*MinExmptnLimit
indl&HUF-1.6lacs
ResiWomen-1.9lacs
ResiSeniorCtzn-2.4lacs
Surchrge:only for domestic company10%of TI & foreign company2.5% of TI if total income EXCEEDS 1crore
*Rate of MAT u/s115JB is increased from 10% to 15%
indl&HUF-1.6lacs
ResiWomen-1.9lacs
ResiSeniorCtzn-2.4lacs
Surchrge:only for domestic company10%of TI & foreign company2.5% of TI if total income EXCEEDS 1crore
*Rate of MAT u/s115JB is increased from 10% to 15%
*Cost Inflation Index-632
*WealthTax MinExmptnLimit 30lacs
*FBT abolished w.e.f. A.Y.2010-11.
Explntn7toS43(6)
(Assessees ofRule7A,7B&8)Dep shall b allowd frm composite income i.e.Agri incm&BGBP.Dep so allowd shall b reducd frmWDVofBlock ofAsset
S36(1)(viii)ded in redpct of special resrv creatd by SPECIFIED ENTITYengagd in providing LongTrm financ4constrn/purchse ofResiHouse inIndia.NwNHB covrd
Intt of Compnstn/EnhncdCompntn
S145A-Taxable in yr of Receipt
S56(2)(viii)txble u/H IOS
S57-50%Dedcn & no other dedcn
Imp-this is only for INTEREST
S145A-Taxable in yr of Receipt
S56(2)(viii)txble u/H IOS
S57-50%Dedcn & no other dedcn
Imp-this is only for INTEREST
Remuneration toPartners allowd u/s40(b)revised
*on 1st 3lacs of B.P. or in case of loss-1.5lacs or 90%of B.P. w.e.h.
*on bal B.P.-60%
LLP-all provisions are same as PartnrshpFirm
*on 1st 3lacs of B.P. or in case of loss-1.5lacs or 90%of B.P. w.e.h.
*on bal B.P.-60%
LLP-all provisions are same as PartnrshpFirm
*MAT Credit u/s115JAA-now10yrs
*Sec10BA-notAvlble frmAY10-11
*Sec10A&10B-extnded uptoAY11-12
*Sec80DD&80U-SevrDisab now 1lac frm 75k
*Sec80E-VocatnlStudies included
*Sec10BA-notAvlble frmAY10-11
*Sec10A&10B-extnded uptoAY11-12
*Sec80DD&80U-SevrDisab now 1lac frm 75k
*Sec80E-VocatnlStudies included
Sec40A(3)&(3A)amended. Pymt to TRANSPORTER of GOODS above 35000/- othrwise than a/c payee chq/DD/BnkDrft shall be disallowd. Pymt to others-20,000/-
LibertyIndia(SC)
Xport incntv CCS,DutyDrwbck shall nt b formpart of"Prfit ofBusnes of undrtkng"So nt dedctble u/s10A,10AA,10B,80IA,80IB,80IC,80ID,80IE
Xport incntv CCS,DutyDrwbck shall nt b formpart of"Prfit ofBusnes of undrtkng"So nt dedctble u/s10A,10AA,10B,80IA,80IB,80IC,80ID,80IE
NPS Trust
S10(44):Incm of NPST exempt
S115-O(1A):if Dividend to NPST,then DDTax nil for this
S80CCD: [in next SMS]
S197(1E):No TDS on pymt to NPST
S10(44):Incm of NPST exempt
S115-O(1A):if Dividend to NPST,then DDTax nil for this
S80CCD: [in next SMS]
S197(1E):No TDS on pymt to NPST
S-80CCD:dedctn of amt(max10%ofGTI)depositd in notifiedNPS
*Amt recd bk frmNPST-taxble4indl/nominee.
*NotTaxable if invested in AnnuityPlan in SAME F.Y.
*Amt recd bk frmNPST-taxble4indl/nominee.
*NotTaxable if invested in AnnuityPlan in SAME F.Y.
ElectoralTrust
*2(22AAA)madeByCG,aprvdByCBDT
*13B-Incm ofET=exmpt,if95%of(C/y+PastYrs)incm distrbutd2PoliticlParties
*80GGB&80GGC-Dedctn of donatn toET
*2(22AAA)madeByCG,aprvdByCBDT
*13B-Incm ofET=exmpt,if95%of(C/y+PastYrs)incm distrbutd2PoliticlParties
*80GGB&80GGC-Dedctn of donatn toET
*Employer'sContri toSAF above1Lac=Perq
*ESOP: Perq=FMV on ExrciseDt-AmtPaid byEmployee
*10(10C) Vs S-89:if exmptn claimd u/s10(10C),then NO RELIEFu/s89
*ESOP: Perq=FMV on ExrciseDt-AmtPaid byEmployee
*10(10C) Vs S-89:if exmptn claimd u/s10(10C),then NO RELIEFu/s89
Very impNew/Amended BIG Sections
*35AD,73A,28,50B &Explntn13toSec43(1)
*GiftTax-56(2)(vii),49(4),50C
*80IB
*80A
*2(15)
But these cnt b explained in SMS
*35AD,73A,28,50B &Explntn13toSec43(1)
*GiftTax-56(2)(vii),49(4),50C
*80IB
*80A
*2(15)
But these cnt b explained in SMS
Sec115BBC amended : now anonymous donation is not taxable upto *5%of total donation recd
OR
*1lac
W.e.higher.
OR
*1lac
W.e.higher.
Sec2(15):nw charitble purpose include preservtn of envirnmnt eg watrshed,forest,wildlife etc&preservtn of monumnts/places/objects of art/historic intt
*LLP
S140:sign on ROI byDesignatedPartnr/anyPartnr
S167C:Partnrs vl b jointly&sevrly liable4pymnt of tax unless proved otherwise
S140:sign on ROI byDesignatedPartnr/anyPartnr
S167C:Partnrs vl b jointly&sevrly liable4pymnt of tax unless proved otherwise
Sec194C TDSonPymnt2ResiContractor
*now no diff betwn contrct/subcontrct
*TDS@1%if paid to indl/HUF &2%for others
*No TDS if pmt2transportr gvs hisPAN
*now no diff betwn contrct/subcontrct
*TDS@1%if paid to indl/HUF &2%for others
*No TDS if pmt2transportr gvs hisPAN
Sec194-I TDS w.e.f. 01.10.2009
*for use of P&M-2%
*for use of Land,Building,F&F-10%
*for use of P&M-2%
*for use of Land,Building,F&F-10%
Sec80G-Approval 1ce granted will continue2b valid in perpetuity w.e.f.1.10.2009.
Approvals expiring bfore1.10.2009will hv2b renewed only once.
Approvals expiring bfore1.10.2009will hv2b renewed only once.
S206AA:ifPayee not furnishesPAN,den hisTDSrate wl b highr of
*rate mentiond inSection
*rate of Finance Act
*@20%
If incorrectPAN,den presumed as No PAN
*rate mentiond inSection
*rate of Finance Act
*@20%
If incorrectPAN,den presumed as No PAN
*Valid declaration u/s197A requires PAN of payee on it
*Application by institutions4approval of exemption u/s10(23) now can b made upto30thSep ofA.Y.
*Application by institutions4approval of exemption u/s10(23) now can b made upto30thSep ofA.Y.
*S208limit increasd4liab of AdvncTax frm5000to10000
*S200A procssng ofTDSReturn same asProcsng ofITRu/s143(1)
*ZeroCouponBond cn b issued bySchedldBnk
*S200A procssng ofTDSReturn same asProcsng ofITRu/s143(1)
*ZeroCouponBond cn b issued bySchedldBnk
92C:ActualTransctnPrice(ATP)shal b tkn whr diffrnc btwn arithmatc mean ofArm'sLengthPrice&ATPdoesnt exceed5%ofATP
92CB:empowrs board2makeSafeHarborRule
92CB:empowrs board2makeSafeHarborRule
S90:gvs power2CG4entering intoDTAAwithSpecifiedTERRITORIES OutsideINDIA also,earlier ForeignCountries only
2(29BA)definitn ofManufacture:same as in IDT
S132:scope enlarged.Additional&JointDir/Commsnr can also authorise Search&Seizure if empowered byCBDT
S293C:GeneralPower2withdraw the given approvals
S144C:if AO want2make assessmnt prejudicial 2assessee in relation2TrfPricingAdj,thenAO SHALL refer case2DRP
S131:DRP hv all powers ofCalling books etc.
S131:DRP hv all powers ofCalling books etc.
S246A&S253:Against order ofAO followng instructions ofDRP,the appeal SHALL lie directly to ITAT¬ toCIT(A)
S281B:Period ofStayByCourt shal b excluded
S281B:Period ofStayByCourt shal b excluded
201:No order shal b passd4default ofNon-deductn ofTaxfromRESIDENT after
*2yrs frm end ofFYin whichStatementU/s200 is filed
OR
*4yrs frm end of FY in which pymnt is made
From19.08.2009,ONLY BASIC RATE i.e.No TDSofEC,SHEC except-
*Salary toResidnt
*AnyPyment to NON-Residnt
Note-TDS ofSurchrg reqd only if pmt toForeignCo
S271(1)(C):InaccuratIncome shown inReturn filed b4 date of search shal b deemed concealment evenif disclosed in return filed on or after dt of search.
S147:AO may assess/re-assess any income which comes2his notice subsequent to proceedings. Not reqd to record reasons4the same while issuingNoticeU/s148
Notification upto 30.04.2010
Salary
New rule for Taxability of Motor Car Benefits-Rule 3(2)(A) Partly use
Exp-employer1800pm/2400pm
Exp-employee600pm/900pm
+900pm for Chauffeur
New rule for Taxability of Motor Car Benefits-Rule 3(2)(A) Partly use
Exp-employer1800pm/2400pm
Exp-employee600pm/900pm
+900pm for Chauffeur
W.r.t.139(1B),qualifctn of e-ReturnINTERMEDIARY
it must b pub sectrCompnyORcompny hvngNtWrth of1croreORfirm ofCA/CS/AdvctOR CA/CS/AdvctOR DDOofGovtDept
it must b pub sectrCompnyORcompny hvngNtWrth of1croreORfirm ofCA/CS/AdvctOR CA/CS/AdvctOR DDOofGovtDept
e-Intrmedary shall
*hv PAN&ClassII DigtlSignCertfct
*properly secure confidntl info of assessee
*hv necssry archival,retrievl&securtypolicy
*No default
*hv PAN&ClassII DigtlSignCertfct
*properly secure confidntl info of assessee
*hv necssry archival,retrievl&securtypolicy
*No default
