989-90 172 2003-04 463 the end of the month in which provision for TDS is made and within 2mths(7days for
1990-91 182 2004-05 480 salary) if provision for TDS is made at the end of financial year.
#if net income exceeds Rs 1.0 Crore: 1) Surcharge of 10% before EC(2%)+SHEC(1%) included above 2) Marginal relief of tax exceeding income

4 TAX ON LONG TERM CAPITALGAIN (with indexation benefit) # Plus S/C as applicable 1991-92 199 2005-06 497 2) Filing of return in computer media mandatory for Company, Govt deductor,
IND/HUF/AOP/BOI 20+SC+EC% 20+SC+Cess% 20+SC+Cess% 20+Cess% 1992-93 223 2006-07 519 those who r covered u/s 44AB, assessee with no. of deductors>50 (qtrly);
DOMESTIC CO./FIRM 22.44% 20+0.6%# 20+0.6%# 20+0.6%# 1993-94 244 2007-08 551 3) Returns to be filed quarterly in F/24Q (Salary) or F/26Q (others) within 15 days
Notes: 1) Tax on LTCG can be taken as 10%+SC+Cess in case of transfer of listed shares/securities/units without indexation benefit 1994-95 259 2008-09 582 from the end of quarter (76 days in case of last quarter);
2) Income from LTCG is exempt in case of transfer of equity shares/units of equity oriented fund which are liable to STT IMPORTANT PROVISIONS: 4) TDS certificate to be made in Form 16/12BA for Salary, F/16A for others;
5 TAX ON S T CAPITAL GAIN (ON TRANSFER OF SECURITIES-SEC 111A) 10+SC+EC% 10+SC+EC% 15+0.45%# 15+0.45%# a) Transfer of a property to non-relative Ind/HUF 5) For lower deduction the recipient may apply to AO in F/13 or a declaration may
without consideration or less than stamp duty value be made in form 15G/15H (for Int./Div./NSS only), 15I (for transport contractor);
#if net income exceeds Rs 1.0 Crore: 1) Surcharge of 10% before EC(2%)+SHEC(1%) included above 2) Marginal relief of tax exceeding income
(immovable) or less than FMV (movable) is
B DEDUCTIONS & REBATES chargeable to tax in the hands of transferee u/sec 6) PAN data of deductees should be minimum 95% for 24Q & 85% for 26Q.
a General Deduction 80C/80CCC/80CCD 100000 100000 100000 100000 56(2)(vii) wef 01.10.2009 [maximum relief Rs 50,000] TDS Liability(wef 01.10.09) Rate TDS Liability(wef 01.10.09) Rate
b Mediclaim 80D 10000 15000 15000* 15000* Interest > 5000 pa [Rs 10000 10.00% *Contractor / Ind/HUF---> 1.00%
(otherwise than cash) in case of pymt of banks/PO] Subcontractor
for Sr. Citizen Rs.15,000/- wef AY 2000-01 & Rs. 20,000 wef AY 2008-09 b) Remuneration to partners 40(b)- Fin Yr 2009-10: >20000 Others ----> 2.00%
- Sec 194A
*Additional Deduction for Mediclaim of Parents Rs 15,000 (Rs 20,000 in respect of Sr. Citizen) Book Profit Allowability (single) or Sec 194C
50000 pa ---
c Standard Deduction 24(a) 30% 30% 30% 30% 30% 30% <0 Rs 150000 Commission or Brokerage 10.00% *[transport Operator - Nil if PAN furnished]
(in case of rented House Property) < or = Rs 300000 higher of 150000 or 90% >2500 pa -Sec 194H Rent - Plant & Machinery 2.00%
d Int on borrowed capital 24(b) 150000* 150000* 150000* 150000* on Balance 60% Fees for Prof or Technical 10.00% >1,20,000 pa - 194-I
Services > 20000pa - Sec
(in case of self occupied House Property) c) Certain eligible assessee not required to maintain 194J
Rent - Land / Building / 10.00%
book of accounts, not required to pay advance tax, if Furniture / Fittings >1,20,000 pa
*30000 Generally (higher deductions are allowable only where the capital is borrowed after 01.04.99 and property is Dividend u/s 2(22)(e) > 2500 10.00% - 194-I
there turnover/gross receipts does not exceed Rs 40 pa - Sec 194
acquired/constructed within 3yrs from the end of FY in which capital was borrowed.) Lac and they show income @8% (wef: Fin Year Compensation on acquisition of 10.00%
2010-11) certain immovable properties-
C CARRY FORWARD & SET-OFF OF LOSSES: Set-off Carry Forward & Set-off winning from lottery / horse 30.00% 194LA
race etc - 194B/BB
* except Salaries Same Head another head C/F Years agst whom d) AO can include any other issue [not mentioned in Insurance Commission - 194D 10.00%
148(2)] during assessment u/sec 147
1. Salaries Yes Yes No NA NA Note:w.e.f. 01.04.2010 furnishing of PAN to deductor, in 15G/H/I and to AO for lower
2. House Property Yes Yes Yes 8 years same head INTEREST ON INCOME TAX: dedn. is mandatory - noever TDS will be higher of 20% or prescribed or in force
3. Speculation Business / Specified Bus. 35AD No No Yes 4 years same item 1.Filing of return after due Int @ 1% pm or part of the Important Prescribed Forms under Income Tax Rules 1962
mth from the end of Due
Ubabs. Depreciation / Cap Exp on SR/FP Yes Yes Yes No limit any income date u/sec 234A Date for filing of return Return of Income & FBT Form No. Return of Income Form No.
Non-speculative Business or Profession Yes Yes* Yes 8 years same head 2.Defaults in pymt of Int @ 1% pm or part of the 1. corporate assessee ITR-6 1. Individual with Salary & Int ITR-1
mth from the 1st day of
4. Long Term Capital Gains No No Yes 8 years same item Advance Tax u/s 234B April of the AY 2. Firms, AOPs and BOIs ITR-5 2. Ind/HUF without Busi/Prof ITR-2
Short Term Capital Gains Yes No Yes 8 years same head 3.Deferment in pymt of Int @ 1% pm or part of the 3. Person reqd. to furnish return ITR-7 3. Ind/HUF being partners in ITR-3
mth on the deficit amt as u/s 139(4A) / (4B) / (4C) / (4D) firm (without prop.Busi/Prof)
5. Owning / Maintaining race horses No No Yes 4 years same item Advance Tax u/s 234C applicable
Lotteries / Crossword Puzzles etc. No No No NA NA 4.Interest for late pymt of Int @ 1% pm or part of the 4.Return for Fringe Benefits ITR-8 4. Ind/HUFwith prop.Busi/Prof ITR-4
mth from the end of 30
Income from Other Sources (except if exempt) Yes Yes No NA NA demand u/s 156 days of Demand Notice 5.Manual Form for no DS ITR-V Appeal
D WEALTH TAX [IND / HUF / CO] Exemption Tax GIFT TAX Exemption Tax 4.Failure to deduct and pay Int @ 1% pm or part of mth Other Forms 1. To CIT(Appeals)-2copies 35
from the date on which tax
wef FY 1995-96 15 lac 1% FY 1995-96 to 1998-99 30000 30% TDS u/s 201(1A) was deductible 1. PAN Application 49A 2. To ITAT - 3copies 36
wef FY 2009-10 30 lac 1% (Abolished from 01/10/98) Some Tax Saving cum Investment Schemes: 2. TAN Application 49B 3. Memorandum of cross 36A
objection to ITAT-3 copies
GIFT(wef Gift received by an Ind. or HUF (and in kind wef 01.10.2009) without consideration 6 year NSC 8% Investment and accrued 3. Wealth Tax Return Form BA
VIII issue compounde interest qualify for tax
01.04.06) from a non-relative above Rs 50,000 in a FY is entirely taxable as Income d half yearly deduction u/sec 80C 4. STT pymt evidence 10DB/10DC 4. To ITAT-to refer to High 37
Court any question of law
E Interest NSC (on every Rs 1000) 1st year 2nd Year 3rd Year 4th Year 5th Year 6th Year 5. Annual Tax Statement 26AS 3 copies
31.03.1989-31.12.1998 124.0 139.0 156.0 175.0 197.0 224.0 15 yr Public compound Inv qualify for tax Challans Charitable & Religious Trusts
01.01.1999-14.01.2000 118.3 132.3 148.0 165.4 185.1 206.9 Provident int 8% per deduction u/sec 80C;Int 1. Appln for regn 10A
1. Income Tax 280
Fund yr exempt u/sec 10(11)
15.01.2000-28.02.2001 113.0 125.8 140.0 155.8 173.5 193.1 2. TDS/TCS Tax Challans 281 2.Appln for approval/ cont 10G
01.03.2001-28.02.2002 97.2 106.7 117.1 128.5 141.0 154.7 Life Insurance rate of Bonus is totally exempt; 3. Misc Direct Taxes 282 -inuance u/s 80G(5)(vi) 3 copies
Premium bonus keeps Inv qualify for tax 4. Fringe Benefit Tax
01.03.2002-28.02.2003 92.0 100.5 109.7 119.8 130.9 142.9 on 283 3. Notice for accumulation of 10
deduction u/sec 80C Income to AO
01.03.2003 and after 81.6 88.3 95.5 103.3 111.7 120.8 fluctuating
Note: I)The above chart does not cover the provisions related to Non-resident assessee and Foreign Company ii) reference to year wherever appears represents asst year unless otherwise specified.
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