INCOME TAX

Income Tax Slabs & Rates for Assessment Year 2014-15

. Individual resident (Age below 60 Yrs.) or any NRI / HUF / AOP / BOI /AJP
Senior Citizen
Super Senior Citizen
* Abbreviations used :
NRI - Non Resident Individual; HUF - Hindu Undivided Family; AOP -
Association of Persons; BOI - Body of Individuals; AJP - Artificial Judicial
Person


I. Individual resident aged below 60 years (i.e. born on or after 1st April 1954) or any NRI / HUF
/ AOP / BOI / AJP*


Income Slabs Tax Rates
i. Where the total income does not exceed Rs.
2,00,000/-.
NIL
ii. Where the total income exceeds Rs. 2,00,000/-
but does not exceed Rs. 5,00,000/-.
10% of amount by which the total income
exceeds Rs. 2,00,000/-.
Less : Tax Credit - 10% of taxable income upto a
maximum of Rs. 2000/-.
iii. Where the total income exceeds Rs. 5,00,000/-
but does not exceed Rs. 10,00,000/-.
Rs. 30,000/- + 20% of the amount by which the
total income exceeds Rs. 5,00,000/-.
iv. Where the total income exceeds Rs.
10,00,000/-.
Rs. 130,000/- + 30% of the amount by which the
total income exceeds Rs. 10,00,000/-.
Surcharge: 10% of the Income Tax, where total taxable income is more than Rs. 1 crore.
(Marginal Relief in Surcharge, if applicable)
Education Cess: 3% of the total of Income Tax and Surcharge.
II. Individual resident who is of the age of 60 years or more but below the age of 80 years
at any time during the previous year (i.e. born on or after 1st April 1934 but before 1st
April 1954)


Income Slabs Tax Rates
i. Where the total income does not exceed Rs.
2,50,000/-.
NIL
ii. Where the total income exceeds Rs. 2,50,000/-
but does not exceed Rs. 5,00,000/-
10% of the amount by which the total income
exceeds Rs. 2,50,000/-.
iii. Where the total income exceeds Rs. 5,00,000/-
but does not exceed Rs. 10,00,000/-
Rs. 25,000/- + 20% of the amount by which the
total income exceeds Rs. 5,00,000/-.
iv. Where the total income exceeds Rs.
10,00,000/-
Rs. 125,000/- + 30% of the amount by which the
total income exceeds Rs. 10,00,000/-.

Surcharge: 10% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Education Cess: 3% of the total of Income Tax and Surcharge.

III. Individual resident who is of the age of 80 years or more at any time during the previous
year (i.e. born before 1st April 1934)

Income Slabs Tax Rates
i. Where the total income does not exceed Rs.
5,00,000/-.
NIL
ii. Where the total income exceeds Rs. 5,00,000/-
but does not exceed Rs. 10,00,000/-
20% of the amount by which the total income
exceeds Rs. 5,00,000/-.
iii. Where the total income exceeds Rs. 10,00,000/- Rs. 100,000/- + 30% of the amount by which the
total income exceeds Rs. 10,00,000/-.
Surcharge: 10% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Education Cess: 3% of the total of Income Tax and Surcharge.
Employee Provident Fund
15
th
Payment of P F Contribution
Table below gives the rates of contribution of EPF, EPS, EDLI, Admin charges in India.
Scheme Name Employee contribution Employer contribution
Employee provident fund (EPF) 12% 3.67%
Employees Pension scheme (EPS) 0 8.33%
Employees Deposit linked insurance (EDLI) 0 0.5%
EPF Administrative charges 0 1.1%
EDLIS Administrative charges 0 0.01%

PF:
PF is deducted on Basic salary i.e Basic + DA is Rs. 6500/- or less above that PF is not deducted.
1) Employee 12 % (of Basic + DA & Food concession allowance & retaining allowance, if any)
2) Employer 13.61 % (of Basic + DA & Food concession allowance & retaining allowance, if
any)
Employee Contribution: 12%
Employer Contribution:

3.67% = Provident Fund (A/c No.1)

8.33% = Pension Scheme (A/c No.10)

0.5% = EDLIS -Employees Direct Linked Insurance Scheme (A/c No.21)

Administrative Charges:

1.10% of emoluments = Provident Fund (A/c No.2)

0.01% of emoluments = EDLIS (A/c No.22)

Total =>13.61% on basic

ESI
21
st
Payment of ESIC
ESI:-
ESIC calculation:
In this ESIC, it includes the medical benefit both for the employee and employer. It has been
calculated on the basic of gross pay per month and maximum limit is upto Rs.10000/- p.m

By the eligible employees --1.75% of Gross wages
By the employer -- 4.75% of Gross wages including administrative charges
Professional Tax TN (Tamil Nadu)
15
th
Payment of Professional - Tax Deducted from Employee
Six Months Income Tax Rate
Up to Rs. 21,000 Nil
Rs. 21,001 to 30,000 Rs. 100 for six months
Rs. 30,001 to 45,000 Rs. 235 for six months
Rs. 45,001 to 60,000 Rs. 510 for six months
Rs. 60,001 to 75,000 Rs. 760 for six months
Rs. 75,001 and above Rs. 1095 for six months
Profession Tax Collectable from the salary of August (1
st
Quarter) and January (2
nd
Quarter).





TAX DEDUCTED AT SOURCE
The chart for payment of TDS is as follows:
S. No.
Particulars
Due Date
1
Tax Deductible in March
30th April
2
Other Months and Tax opted to be deposited by the employer
7th of next month

The due date of filing of TDS return is as follows:

Quarter Quarter
Due Dates
Form Nos. 24Q & 26Q Form No. 27Q Form No. 27EQ
Q1 April to June 15 July 15 July 15 July
Q2 July to September 15 October 15 October 15 October
Q3
October to December 15 January 15 January 15 January
Q4 January to March 15 May 15 May 15 May

Due date for furnishing TDS certificate to the employee or deductee or payee is revised as
under:
Sl.
No.
Category
Periodicity of furnishing
TDS certificate
Due date
1. Salary (Form
No.16)
Annual
By 31
st
day of May of the financial year immediately
following the financial year in which the income was paid
and tax deducted
2. Non-Salary
(Form No.
16A)
Quarterly
Within fifteen days from the due date for furnishing the
statement of TDS



TDS Rates on Payments other than Salary and Wages to Residents (including domestic
companies)
Section For Payment of On Payments Exceeding Individual/HUF Others
193 Interest on Debentures Rs. 5000/- 10% 10%
194 Deemed Dividend No minimum 10% 10%
194 A Interest other than on
securities by banks
Rs. 10000/- 10% 10%
194 A Interest other than on
securities by others
Rs. 5000/- 10% 10%
194 B Winnings from Lotteries /
Puzzle / Game
Rs. 10000/- 30% 30%
194 BB Winnings from Horse Race Rs. 5000/- 30% 30%
194 C (1) Payment to Contractors Rs. 30000/- for single payment
Rs. 75000/- for aggregate
payment during Financial Year
1% 2%
194 C (2) Payment to Sub-Contractors /
for Advertisements
194 D Payment of Insurance
Commission
Rs. 20000/- 10% 10%
194 EE Payment of NSS Deposits Rs. 2500/- 20% NA
194 F Repurchase of units by Mutual
Funds / UTI
Rs. 1000/- 20% 20%
194 G Commission ons Sale of Lottery
tickets
Rs. 1000/- 10% 10%
194 H Commission or Brokerage Rs. 5000/- 10% 10%
194 I Rent of Land, Building or
Furniture
Rs. 180000/- 10% 10%
Rent of Plant & Machinery Rs. 180000/- 2% 2%
194 IA Transfer of Immovable Property
(w.e.f. 01.06.2013)
Rs. 50 lacs 1% 1%
194 J Professional / technical
services, royalty
Rs. 30000/- 10% 10%
194 J (1) Remuneration / commission to
director of the company
- 10% 10%
194 J (ba) Any remuneration / fees /
commission paid to a director
of a company, other than those
on which tax is deductible u/s
192.
- 10% 10%
194 L Compensation on acquisition of
Capital Asset
Rs. 100000/- 10% 10%
194 LA Compensation on acquisition of
certain immovable property
Rs. 200000/- 10% 10%
Notes:
No surcharge or education cess is deductible / collectible at source on payments made
to residents {Individuals / HUF / Society / AOP / Firm / Domestic Company) on payment
of incomes other than salary or wages.
TDS at higher rate of 20% has to be deducted if the deductee does not provide PAN to
the deductor.(section 206AA)
All persons who are required to deduct tax at source or collect tax at source on behalf of
Income Tax Department are required to apply for and obtain Tax Deduction or Tax
Collection Account Number (TAN).
SERVICE TAX
Rate of Service Tax
From 01.04.2012 onwards, Rate of service tax is 12% + 2% (of service tax) education Cess + 1%
(of service tax) Secondary & Higher Education Cess (Aggregating to 12.36%).
Rate of service tax is 12% = 12.00
Education cess is 2% of rate of service tax = 0.24
Secondary and higher education cess @ 1% = 0.12
Total rate of service tax payable = 12.36 %
All Taxable Services

Period Rate of Tax
01-04-2012 onwards 12.36% (ST + EC + SHEC)








Periodicity of Payment

Category Frequency Due Dates

Individuals,
Proprietary Firms
&
Partnership Firms

Quarterly as mentioned below -
1. For quarter ending 30th June
2. For quarter ending 30th Sept.
3. For quarter ending 31st Dec.
4. For quarter ending 31st March


1. by 5th July
2. by 5th October
3. by 5th January
4. - by 31st March
Others (e.g.
Companies,
Societies, Trusts
etc.)
Monthly By 5th of the month immediately following the
month in which payments are received towards the
value of taxable services. However, in case of
March, the payment should be made by 31st March.

Penalty for Late filing of Return
Period of Delay from the
prescribed date
Penalty
15 days Rs.500/-
Beyond 15 days but not later
than 30 days
Rs.1000/-
Beyond 30 days Rs.1000/- plus Rs. 100/- for every day from the thirty first day till the date of
furnishing the said return (not exceeding Rs.20000)




Depreciation Rates
Prime Depreciation Rates under the Income Tax Act
Sl. No. Asset Depreciation Rate
1 Building: Residential 5.00%
2 Building: Factory 10.00%
3 General Plant & Machinery 15.00%
4 Motor Car 15.00%
5 Motor Buses/Lorries Used In Hire 30.00%
6 Computers including Software 60.00%
7 Furniture 10.00%
8 Patents, Know-how, copyrights, licenses etc. 25.00%

VAT [Value Added Tax]

VAT Tax Schedule

Schedule I

Part A - Goods which are taxable at the rate of 1 per cent

Part B - Goods which are taxable at the rate of 5 per cent

Part-C - Goods which are taxable at the rate of 14.5 percent





Important dates

21 st
Payment of ESIC

25 th
PF Form 12A

12th may
ESIC Form 5

11th nov
ESIC Form 5

25th july
MLWF for JUNE

25th jan
MLWF for Dec.




Memorandum of Association (MOA)
Article of Association (AOA)
MCA is three layers systems to administer the Affairs of Companies
1. Ministry of Corporate Affairs itself (MCA)
2. Regional Director (RD)
3. Registrar of Companies (ROC)






Sr.No.
Nature of
Payments Period
Due Date of
Payment
Due Date of
Submission of Return
1. TDS Deducted during the month From April to
February
7th of Next Month 15th of next month after
completion of each Qtr
2. TDS Deducted during the month of March On or before 30th
April
15th May
3. Excise For All Assesses except SSI & If Period of
Removal of Goods is from April to February
5th of Next Month 10th of Next Month
4. Excise For All Assesses except SSI & If Period of
Removal of Goods is in the month of
March
31st March 10th of Next Month
5. Excise For SSI & If Period of Removal of Goods is
from April to February
5th of Next Month 20th of following qtr(Qtrly
return)
6. Excise For SSI & If Period of Removal of Goods is
in the month of March
31st March 20th of following qtr (Qtrly
return)
7. Excise For First stage and Second Stage Dealer 15th of month succeeding
completed quarter
8. Service Tax
(Corporate,Trust,
Societies)
If Service tax charged on revenue from
April to February
5th of Next Month
(For e-payment 6th
of Next Month)
Half year ended on 30th
Sep, return to be filed by
25th October
9. Service Tax
(Corporate,Trust,
Societies)
If Service tax charged on revenue in the
month of March
31st March Half year ended on 31st
March, return to be filed
by 25th April
10. Service Tax (Individual,
LLP,firm,
proprietorship)
April to Dec( for 3 qtrs) 5th of the month
after end of each
quarter
(For e-payment 6th
of the month)
Half year ended on 30th
Sep, return to be filed by
25th October
11. Service Tax (Individual,
LLP,firm,
proprietorship)
Jan to Mar 31st March Half year ended on 31st
March, return to be filed
by 25th April
12. Provident Fund Monthly 15th of Next Month 21th of Next month
Sr.No.
Nature of
Payments Period
Due Date of
Payment
Due Date of
Submission of Return
13. Employees State
Insurance
Monthly 21st of Next Month Half year ended on 30th
September, return to be
filed by 11th November
14. Employees State
Insurance
Monthly 21st of Next Month Half year ended on 31st
March, return to be filed
by 12st May
15. Issue of Form 16A From Apr to Dec (Q1 to Q3) N.A. 30th of Month after end of
each quarter
16. Issue of Form 16A From Jan to Mar (Q4) N.A. 31st May
17. Issue of Form 16 From Apr to Mar N.A. 31st May
18. Due Date of Filing of
Income Tax Return
Company which is require to furnish report
u/s 92E
N.A. 30th Nov of Assessment
Year
19. Due Date of Filing of
Income Tax Return
i. Company (other than referred above)
ii. a person (other than a Company)/ a
working partner of firm whose accounts
are required to be audited under Income
tax Act or under any other law
N.A. 30th Sep of Assessment
Year
20. Due Date of Filing of
Income Tax Return
In case of any other Assessee N.A. 31st Jul of Assessment Year