TDS F.Y 2009- 10

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Advance Tax Calculator

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Income Tax Calculator Ay(2008-9)(9-10)

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TDS CALCULATOR INDIA

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Due Dates for IT

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 Read more ...

Implications of Budget 2009 TDS and TCS Rates F.Y 2009-10

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TDS Rates For payment to residents and domestic companies,there will be no surcharge and cess on the basic rate of TDS. This simplifies TDS rates to a great extent. There are changes in TDS rates for payments to contractors and payment of rent. Those are explained below. TDS on payment to contractors : Section 194C The proposed amendment is effective from 01-10-2009. Rate of deduction: Rate of deduction is now based on the status of payee and not on the basis of type of payment. Earlier the rate was 2% for payment to contractors and 1% for payment to sub-contractors and advertisement contracts. Now the rate is 1% for payments made to individuals and HUF and 2% in other cases. Contractor manufacturing is now covered as "work"and is liable to TDS under this section. This is defined as manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from such customer, but does not include manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from a person, other than such customer If the invoice mentions value of material separately then such value will be excluded for calculation of TDS, in all other cases TDS will apply to total invoice value. Persons carrying business of plying, hiring or leasing goods carriages. Need not deduct TDS if contractor furnishes PAN. Will have to furnish information as may be prescribed. TDS on Rent : Section 194I The proposed amendment is effective from 01-10-2009. Rent Earlier Now Plant and Machinery 10% 2% Land building 15% for Indviduals / HUF and 20% for others 10% eTDS Statement Filing: Section 200 The proposed amendment is effective from 01-10-2009. Currently section 200 specifies quarterly filing of eTDS statements. This is changed and now CBDT can specify the periodicity for which the statements are to be filed. Processing of eTDS Statements: Section 200A The proposed amendment is effective from 01-04-2010. This new section introduces processing of eTDS Statements in the following manner. Sum deductible shall be calculated after making adjustment of arithmetical errors and apparent incorrect claims. Interest will be calculated. From the above actual amount paid will be deducted to arrive at TDS payable or refundable. Deductor will be informed about the TDS payable or refundable. Time limit for the processing is within one year of the financial year of filing of eTDS statement. CBDT will make a scheme of centralized processing of e-TDS Statements. Time limit for Penalty proceedings : Section 201 The proposed amendment is effective from 01-04-2010. A person is deemed to be an assesee in default for failure to deduct TDS in whole or part. The order for such default now will have to be passed. Within two years from the end of the financial year in which the eTDS statement is filed. Within four years from the end of the financial year in which payment is made or credit is given, in any other case. For financial year commencing on or before 01-04-2007, this time limit is upto 31st March 2011. TDS Rate when PAN not available: Section 206AA The proposed amendment is effective from 01-04-2010. If deductee fails to furnish PAN to deductor, the deductor shall apply highest of the following rates for deducting TDS. (i) at the rate specified in the relevant provision of this Act; or (ii) at the rate or rates in force; or (iii) at the rate of 20%. Form 15G/ 15H declaration for no deduction of tax will become invalid if PAN is not mentioned therein. PAN will have to be mentioned in bills, vouchers and other documents communicated between deductor and deductee. If deductee furnishes invalid PAN or submits PAN belonging to someone else, it will amount to non furnishing of PAN. Other Changes No TDS on zero coupon bonds issued by scheduled banks : Section 194A. Effective 01-04-2009 No TDS for payments from New Pension Scheme :Section 197A. Effective 01-04-2009 Quarterly statement for interest paid without deducting TDS is now to be submitted for "such periods as may be prescribed" : Section 206A Effective 01-10-2009. Quarterly statement regarding tax collection at sources are now to be submitted for " such periods as may be prescribed": Section 206C Effective 01-10-2009.

Implications of Budget 2009 in Excise Duty

Excise Duty No Change in the mean Cenvat rate of 8% ad valorem.However the concessional excise duty rate of 4% has been increased to 8% with certain exceptions. Modification Basic duty on branded Petrol converted from "6%+Rs.5 per litre" to a specific rate of Rs.6.50 per litre. Now total duty on branded petrol will be Rs.14.50 per litre. Basic duty on branded High Speed Diesel converted from "6%+Rs.1.25 per litre" to a specific rate of Rs.2.75 per litre. Now total duty on branded High Speed Diesel will be Rs.4.75 per litre. Duty exemption on recorded smart cards and recorded proximity cards, tags made optional. Manufacturer may opt to pay duty and avail the credit. Reduction High Speed Diesel blended with upto 20% bio-diesel to be fully exempt from excise duties provided appropriate duties paid on HSD and bio-diesel. Duty on Special Boiling Point spirits and Naphtha reduced to 14%. Duty exemption provided to tops (man-made), made out of duty paid man-made tow procured from outside the factory using 'tow-to-top' process. Goods manufactured at the site of construction for use in construction work at such site fully exempted. Duty on articles of jewelry on which the brand name or trade name is indelibly affixed or embossed on the articles of jewelry itself, reduced from 2% to nil. Specific component of duty on motor vehicles of heading 8702 / 8703 having engine capacity exceeding 1999 CC reduced from Rs.20000 per unit to Rs.15000 per unit. Duty on petrol driven motor vehicles for transport of goods except dumpers reduced from 20% to 8%. Duty exempted on specified medical devices namely Patent Ductus Arteriosus/ Atrial Septal Defect occlusion device. Exemption provided to packaged software, subject to specified conditions, from so much of the duty of excise leviable thereon as is equivalent to the excise duty payable on the portion of the value which represents the consideration paid or payable for transfer of right to use such software. Increase Exemption to Naphtha or Natural Gasoline Liquid would not be available if they are used in the manufacture of fertilizer/ammonia which in turn is used for manufacture of some other item. Duty on following items increased from 4% to 8%: Ink used in writing instruments. Pure terephthalic acid (PTA), dimethyl terephthalate(DMT), acrylonitrile Polyester chips Heat resistant latex rubber tension thread and Heat resistant rubber tension tape. Raw, tanned and dressed fur skins. Goods falling under heading 4408 (sheets for veneering for plywood and related products), 4410 (different kinds of wood boards), 4411 (fibre board of wood or ligneous materials) and 4412 (plywood). Flush doors and articles of wood other than articles of densified wood. All goods falling under heading 4820 (folders, file covers and other articles of stationary) Paper and paperboard labels. Man made filament yarn falling under heading 5402,5403 and 5406. Manmade fibres (tow and staple fibres) falling under chapter 5501 to 5507. All textile goods made of manmade fibre/yarn or natural fibres/yarn other than cotton i.e. beyond the fibre/yarn stage. Goods in which not les than 25% by weight of fly ash or phosphogypsum or both have been used. Articles of mica. Solid or hollow building blocks, including aerated or cellular light weight concrete blocks and slabs. Ceramic tiles, manufactured in a factory not using electricity for firing the kiln. LPG Gas stoves. Electronic milk tester / solid non-fat (SNF) tester. MP3/MP4 or MPEG 4 players with or without radio/video reception facility. Contact lenses. Parts of drawing and mathematical instruments, used in the manufacture of drawing and mathematical instruments. Playing cards. Goods classified under heading 9603 like paint brushes, toothbrushes etc. Slide fasteners and parts thereof. Duty on all textile goods made of pure cotton, not containing any other textile material increased from nil to 4%. Custom Duty Modification Description of some specified machinery items for use in leather or footwear industry has been amended. Reduction Duty on unworked corals reduced from 5% to nil. Duty on rock phosphate reduced from 5% to 2%. Basic Duty on bio-diesel reduced from 7.5% to 2.5%. Basic Duty on nine specified life saving drugs and their bulk drugs and one vaccine reduced to 5% with nil CVD by way of excise exemption. Basic duty on waste of wool and cotton waste reduced from 15% to 10%. Concessional duty of 5% on specified plantation machinery available upto 30.04.09 extended upto 06.07.10. Duty on Permanent magnets for manufacture of PM synchronous generators above 500 KW for use in wind operated electricity generators reduced from 7.5% to 5%. Duty on mechanical harvesters for coffee plantation sector reduced from 7.5% to 5%. This exemption valid upto 06.07.2010. Exemption provided to packaged or canned software, subject to specified conditions, from so much of the additional duty of customs leviable thereon as is equivalent to the duty payable on the portion of the value which represents the consideration paid or payable for transfer of right to use such software. Duty on LCD panels for manufacture of LCD TV reduced from10% to 5%. Full exemption from special additional duty of customs on parts, components and accessories of mobile handsets has been reintroduced. This exemption is valid for one year. Basic custom duty on inflatable rafts fully exempted. Duty on Artificial Heart (left ventricular assist device) reduced from 7.5% to 5%. Duty on Patent Ductus Arteriosus/Atrial Septal Defect occlusion device reduced from 7.5% to 5% with nil CVD by way of excise duty exemption. Duty fully exempted on snow skis and other snow-ski equipment, water-skis, surf boards, sailboards and other water-sports equipments. Increase Basic duty on gold and silver has been increased as follows: Gold bars from Rs.100 per 10 gm to Rs.200 per 10 gm Gold in any form other than bars from Rs.250 per 10 grams to Rs.500 per 10 grams. Silver in any form from Rs.500 per kg. to Rs.1000 per kg. Exemption of duty on concrete batching plants of capacity 50 cum/hr or more withdrawn. Now these items will attract 7.5% duty. Duty on set top boxes increased from nil to 5%. CVD exemption on Aerial Passenger ropeway projects has been withdrawn. Read more ...