Statutory Compliance Check List

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/-.


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)



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/-


iv. Where 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)



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 15th 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 21st 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) 15th 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. 75,001 and above Rs. 1095 for six months

Profession Tax Collectable from the salary of August (1st Quarter) and January (2nd 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 31st 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

Income Tax Slabs & Rates for Assessment Year 2014-15I. Individual resident aged below 60 years (i.e. born on or after 1st April 1954) or any NRI / HUF / AOP / BOI / AJP*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)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)Professional Tax TN (Tamil Nadu)15th Payment of Professional - Tax Deducted from EmployeeTAX DEDUCTED AT SOURCERate of Service TaxPenalty for Late filing of Return

Depreciation RatesPrime Depreciation Rates under the Income Tax Act

Statutory Compliance Check List

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