|
|
- Corporate Tax – for Financial Year 2010 - 2011
|
|
Taxable Income < INR
10 million
30.90%
Taxable Income > INR 10 million
33.99%
|
|
- Withholding Tax Rates – if payee / deductee is a Company / Firm / Co – operative Society / Local Authority (for Financial Year 2010 - 2011) w.e.f. 01 July 2010 )
|
|
| Payment to |
Threshold |
TDS Rate |
| Contractors |
*75,000 |
2% |
| Rent |
1,80,000 |
10% |
| Commission |
5,000 |
10% |
| Rent – P & M |
1,80,000 |
2% |
| Professional Fee |
30,000 |
10% |
|
|
|
Note: Withholding tax is applicable if a single payment exceeds Rs.30,000;
There is no Surcharge or Cess on tax withheld after 1st April 2009.
|
|
|
- Withholding Tax Rates – if payee / deductee is an Individual / HUF / Firm (for Financial Year 2010 - 2011)
w.e.f. 01 July 2010
|
|
| Purpose |
Threshold |
TDS Rate |
| Contractors |
*50,000 |
1% |
| Rent |
1,80,000 |
10% |
| Commission |
5,000 |
10% |
| Rent – P & M |
1,80,000 |
2% |
| Professional Fee |
30,000 |
10% |
|
|
|
Note: Withholding tax is applicable if a single payment exceeds Rs.30,000 |
|
Note: There is no Surcharge or Cess on tax withheld after 1st April 2009 |
|
Note:If PAN not provided by the deductee then rate as per above table or 20% whichever is higher is to be charged. (effective from 01.04 2010 section 206AA)
|
|
- Excise Duty – for Financial Year 2010 - 2011
|
|
| Duty payable is
10% |
|
- Service Tax – for Financial Year 2010 - 2011
|
|
| Service Tax to be charged on sale of service:
10.30% ( including Cess on Service Tax) |
|
- VAT – for Financial Year
2010 - 2011
|
|
| VAT would depend on product sold – either
1% or 4% or
12.5% |
|
- Central Sales Tax (CST) – for Financial Year 2010 - 2011
|
|
| CST to be charged @
2% when goods sold inter-state. |
|
- Provident Fund (PF) – for Financial Year 2010 - 2011
|
|
| PF is optional over Rs.6,500(basic salary) |
Employees’ Contribution
12.00%
Employer’s Contribution 13.61% |
|
- Employees’ State Insurance (ESI) – for Financial
Year 2010 - 2011
|
|
| ESI limit is Rs.15,000(gross salary) |
Employees’ Contribution
1.75%
Employer’s Contribution 4.75%
|
|
- Professional Tax – for Financial Year 2010 - 2011
|
|
| Six month’s income |
Tax (INR) |
| Below 21,000 |
NIL |
| 21,001 – 30,000 |
75.00 |
| 31,001 – 45,000 |
188.00 |
| 45,001 – 60,000 |
390.00 |
| 60,001 – 75,000 |
585.00 |
| 75,001 and above |
810.00 |
|
|
| Note: The above is half-yearly slab applicable to Chennai. |
| Disclaimer |
| This is not advice. The recipient should not act solely on the basis of the material contained herein. Contents herein are general in nature and do not constitute or convey advice per se. Also, changes in legislation may occur quickly. The material herein is issued as a helpful guide to the reader, for their private information. Therefore it should be regarded as confidential and not be made available to any person without our prior approval. We therefore recommend that our formal advice be sought by contacting the following address before acting in any of the areas: |
|
| Carvalho Associates |
| Chartered Accountants |
| 2B, Park Centre, |
| 25, Venkatanarayana Road, |
| T.Nagar, Chennai - 600 017 |
|
| Phone : +91 - 44 - 4212 6808 |
| Email : mail@carvalho-associates.com |
|
