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Tax and other Statutory Compliance Rates – for Financial Year   2009 – 2010
  1. Corporate Tax – for Financial Year 2009 - 2010
Taxable Income < INR 10 million 30.90%
Taxable Income > INR 10 million 33.99%
  1. Withholding Tax Rates – if payee / deductee is a Company (for Financial Year 2009 - 2010) w.e.f. 01 October 2009 )
    Total payments up to INR 10 mio Total payments exceed INR 10 mio
Purpose Threshold Rate Rate
Contractors  *50,000   2%  2%
Advertisement/Sub Contractors  *50,000   1%   1%
Rent 120,000 10% 10%
Commission     2,500 10% 10%
Rent – P & M 120,000 2% 2%
Professional Fee  20,000 10% 10%
Note: Withholding tax is applicable if a single payment exceeds Rs.20,000; There is no Surcharge or Cess on tax withheld after 1st October 2009.
  1. Withholding Tax Rates – if payee / deductee is an Individual / HUF / Firm (for Financial Year 2009 - 2010) w.e.f. 01 October 2009
    Payments up to *** Payments exceeding ***
Purpose Threshold Rate Rate
Contractors *50,000   2%   2%
Advertisement/Sub Contractors  *50,000   1%   1%
Rent 120,000 10% 10%
Commission     2,500 10% 10%
Rent – P & M 120,000 2% 2%
Professional Fee   20,000 10% 10%
Note: Withholding tax is applicable if a single payment exceeds Rs.20,000
Note: *** For individual and HUF INR 1 million and Firm INR 10 million
  1. Excise Duty – for Financial Year 2009 - 2010
Duty payable is 8.24%
  1. Service Tax – for Financial Year 2009 - 2010
Service Tax to be charged on sale of service: 10.30%
  1. VAT – for Financial Year  2009 - 2010
VAT would depend on product sold – either 1% or 4% or 12.5%
  1. Central Sales Tax (CST) – for Financial Year 2009 - 2010
CST to be charged @ 2% when goods sold inter-state.
  1. Provident Fund (PF) – for Financial Year 2009 - 2010
Employees’ Contribution 12.00%
Employer’s Contribution 13.61%
  1. Employees’ State Insurance (ESI) – for Financial Year 2009 - 2010
Employees’ Contribution 1.75%
Employer’s Contribution 4.75%
  1. Professional Tax – for Financial Year 2009 - 2010
Six month’s income Tax (INR)
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