Tax Management

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TDS Table & their Limits.

1.

Int. on Debentures & Bonds

10% over Rs. 2,500

2.

lnt. on FD’s in Banks/Hsg. Finance Cos. & 8% taxable bonds

10% over As. 10,000

 3.

lnt. other than lnt. on securities

10% over As. 5,000

4.

Insurance Commission to Agents (Individuals)

10% over As 5,000

5. 

Insurance Commission to Agents (Domestic Cos.)

20% over Rs 5000

6. 

Winnings from Lotteries/Cross-word/Game Shows

30% over As. 5,000

7. 

Commission earned on sale of Lottery Tickets

10% over As. 1,000

8. 

Winnings from Horse Races

30% over As. 2,500

9. 

Payments to Advertising Agency

1% over As. 20,000

10. 

Payments to Contractors (per contract)

2% over Rs.20,000

11. 

Payments to Sub-contractors

1% over As.20,000

12. 

Commission & Brokerage (other than transactions relating to Shares & Securities

10% over As.2,500

13. 

Payment of fees to Professionals / Technical Services p.a.

10% over As.20,000

14. 

Payment of Rent to Individuals/HUF

10% over As.1,20,000

15. 

Payment of Rent to other than Individuals/HUE

10% over As.1,20,000

16. 

Payment of Rent on Plant & Machinery or Equipments

2% over As.1,20,000

 

DOCUMENTS TO BE PREPARED BY THE ASSESSEE IN SUPPORT OF THE RETURN

New return forms have dispensed with the requirement of enclosing any documents in support of the return. However, in the opinion of board of Editors, even though not required to be submitted along with the return, it is advisable that the documents be prepared! Obtained beforehand, since the Assessing Officer may, as per section 139C, require an assessee to furnish this documents at any time after the tiling of returns.


1. Statement of Computation of Income and Tax.

2. T.D.S. Certificate in Form 16 or l6Aas applicable.

3. Certificate/Receipts of payment of Insurance Premium, Provident Fund, Purchase of NSCs New equity shares, Mutual Funds, NSS, Medical Insurance, Donations, etc. in support of deductions claimed.

 

4. Audit report, Balance Sheet, Trading, Profit and Loss account, Personal account of Proprietor or Partners.

5. Statement of receipts and payments, where no regular books of account are maintained.

6. Tax-Audit report obtained under section 44AB, wherever required.

7. Accountants report under section 80-lA, 80-lAB, 80-lB or 80-IC, 80-ID or 80-fE.

8. Certificate of interest on housing loan from the lender, in support of deduction from house property income.

9. Other documents! statements in support of income.

 

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Compute your Tax Liability as per Union Budget 2012-13


 

 

Service Tax 

Chapter V of the Finance Act, 1994

Amended upto Dec. 2010

 

 

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