Union Council of Ministers 2009

http://www.hindu.com/2009/05/29/stories/2009052950051300.htm

TDS Due Date

Due Date Table for TDS and TCS quarterly returns:

Quarter	Form 24Q	Form 26Q	Form 27Q	Form 27EQ
First	July 15th	July 15th	July 14th	July 15th
Second	October 15th	October 15th	October 14th	October 15th
Third	January 15th	January 15th	January 14th	January 15th
Fourth	June 15th	June 15th	June 14th	April 30th

Income Tax Due Dates

Return of Income Tax [with/without FBTReturn]:

• Person not required to be audited - 31st July
• Person required to be audited - 30th September

Payment of Advance Taxes of Income Tax - Individual/Firms:

• 1st Payment of 30% - 15th September
• 2nd Payment of 60% - 15th December
• 3rd Payment of 100% - 15th March

Payment of Advance Taxes of Income Tax - Companies:

• 1st Payment of 25% - 15th June
• 2nd Payment of 50% - 15th September
• 3rd Payment of 75% - 15th December
• 4th Payment of 100% - 15th March

Payment of Advance Taxes of Fringe Benefit Tax:

• 1st Quarter - 15th June
• 2nd Quarter - 15th September
• 3rd Quarter - 15th December
• 4th Quarter - 15th March

TDS Rates for 2007-08

TDS Rates for financial year 2007-08

Section	Nature of Payment	Status	Tax (%)
193	Interest on Debentures & Securities	COMPANY	20
		OTHERS	10
194A	Other Interest > Rs. 10,000 for Banking Co's , etc. > Rs. 5,000	COMPANY	20
		OTHERS	10
194B	Lottery/Crossword Puzzle > Rs.5,000		30
194BB	Winnings from Horse Race > Rs. 2,500		30
194C(1)	Payment to a contractor (in the case of advertising contracts)		1
194C(2)	Payment to a contractor (other than an advertising contracts)		2
194C(3)	Payment to a sub-contractor		1
194D	Insurance Commission > Rs.5,000	COMPANY	20
		OTHERS	10
194EE	Withdrawal from NSS > Rs.2,500		20
194F	Repurchase of Units by MF/UTI		20
194G	Commission on Sale of Lottery Tickets > Rs.1,000		10
194H	Commission or Brokerage > Rs.2,500		10
194I	Rent > Rs.1,20,000 p. a. Rent of Plant & Machinery		10
	Rent of Land, Building, Furniture, etc	INDIVIDUAL /HUF	15
		OTHERS	20
194J	Professional or Technical Fess > Rs.20,000		10
194LA	Compensation on Compulsory Acquisition of immovable property >Rs.1,00,000 during the financial year		10
Surcharge ( On Tax)	Applicable for Companies/Firm. Also, Individual/HUF, if the total income exceeds or is likely to exceed Rs.10,00,000		10
Education Cess	on Tax deducted Plus Surcharge		3

Income Tax Rates - for the F.Y 2008-09

• The direct taxes rates for the financial year 2008-2009 (Assessment year 2009-2010)

Threshold limit of exemption from personal income tax in the case of all assesses is Rs.150,000. The threshold limit for a resident woman assessee is Rs.180,000, while for a resident senior citizen is Rs.225,000.

I. For Individuals (includes nonresidents), HUF, AOP and BOI 1. From 1,50,000 to 3,00,000 : 10% of amount greater than Rs. 1,50,000. 2. From 3,00,000 to 5,00,000 : 20% of amount greater than Rs. 3,00,000 plus Rs. 15,000. 3. Above 5,00,000 : 30% of amount greater than Rs. 5,00,000 plus Rs. 55,000.

II. For Resident Woman (except senior citizen) 1. From 1,80,000 to 3,00,000 : 10% of amount greater than Rs. 1,80,000. 2. From 3,00,000 to 5,00,000 : 20% of amount greater than Rs. 3,00,000 plus Rs. 12,000. 3. Above 5,00,000 : 30% of amount greater than Rs. 5,00,000 plus Rs. 52,000.

III. For Resident Senior Citizen 1. From 2,25,000 to 3,00,000 : 10% of amount greater than Rs. 2,25,000. 2. From 3,00,000 to 5,00,000 : 20% of amount greater than Rs. 3,00,000 plus Rs. 7,500. 3. Above 5,00,000 : 30% of amount greater than Rs. 5,00,000 plus Rs. 47,500. Note: For nonresident senior citizen the exemption limit is Rs. 1,50,000.

Education Cess The total tax amount (including surcharge) is subject to an education cess at 3%.

Surcharge A 10% surcharge (tax on tax) is applicable if the net income (after all the non-taxable allowances and deductions) is above Rs. 10 lakh. This surcharge is subject to marginal relief. The net income tax and surcharge shall not exceed the total amount payable as on income tax on income of Rs. 10,00,000 by more than the amount of total income that exceeds Rs. 10,00,000.