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Srishti Kong
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http://www.simpletaxindia.net/ 21 Useful Charts for Tax Compliance Covering: Income Tax Companies Act Service Tax LLP PF - ESIC Excise GVAT Stamp Duty http://www.simpletaxindia.net/2011/04/tds-rate-chart-11-12-fy-tds-rate-12-13.html http://www.simpletaxindia.net/ Index 1. Income Tax Rates ..................................................1 2. Securities Transaction Tax Rates.................................2 3. Capital Gains Tax Rates ..........................................2 4. Cost Inflation Index / Gold Silver Rates .......................3 5 . Interest Payable - Income Tax Act ..............................3 6. Penalties under Income Tax Act..................................4 7. TDS & TCS Rate Chart .............................................5 8. Presumptive Taxation: Income Tax & Wealth Tax .............6 9. Interest Accrual: NSC & KVP......................................7 10. Depreciation Chart - Income Tax ................................8 11. Depreciation Chart - Companies Act ............................9 12. ROC Compliance ..................................................10 13. PF ESIC & Payroll Compliance ..................................11 14. Service Tax Compliance..........................................12 15. Penalties: Service Tax ...........................................13 16. Point of Taxation Rules: Service Tax ...........................14 17. Stamp Duty - Gujarat ............................................14 18. VAT - Gujarat ......................................................15 19. Due Dates Chart ..................................................16 20. Excise Duty: Periodical Returns ................................16 21. LLP Compliances & Penalties ...................................17 Useful Web Sites ..................................................18 Holidays in Banks and Income Tax Department ..............19 http://www.simpletaxindia.net/2011/04/tds-rate-chart-11-12-fy-tds-rate-12-13.html http://www.simpletaxindia.net/ Income Tax Rates For Individuals, HUF, AOP, BOI Assessment Year 2012-13 Rate Nil General Women Senior Citizen 60 to 80 years 80 years & above Upto 1,80,000 Upto 1,90,000 Upto 2,50,000 Upto 5,00,000 10% 1,80,001 to 5,00,000 1,90,001 to 5,00,000 2,50,001 to 5,00,000 - 20% 5,00,001 to 8,00,000 5,00,001 to 8,00,000 5,00,001 to 8,00,000 5,00,001 to 8,00,000 30% Above 8,00,000 Above 8,00,000 Above 8,00,000 General Women Nil Upto 1,60,000 Upto 1,90,000 Upto 2,40,000 10% 1,60,001 to 5,00,000 1,90,001 to 5,00,000 2,40,001 to 5,00,000 20% 5,00,001 to 8,00,000 5,00,001 to 8,00,000 5,00,001 to 8,00,000 30% Above 8,00,000 Above 8,00,000 Above 8,00,000 NIL Upto 1,60,,000 Upto 1,90,000 Upto 2,40,000 10% 1,60,001 to 3,00,000 1,90,001 to 3,00,000 2,40,001 to 3,00,000 20% 3,00,001 to 5,00,000 300001 to 500000 3,00,001 to 5,00,000 30% Above 5,00,000 Above 5,00,000 Assessment Year Rate 2011-12 2010-11 Above 8,00,000 Other Assessees Total Income Senior Citizen Above 5,00,000 Cess @3% Rate of Rate of Rate of Dividend Income Tax (%) MAT (%) Distribution Tax (%) Tax Rates for Domestic Companies Upto Rs. 1 crore Exceeding Rs. 1 crore 30.90 32.445 19.055 20.007 16.223 16.223 Tax Rates for Foreign Companies Upto Rs. 1 crore Exceeding Rs. 1 crore 41.20 42.024 19.055 19.436 30.90 30.90 30.90 19.055* Tax Rates for others Firms LLP Local authorities *Alternate Minimum Tax http://www.simpletaxindia.net/2011/04/tds-rate-chart-11-12-fy-tds-rate-12-13.html http://www.simpletaxindia.net/ Securities Transaction Tax Rates Assessment Year 2012-13 Transaction Rates Payable By Purchase/Sale of equity shares, units of equity oriented mutual fund (delivery based) 0.125% Purchaser / Seller Sale of equity shares, units of equity oriented Mutual fund (non-delivery based) 0.025% Seller Sale of an option in securities 0.017% Seller Sale of an option in securities, where option is exercised 0.125% Purchaser Sale of futures in securities 0.017% Seller 0.25% Seller Sale of unit of an equity oriented fund to the Mutual Fund Capital Gains Tax Rates Assessment Year 2012-13 Particulars Sale transactions of equity shares / unit of an equity oriented fund which attract STT Sale transaction other than mentioned above: Individuals (resident and non-residents) Firms including LLP (resident and non-resident) Resident Companies Overseas financial organisations specified section 115AB FIIs Other Foreign companies Local authority Co-operative society Short-term Capital gains tax rates (a) Long-term capital gains tax rates (a) 15% Nil Progressive slab rates 20% with indexation 10% (without 30% Indexation for units/ 30% zero coupon bonds) 40% (corporate) 30% (non-corporate) 10% 30% 10% 40% 20% / 10% 30% 10%(without indexation Progressive slab for units/ zero coupon Rates bonds)/20% for others These rates will further increase by applicable surcharge & education cess. http://www.simpletaxindia.net/2011/04/tds-rate-chart-11-12-fy-tds-rate-12-13.html http://www.simpletaxindia.net/ Cost Inflation Index Assessment Year 2012-13 F.Y. 1981-82 1982-83 1983-84 1984-85 1985-86 1986-87 1987-88 1988-89 INDEX 100 109 116 125 133 140 150 161 F.Y. 1989-90 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96 1996-97 INDEX 172 182 199 223 244 259 281 305 F.Y. 1997-98 1998-99 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 INDEX 331 351 389 406 426 447 463 480 F.Y. 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 INDEX 497 519 551 582 632 711 785 Gold - Silver Rates of Last 10 Years Assessment Year 2002-2003 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011 2011-2012 Relevant Valuation Date Std. Gold Rate (24 Carat for 10 gms i.e. 0.87 tola.) 31/03/2002 31/03/2003 31/03/2004 31/03/2005 31/03/2006 31/03/2007 31/03/2008 31/03/2009 31/03/2010 31/03/2011 Silver Rate (9960 touch for 1 kg. i.e. 85.734 tola) 5010 5310 6065 6180 8490 9395 12125 15105 16320 7875 7695 11770 10675 17405 19520 23625 22165 27255 Interest payable - Income Tax Act Description Rate Period From Delay in furnishing return of income 1% p.m. Due date Not furnishing return of income 1% p.m. Due date Failure to pay advance tax, 90% of assessed tax as advance tax Deferring Advance Tax Failure to deduct tax at source Failure to deposit tax in time 1% p.m. 1st April of AY Period To Date return furnished Date of completion of assessment U/S 144 Date Tax Payment is made 1% p.m. Due date Due date of next instalment 1% p.m. Date of payment Date of deduction 1.5% p.m. Date of deduction Date of deposit Section 234A 234A 234B 234C 201(1A) 201(1A) http://www.simpletaxindia.net/2011/04/tds-rate-chart-11-12-fy-tds-rate-12-13.html http://www.simpletaxindia.net/ Penalties under Income Tax Act Penalty Default Non Payment Tax Payments including Self Assessment Tax Upto tax in arrear Failure to Comply With Notice U/S 143(2) Rs. 10,000 for each failure Failure to answer questions or sign statements Rs. 10,000 for each failure Concealment Concealment of income or inaccurate particulars Undisclosed income during search in proceeding and current FY in which search took place Books, Audit, Loans Failure to keep, retain books U/S 44AA Failure to get books audited U/S 44AB Taking loan in contravention of Sec 269SS Repayment of loan in contravention of Sec 269T Failure to furnish return u/s 139(1) before end of AY TDS Failure to deduct in part or full Failure to collect tax in part or full Quoting false TAN in challan / statements Failure to apply for TAN Failure to furnish eTDS statement Failure to furnish TDS Certificate 100 to 300% of tax sought to be evaded 10% of undisclosed income Section 221(1) 271(1)(b) 272A(1) 271(1)(c) 271AAA Rs. 25000 0.5% of gross sales Maximum Rs 1.50 Lac Equal to amount of loan taken Equal to amount of loan repaid 271A 271B 271D 271E Rs. 5000 271F Equal to tax not deducted Equal to tax not collected Rs. 10000 Rs. 10000 Rs. 100 per day . Limited to amount of TDS Rs. 100 per day . Limited to amount of TDS 271C 271CA 272BB(1A) 272BB(1) 272A(2)(c) 272A(2) (g) http://www.simpletaxindia.net/2011/04/tds-rate-chart-11-12-fy-tds-rate-12-13.html http://www.simpletaxindia.net/ TDS & TCS Rate Chart Assessment Year 2012-13 TDS Rate Chart Nature of payments made to resident Sec. Description Interest - Payable by Banks 194A Interest - Payable by Others 194B Winning from Lotteries / Crossword Puzzle 194C Payment to Contractors - Single Transaction Payment to Contractors - Aggregate during FY Threshold Limit Company If No PAN Firm Individual Or Co-op Soc. HUF Invalid Local PAN Authority Amount Rate Rate Rate 10,000 10 10 20 5,000 10 10 20 10,000 30 30 30 30,000 2 1 20 75,000 2 1 20 194D Insurance Commission 20,000 10 10 20 194H Commission / Brokerage 5,000 10 10 20 Rent 1,80,000 10 10 20 Rent-Plant / Machinery 1,80,000 2 2 20 30,000 10 10 20 - 10 10 20 5,000 30 30 30 194F Repurchase Units by MFs 1,000 20 20 20 194G Commission - Lottery 1,000 10 10 20 1,00,000 10 10 20 194 I 194J Professional Fees 194 Dividends 194BB Winnings from horse race 194LA Immovable Property TCS Rate Chart Description Alcoholic Liquor for human consumption Timber obtained under a forest lease, or any other mode, other forest produce Scrap Parking Lots, Toll Plaza Lease and Mine Quarry Lease Tendu Leaves Rate 1 2.5 1 2 5 http://www.simpletaxindia.net/2011/04/tds-rate-chart-11-12-fy-tds-rate-12-13.html http://www.simpletaxindia.net/ Presumptive Taxation: Income Tax All Resident Taxpayers Rate at which income is presumed Business (i) Small Business [excluding (ii)] (a)(b)(c)(d) 8% of gross turnover/ receipts (ii) Plying, leasing or hiring of trucks (person should not have owned over 10 goods carriages at any time during the previous year) (b)(c) INR 5,000 per month / part of month for each heavy goods vehicle. INR 4,500 per month / part of month for each light goods vehicle. Non-Resident Taxpayer Rate at which income is presumed Business Shipping (b) Exploration of mineral oil (b)(c) Operations of Aircraft (b) Turnkey power projects (b)(c) 7.5% of gross receipts 10% of gross receipts 5% of gross receipts 10% of gross receipts (a) The gross receipts of the taxpayer do not exceed Rs. 60 Lacs (b) All deductions/expenses (including depreciation) shall be deemed to have been allowed. The taxpayer can claim lower profits, if he keeps and maintains specified books of accounts and obtains a tax audit report. Wealth Tax On Value of specified Assets held on 31st March Basic Exemption 1% 30 Lacs http://www.simpletaxindia.net/2011/04/tds-rate-chart-11-12-fy-tds-rate-12-13.html http://www.simpletaxindia.net/ Interest Accrual: NSC & KVP Interest Accrual: National Savings Certificate (NSC) Amount of interest (Rs.) accruing on the certificates of Rs. 100 denominations purchased between The year for which Int. accrues 01-04-1989 & 31-12-1998 01-04-1999 & 14-01-2000 15-01-2000 & 28-02-2001 01-03-2001 & 28-02-2002 01-03-2002 & 28-02-2003 01-03-2003 onward First Year Second Year Third Year Fourth Year Fifth Year Sixth Year 12.40 13.90 15.60 17.50 19.70 22.40 11.83 13.23 14.80 16.54 18.51 20.69 11.30 12.58 14.00 15.58 17.35 19.31 9.72 10.67 11.71 12.85 14.10 15.47 9.20 10.05 10.97 11.98 13.09 14.29 8.16 8.83 9.55 10.33 11.17 12.08 Interest Accrual: Kisan Vikas Patras (KVP) Period from the date of certificate to the Date of its encashment Purchased from 1-3-2001 to 28-2-2002 Rate of Maturity Interest Value Rs. 1 Year 7.75 1079.00 2 Years 7.75 1164.00 2 Years and 6 Months 7.75 1209.00 3 Years 8.25 1274.00 3 Year and 6 Months 8.25 1327.00 4 Years 8.75 1409.00 4 Year and 6 Months 8.75 1470.00 5 Years 9.25 1572.00 5 Year and 6 Months 9.25 1644.00 6 Years 9.75 1770.00 6 Year and 6 Months 9.75 1857.00 7 Years NA NA 7 Year and 6 Months 2000.00* 8 Years NA NA 8 Year and 7 Months NA NA * 7 Years 3 Months ** 7 Years 8 Months Purchased from 1-3-2002 to 28-2-2003 Rate of Maturity Interest Value Rs. 7.25 7.25 7.25 7.75 7.75 8.25 8.25 8.75 8.75 8.75 9.25 9.25 NA NA 1074.00 1153.00 1195.00 1256.00 1305.00 1382.00 1439.00 1534.00 1602.00 1672.00 1800.00 1883.00 2000.00** NA NA Purchased from 1-3-2003 Rate of Maturity Interest Value Rs. 6.40 6.40 6.40 6.40 6.88 6.88 6.88 7.36 7.36 7.36 7.85 7.85 7.85 7.85 - 1065.02 1134.28 1170.51 1207.95 1267.19 1310.80 1355.90 1435.63 1488.49 1543.30 1649.13 1713.82 1781.06 1850.93 2000.00 http://www.simpletaxindia.net/2011/04/tds-rate-chart-11-12-fy-tds-rate-12-13.html http://www.simpletaxindia.net/ Depreciation Chart: Income Tax Assessment Year 2012-13 Block Nature of Asset Rate of Depreciation Block-1 Block-2 Block-3 Building Residential building other than hotels and boarding houses Office, factory, godowns or building - not mainly residential purpose Temporary erections such as wooden structures 5 10 100 Block-4 Furniture Furniture - Any furniture / fittings including electricals fittings 10 Plant and Machinery Any plant or machinery (not covered by block 6,7,8,9,10,11 or 12) and motors cars (other than those used in a business of running them on hire) acquired or put to use on or after April 1, 1990 Block-6 Ocean-going ships, vessels ordinary operating on inland waters including speed boats Block-7 Buses, lorries and taxies used in business of running them on hire, machinery used in semi-conductor industry, moulds used in rubber and plastic goods factories Block-8 Aeroplanes, life saving medical equipment Block-9 Containers made of glass or plastic used as refills, new commercial vehicle which is acquired during Jan 1, 2009 and Sept 30, 2009 and is put to use before Oct 1, 2009 for the purpose of business / profession Block-10 Computers including computer software. Books (other than annual publication) owned by a professional. Block-11 Energy saving devices; renewal energy devices; rollers in flour mills, sugar works and steel industry Block-12 Air pollution control equipments; water pollution control equipments; solid waste control equipments, recycling and resource recovery systems; (being annual publications) owned by assessees carrying on a profession or books (may or may not be annual publications) carrying on business in running lending libraries 100 Intangible Assets Block-13 Intangible assets (acquired after march 31, 1998) - Know-how, patents, copyrights, trademarks, licences, franchises and any other business or commercial rights of similar nature 25 Block-5 15 20 30 40 50 60 80 http://www.simpletaxindia.net/2011/04/tds-rate-chart-11-12-fy-tds-rate-12-13.html http://www.simpletaxindia.net/ Depreciation Chart: Companies Act Nature of Assets W.D.V(%) S.L.M(%) Land and Building Buildings (other than factory buildings) Factory Buildings Purely Temporary Erections such as wooden structures Plant and Machinery plant and machinery (not being a ship) other than continuous process plant for which no special rate has been prescribed Electrical Machinery, X-ray and electrotherapeutic apparatus and accessories thereto, medical diagnostic equipments, namely, Catscan, Ultrasound Machine, ECG Monitors, Motor-cars, motor cycles, scooters and other mopeds Electrically operated vehicles including battery powered or fuel cell powered vehicles Machinery used in the manufacture of electronic goods or components Earth-moving machinery employed in heavy construction works, such as dams, tunnels, canals, etc. Motor buses and motor lorries other than used in a business of running them on hire Motor buses, motor lorries and motor taxies used in a business or running them on hire Rubber and plastic goods factories Moulds Data Processing Machines including computers Gas cylinders including valves and regulators Furniture and Fittings General rates Rate for furniture and fittings used in hotels, restaurants and boarding houses, schools, colleges and other educational institutions, libraries, welfare centres, meeting halls, cinema houses, theatres and circus, and for furniture and fittings let out on hire for use on the occasion of marriages and similar functions SS : Single Shift DS : Double Shift 5 10 100 1.63 3.34 100 SS DS TS 13.91 20.87 27.82 4.75 7.42 10.34 SS SS 20 25.89 7.07 9.5 SS SS DS TS 20 15.62 23.42 31.23 7.07 5.38 8.46 11.87 SS 30 11.31 SS 30 11.31 SS 40 16.21 18.1 6.33 25.88 9.5 TS : Triple Shift http://www.simpletaxindia.net/2011/04/tds-rate-chart-11-12-fy-tds-rate-12-13.html http://www.simpletaxindia.net/ ROC Compliance Compliance By Listed Companies Filing with Stock Exchange Corporate Governence Report Distribution Schedule filing Unaudited Financial Results Audited Yearly Financial Results Q1 Q2 Q3 Q4 15/07/2011 21/07/2011 14/08/2011 - 15/10/2011 21/10/2011 14/11/2011 - 15/01/2012 21/01/2012 14/02/2012 - 15/04/2012 21/04/2012 15/05/2012 30/05/2012* * if company opts not to publish unaudited financial result for Q4 then 30/06/2012 Compliance By All Companies Compliance Last Day for convening AGM File copies of Annual Accounts with ROC within 30 days of AGM Filing of Annual Return with ROC within 60 days of AGM Date 30/09/2011 - Filing Fee Compliance Fees For All documents (except Form 1A) Rs 1,00,000 and above but below Rs 5,00,000 Rs 5,00,000 and above but below Rs 25,00,000 Rs 25,00,000 and above Rs. 200 Rs. 300 Rs. 500 For Form 1A Form 1A Application Fee Rs. 500 Inspection Fee Rs 50 Additional Fees For Delayed Filing Delay Addl. Fee Upto 30 Day 2 Times More than 30 days and upto 60 days 4 Times More than 60 days and upto 90 days 6 Times More than 90 days 9 Times http://www.simpletaxindia.net/2011/04/tds-rate-chart-11-12-fy-tds-rate-12-13.html http://www.simpletaxindia.net/ PF, ESIC & Payroll Compliance Type PF PF EDLI ESIC ESIC PF EDLI Description Responsibility Contribution 12% of Basic+DA 12% of Basic+DA of which 8.33% or Max Rs. 541 for Pension Fund 0.5% of Basic+DA or Max Rs. 32.50 1.75% of Wages 4.75% of Wages Admin Charges 1.1% of Basic+DA 0.01% of Basic+DA or Max Re 0.65 Profession Tax - Gujarat Salary NIL 20 80 150 200 Due Date Jul-15 Oct 15 Jan-15 May-15 / 3031 eTDS Form 24Q filing Qtr Quarter Ending Q1 June Q2 Sept Q3 Dec Q4 March Prof. Tax 15 Upto Rs. 2999 3000 to 5999 6000 to 8999 9000 to 11999 12000 and above Employee Employer Employer Employee Employer Employer Employer Quarterly eTds statement. PF Deposit. Payment of Profession Tax Issue of TDS certificate in May. PF Form 3A / 6A in April. st 21 - Payment of ESIC. 25th - PF Form 5/10/12A 12th May - ESIC Form 5. 11th Nov. - ESIC Form 5. http://www.simpletaxindia.net/2011/04/tds-rate-chart-11-12-fy-tds-rate-12-13.html http://www.simpletaxindia.net/ Service Tax Compliance Basic Exemption Limit Chart Period Before 01-04-2005 01-04-2005 to 31-03-2007 01-04-2007 to 31-03-2008 01-04-2008 onwards Basic Exemption Limit No Limit Rs. 4 Lakhs Rs. 8 Lakhs Rs. 10 Lakhs Rate Of Service Tax Period 18.04.2006 to 23.02.2009. 24.02.2009 onwards Service Tax 12% 10%. EC 2% 2% SHEC 1% 1% Net Rate 12.36% 10.30% Payment Of Service Tax Using Challan GAR-7 Individual, Proprietorship, Partnership Value Realized* Due Date th April to June July to September October to December January to March 5 July 5th October 5th January 31st March Corporate Entities, Trust & Socities Value Realized* Due Date March Other months 31st March 5th of succeeding month If e-Payment is done then effective due date will be 6th of the succeeding month/quarter till 8.00 p.m. * With effect from July 1,2011, on service provided or invoice issued or value realized, whichever is earlier. Half-yearly Return In Form ST-3 Period Due Date April to September October to March 25th of October (31st October for Input Service Distributors) 25th of April (30th April for Input Service Distributors) Revision of Form ST-3 ST-3 form can be revised and submitted again within 90 days from the date of filing of original return. Table of Rates of Interest Period Table for Works Contract Rate Rate of Interest Period Rate of Tax 01.07.1994 to 15.07.2001 1.5 % p.m. and part thereof 01.06.2007 to 28-02-2008 2.06 % 16.07.2001 to 15.08.2002 24 % p.m. 01-03-2008 to till date 4.12 % 16.08.2002 to 09.09.2004 15 % p.m. 10.09.2004 to 31.03.2011 13 % p.m. 01.04.2011 onwards 18 % p.m. 15 % p.m.(for assessees having turnover upto Rs.60 Lacs) http://www.simpletaxindia.net/2011/04/tds-rate-chart-11-12-fy-tds-rate-12-13.html http://www.simpletaxindia.net/ Penalties : Service Tax Section 70 76 77 77 77 77 77 77 78 Nature of default Amount of penalty Fees for late filing of Return. Delay upto 15 days Delay of more than 15 and upto 30 days Delay of more than 30 days Rs. 500 Rs. 1000 Rs. 1000 + Rs. 100 for each day but not exceeding Rs. 20,000 Failure to pay service tax 1% of the tax p.m. or Rs 100 per day limited to 50% of tax* Penalty for default in obtaining Service Tax Upto Rs 10,000 or Rs 200 per registration certificate and payment of service tax day till failure, whichever is higher. Failure to keep, maintain or retain books of Upto Rs 10,000 account and other documents required Assessee fails to : Upto Rs 10,000 or Rs 200 per (i) furnish information called by an officer; or day till failure, whichever is (ii) procedure documents called for by a Central higher. Excise Officer; or (iii) appear before the Central Excise Officer, when issued with a summon for appearance to give evidence or to produce a document in an inquiry. Assessee fails to pay service tax electronically Upto Rs 10,000 Assessee issues invoice in accordance with Upto Rs 10,000 provisions of the Act or rules made thereunder, with incorrect or incomplete details or fails to account for an invoice in his books of account Penalty for contravention of any provision for Not exceeding Rs 10,000 which no penalty is provided Penalty for suppressing value of taxable 50% of tax amount service (If records captured are true**) 100% of tax amount (If not recorded in books^) * Totally mitigated if tax and interest paid before issue of notice : Sec 73(3) ** Mitigation (a) 1% per month; maximum upto 25% if all dues paid before notice : Sec 73 (4A) (b) 25% of tax if all durs paid within 30 days of issuance of notice (90 days for small assessees) : Proviso to Sec 78 ^ No mitigation Over and above the penalties, department has now the power of prosecution also. http://www.simpletaxindia.net/2011/04/tds-rate-chart-11-12-fy-tds-rate-12-13.html http://www.simpletaxindia.net/ Point Of Taxation Rules, 2011 : Service Tax Determination of Point of Taxation Sr. No. Service Provided on Invoice Issued on Payment Received on Point of Taxation 1. 07th July, 2011 10th July, 2011 10th Aug., 2011 07th July, 2011 2. 07th July, 2011 10th Aug., 2011 10th Sep., 2011 07th July, 2011 3. 07 July, 2011 05 April, 2011 10 Aug., 2011 05th April, 2011 4. 07th July, 2011 05th May, 2011 05th April, 2011 05th April, 2011 5. 07th July, 2011 05th April, 2011 10th April, 2011 05th April, 2011 th th th Stamp Duty - Gujarat Stamp Duty Rate For Leave & Licence Agreement Particulars Leave & Licence Rate of Duty 0.7% of Average Rent Lease Agreement For 1 Year 1.4 % of Average Rent For 2 & 3 Years 2.8 % of Average Rent Above 3 Years 4.9 % of Average Rent Sale Deed of Commercial or Residential Property Particulars For Male Registrants Rate of Duty 4.9 % on Market Value 1% Surcharge on Market Value For Female Registrants 4.9 % on Market Value No Surcharge Power of Attorney Rs. 100/- http://www.simpletaxindia.net/2011/04/tds-rate-chart-11-12-fy-tds-rate-12-13.html http://www.simpletaxindia.net/ VAT - Gujarat Due Date for Payment of GVAT and Filing of GVAT Return Periodicity Criteria Due Dates for Payment of GVAT Monthly GVAT paid more than Rs. 60,000 22nd day after end of the Month Quarterly GVAT paid upto Rs. 60,000 Dealers liable to VAT Audit Dealers not liable to GVAT Audit 22nd day after end of the Quarter N.A. Annualy N.A. Due Dates for Filing Returns (i) 30th day after end of the Month if GVAT payable is less than Rs.5,000 (ii) 40th day after end of the Month if GVAT payable is more than Rs.5,000 45th day after the end of the Quarter 31st December after end of the financial year 30th June after end of the financial year GVAT / CST Returns Description Form No. GVAT Return General Form 201, 201A, 201B, 201C Specific Dealers under composition scheme and entire turnover is under composition Dealers executing works contract - Part or Full and opted for lump sum permission Engaged in activity of transfer of the rights to use any goods and opted for Lump sum permission Annual Return CST Return GVAT Payment Challan Form 202, 202A Form 202, 202A Form 202, 202A Form 205, 205A III-E, Anne - I & II Form 207 GVAT Audit Mandatory if sale or purchase Due Date Form No Exceeds 1 Crore 31st Janunary Form No. 217 Interest For Delayed Payment Rate of interest Period of Interest 1.5% part of a month Between Actual Date of payment and Due Date E payment of GVAT is compulsory for dealers whose GVAT payment exceeds Rs. 10 lacs either in previous year or in current year E-filing of GVAT return is mandatory for (i) dealers engaged in interstate sales and / or purchases; (ii) dealers engaged in export and / or import; (iii) dealers liable to Audit; (iv) dealers having turnover Rs.50 Lakh or more; (v) dealers dealing in SEZ in current or previous financial year. http://www.simpletaxindia.net/2011/04/tds-rate-chart-11-12-fy-tds-rate-12-13.html http://www.simpletaxindia.net/ Due Dates Chart For Financial Year 2011-12 Mon Payment Quarterly Filing of Advance Payment Service GVAT PF ESIC of TDS Income Tax of Service Tax Payment Payment Payment TDS Return Tax Return Payment Tax Return April May 30 7 15 - June July 7 7 15 31 5 25 - 21 21 15 15 22 22 15 5 5 - 21 21 15 15 22 22 - August 7 - - - 5 - 21 15 22 September 7 - 15 5 - 21 15 22 October 7 15 30 - 5 25 21 15 22 November 7 - 30* - 5 - 21 15 22 December 7 - - 15 5 - 21 15 22 January 7 15 - - 5 - 21 15 22 February March 7 7 - - 15/31 5 5/31 - 21 21 15 15 22 22 *For Companies required to file report u/s 90E Excise Duty: Periodical Returns Form ER-1 ` ER-2 ER-3 ER-4 Description Monthly Return By Large units Return by EOU Quarterly Return by SSI Annual Financial Information Statement ER-5 Information relating to Principal Inputs ER-6 Monthly Return of receipt & consumption of each of Principal Inputs ER-7 Annual Installed Capacity Statement Quarterly return by first and second stage dealers Who is required to file Manufacturers not eligible for SSI concession EOU units Assessees availing SSI concession Assessees paying duty of Rs. 1 crore or more p.a. through PLA & CENVAT Assessees paying duty of Rs. 1 crore or more per annum through PLA & CENVAT and manufacturing goods under specified tariff heading Assessees required to submit ER-5 return All Manufacturers Registered Dealers Time limit 10th of following mth. 10th of following mth. 10th of following qtr. Annually, by 30th November of succeeding year Annually, by 30th April current year 10th of following mth. 30th April of the following year 15th day of following quarter http://www.simpletaxindia.net/2011/04/tds-rate-chart-11-12-fy-tds-rate-12-13.html http://www.simpletaxindia.net/ LLP Compliances & Penalties Regular Compliances Penalty for Non Compliance Compliance Head Minimum number of Designated Partners At least 2 partners who would be designated partners Not less than Rs. 10,000 but may extend to Rs 5,00,000 Designated Partners Identification Number (DPIN) All the provisions of sections 266A to 266G of the Companies Act, 1956 shall apply accordingly May extend to Rs. 5,000; incase of continuous contravention further Rs. 500 per day during which the default continues. Consent and Particulars of Designated Partners File e-form 4 with ROC in 30 Not be less than Rs. 10,000 but days of the appointment may extend to Rs. 1,00,000. Change of Registered File the notice of any Office change in registered office with the ROC in e-form 4. Shall not be less than Rs. 10,000 but may extend to Rs. 1,00,000. Change of Name LLP may change its name registered with the ROC by filing e-form 5. May extend to Rs. 5,00,000 but shall not be less than Rs. 5,000 and with a further fine which may extend to Rs 50 per day. Compliance Penalty for Non Compliance Annual Compliances Head Statement of Accounts & Solvency Shall file within a period of six months from the end of every financial year. Prepare and file a Statement of Account and Solvency with the ROC. Shall not be less than Rs 25,000 but may extend to Rs 5,00,000 and every designated partner of such LLP shall be punishable with fine which shall not be less than Rs 10,000 but which may extend to Rs 1,00,000 Annual Return Annual Return to the ROC with LLP shall be punishable with fine shall not be in sixty days of closure of the less than Rs 25,000 but which may extend to Rs financial year. 5,00,000 and every designated partner of such LLP shall be punishable with fine which shall not be less than Rs 10,000 but which may extend to Rs. 1,00,000 http://www.simpletaxindia.net/2011/04/tds-rate-chart-11-12-fy-tds-rate-12-13.html http://www.simpletaxindia.net/ Useful Web Sites Area Description website Income Tax Official Web Site e-Filing Services To Tax Payer Tax Information NetWork ITAT http://www.incometaxindia.gov.in/ https://incometaxindiaefiling.gov.in/ http://www.incometaxindiapr.gov.in http://www.tin-nsdl.com/ http://itat.nic.in/ Service Tax Official Web Site E-Filing http://www.servicetax.gov.in/ http://www.aces.gov.in/ Corporate Law MCA LLP http://www.mca.gov.in/ http://www.llp.gov.in/ Supreme Court Official Web Site http://www.supremecourtofindia.nic.in/ RBI Official Web Site Ombudsman Banking http://www.rbi.org.in/home.aspx http://secweb.rbi.org.in/bo/compltindex.htm Ministry of Finance Official Web Site http://www.finmin.nic.in/ Provident Fund Official Web Site http://www.epfindia.nic.in/ ESIC Official Web Site http://www.esic.nic.in/ Gujarat VAT Official Web Site http://www.commercialtax.gujarat.gov.in/ Central Board of Customs Official Web Site http://www.cbec.gov.in/ Directorate General Official Web Site of Foreign Trade http://www.dgft.gov.in/ Right to information Official Web Site http://www.rti.gov.in Central Vigilance Commission Official Web Site http://www.cvc.nic.in XBRL International XBRL India Official Web Site Official Web Site http://www.xbrl.org http://www.xbrl.org/in http://www.simpletaxindia.net/2011/04/tds-rate-chart-11-12-fy-tds-rate-12-13.html

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