|
|
- Corporate Tax – for Financial Year 2009 - 2010
|
|
Taxable Income < INR
10 million
30.90%
Taxable Income > INR 10 million
33.99%
|
|
- 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.
|
|
|
- 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 |
|
- Excise Duty – for Financial Year 2009 - 2010
|
|
| Duty payable is
8.24% |
|
- Service Tax – for Financial Year 2009 - 2010
|
|
| Service Tax to be charged on sale of service:
10.30% |
|
- VAT – for Financial Year
2009 - 2010
|
|
| VAT would depend on product sold – either
1% or 4% or
12.5% |
|
- Central Sales Tax (CST) – for Financial Year 2009 - 2010
|
|
| CST to be charged @
2% when goods sold inter-state. |
|
- Provident Fund (PF) – for Financial Year 2009 - 2010
|
|
Employees’ Contribution
12.00%
Employer’s Contribution 13.61% |
|
- Employees’ State Insurance (ESI) – for Financial
Year 2009 - 2010
|
|
Employees’ Contribution
1.75%
Employer’s Contribution 4.75%
|
|
- 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 |
|
