FAQ

The due dates for filing of Income Tax returns are as follows:

  • All Corporate assesses.
  • Non corporate assesses who are required to get their accounts audited under the Income Tax Act, 1961 or under any other law.
  • Charitable trusts claiming exemption u/s.11 of the Income Tax Act, 1961
30th September

All other assesses

31st July

The due dates for filing of TDS returns are as follows:
 

Salary/ Non-Salary- Quarterly

within 15 days of the following month for the first 3 quarters and on or before 15th June for the last quarter
The service tax returns are to be filed on half yearly basis in form No ST-3. The due dates for filing of the returns are:
Period
Due Date
April to September on or before the 25th of October
October to March on or before the 25th of April

The returns should be accompanied by copies of TR-6 challan. If no taxable service is provided during the half year, a NIL return should be filed.

The due dates for filing of monthly returns are:
Month
Due Date
For January and February on or before 20th of the following month
For all other months on or before the 25th of the following month.

The due dates for payment of Advance tax and Advance Fringe Benefit Tax and the percentage of tax payable on those dates are as follows:

Assessee
15th June
15th Sept
15th Dec
15th March
Corporate
15%
45%
75%
100%
Others
NIL
30%
60%
100%

For obtaining a P.A.N the applicant has to file the following details:

  • Form No 49A duly filled and signed in black ink only
  • Proof of identity
  • Proof of address.
  • Filing fees as prescribed
The list of documents required for proof of identity and proof of address are listed at the reverse of the form 49 A.:

For obtaining T.A.N the applicant has to file the following details:

  • Form No. 49B duly filled and signed in black ink only.
  • Filing fees as prescribed

The documents required for formation of partnership firm are:

  • Form No A duly notarized.
  • A Copy of Partnership Deed (duly certified)
  •  A copy of Marathi Translation of Partnership Deed (duly certified)
  • One blank Rs.100/- stamp paper.
  • Court fee stamp of Rs.5/-.
  • Fees as prescribed by the Registrar of Firms.

The documents required for formation of Private/Limited Company are:

  • Form No. 1A for name availability.
  •  Form No. 1 on a Rs.100/- stamp paper
  •  Form No. 18.
  •  Form No. 32.
  • Memorandum of Association & Articles of Association duly stamped as prescribed by the Registrar of Companies.
Demand draft/ Pay order of the prescribed amount drawn in favour of “The Registrar of Companies, Mumbai”

The documents required are:

  • Form No. 101 duly filled and signed by the applicant.
  • Photo copy of electricity or telephone bill.
  • Photo copy of P.A.N.
  • Photo copy of ration card, voter’s ID card.
  • 2 passport size photograph
  • Details of bank account.
  • Letter of introduction from Chartered Accountant, etc

The documents required are:

  • Form No. ST – 1 duly filled and signed by the applicant.
  • Photo copy of PAN Card.
Photo copy of any document showing proof of address.

Following are the slabs of Income Tax including Education Cess:
 

Tax Rates for A.Y. 2009-10 for Individuals and HUF

Particulars
Senior Citizen
Women below 65 Yrs
Others
If  total income is below Rs.10 lakh      
Up to Rs. 1,50,000
Nil
Nil
Nil
Rs. 1,50,001 – 1,80,000
Nil
Nil
10.30%
Rs. 1,80,001 – 2,25,000
Nil
10.30%
10.30%
Rs. 2,25,001 – 3,00,000
10.30%
10.30%
10.30%
Rs. 3,00,001 – 5,00,000
20.60%
20.60%
20.60%
Above Rs. 5,00,001
30.90%
30.90%
30.90%
If  total income above Rs.10 lakh      
Up to Rs. 1,50,000
Nil
Nil
Nil
Rs. 1,50,001 – 1,80,000
Nil
Nil
11.33%
Rs. 1,80,001 – 2,25,000
Nil
11.33%
11.33%
Rs. 2,25,001 – 3,00,000
11.33%
11.33%
11.33%
Rs. 3,00,001 – 5,00,000
22.66%
22.66%
22.66%
Above Rs. 5,00,001
33.99%
33.99%
33.99%
 
  Tax Rates for A.Y. 2009-10
Others Income Tax upto
Rs. 1 Cr.
Income Tax above
Rs. 1 Cr.

Partnership Firm

30.90%

33.99%

Domestic Company

30.90%

33.99%

Company other than Domestic Co.

41.20%

45.32%

Local Authority

30.90%

33.99%

Co-operative Society

 

Up to Rs. 10,000

10.30%

11.33%

Rs. 10,001 – 20,000

20.60%

22.66%

Above Rs. 20,000

30.90%

33.99%

Tax Rate for Capital Gains

 

For Ind. HUF, BOI, AOP (Income < Rs. 10 Lakhs)

For Ind. HUF, BOI, AOP (Income >Rs. 10 Lakhs)

For Partnership &
Corporate Assessee

Long Term Capital Gains      
Listed securities covered u/s. 10 (36)

NIL

NIL

NIL

Listed equity shares or unit of an equity oriented fund traded on recognized Stock Exchange u/s. 10 (38)


NIL


NIL


NIL

Listed securities transferred otherwise than on recognized Stock Exchange

Without Indexation
With Indexation





10.30%
20.60%





11.33%
22.66%





10.30%
20.60%

On any other asset

20.60%

22.66%

20.60%

Short Term Capital Gains      
On listed equity shares or unit of an equity oriented fund, traded on recognized Stock Exchange. – S. 111A (1)

15.45%

17.00%

15.45%

Others

At applicable
slab rates

At applicable
slab rates

At applicable
slab rates

Following are the rates of Wealth Tax

  • NIL where the net wealth does not exceed Rs.15,00,000/-
If net wealth exceeds Rs.15,00,000/- then 1% of the amount by which the net wealth exceeds Rs.15,00,000/-

Following are the items which are considered under wealth tax

  • Guest house, residential house or commercial building. Residential house is not treated as asset if it is meant exclusively for residential purpose.
  • Motor Cars. Except the following two, any other motor car is an ‘asset’. 1) Motor cars used by the assessee in the business of running them on hire and 2) Motor cars treated as stock-in-trade.
  • Jewellery, bullion, utensils of gold, silver, etc.
  • Yachts, boats and aircrafts
  • Urban land. Any land held by the assessee as stock-in-trade for a period of 10 years from the date of its acquisition by him is not considered as asset.
  • Cash in hand. Cash in hand on the last moment of the valuation date in excess of Rs.50, 000/- is considered as asset.