Dear All
Below mentioned information has been acquired from alternative source on website.
Credit goes to original author.
Regards
Octavious
It is vital to know the important changes in tax matters after budget 2011 for the accurate work of an accountant. We are highlighting the most important points here.
Changes in income tax after budget 2011
Personal income tax
1. There is no change in personal income tax rate
2. Exemption limit of income tax increased from 160000 to 180000
3. Senior Citizen age limit decreased from 65 to 60, Hence more people get benefit under the category
4. Senior citizen basic exemption limit increased from 240000 to 250000
5. A new category has been added for the very old people aging 80 and above, and no need of tax till the income 500000
Corporate income tax
1. There is no change in the tax rate of corporate assessee.
2. Surcharge for a domestic company having income more than Rs 1 crore is reduced from 7.5 % to 5%
3. And surcharge for foreign company reduced from 2.5% to 2%
TDS Rate for Financial year 2011-12
1. There is no change in TDS rate and threshold limit.
2. A new section 194LB has been inserted for deduction from interest paid to a non resident by notified infra structure debt fund.
Minimum Alternate Tax
1. MAT increased to 18.5% from 18%
Important changes in service tax after budget 2011
Service Tax
1. Service tax rate is same as last FY 10%
2. Service tax return late filing penalty increased from 2000 to 20000
3. Penalty for late payment of service tax reduced to 1% from 2% or Rs 100 ( reduced from 200) per day whichever is higher , maximum penalty payable reduced to 50% of total service tax payable (reduced from 100%)
4. Interest for late payment of service tax increased to 18% from 13% with affect from 1 4-2011
5. Point of taxation will be effective from 1st April 2011, previously service tax is payable based on receipt of payment or on receipt of consideration.
6. Penalty under section 77 increased to 10000
7. Point of taxation rules effective from 01.04.2011 i.e., previously service tax is payable only when payment is received to service provider , this has changed and service tax is payable to government when
a. Service tax is payable when service is provided or to be provided
b. At the time of invoice generation
c. At the time of receiving payment including advance payment
Central excise & custom duty
1. Central excise duty remain 10%
2. Basic custom duty unified to 2.5 %
Hope you will point out the important points missed out here
From India, Mumbai
575Below mentioned information has been acquired from alternative source on website.
Credit goes to original author.
Regards
Octavious
It is vital to know the important changes in tax matters after budget 2011 for the accurate work of an accountant. We are highlighting the most important points here.
Changes in income tax after budget 2011
Personal income tax
1. There is no change in personal income tax rate
2. Exemption limit of income tax increased from 160000 to 180000
3. Senior Citizen age limit decreased from 65 to 60, Hence more people get benefit under the category
4. Senior citizen basic exemption limit increased from 240000 to 250000
5. A new category has been added for the very old people aging 80 and above, and no need of tax till the income 500000
Corporate income tax
1. There is no change in the tax rate of corporate assessee.
2. Surcharge for a domestic company having income more than Rs 1 crore is reduced from 7.5 % to 5%
3. And surcharge for foreign company reduced from 2.5% to 2%
TDS Rate for Financial year 2011-12
1. There is no change in TDS rate and threshold limit.
2. A new section 194LB has been inserted for deduction from interest paid to a non resident by notified infra structure debt fund.
Minimum Alternate Tax
1. MAT increased to 18.5% from 18%
Important changes in service tax after budget 2011
Service Tax
1. Service tax rate is same as last FY 10%
2. Service tax return late filing penalty increased from 2000 to 20000
3. Penalty for late payment of service tax reduced to 1% from 2% or Rs 100 ( reduced from 200) per day whichever is higher , maximum penalty payable reduced to 50% of total service tax payable (reduced from 100%)
4. Interest for late payment of service tax increased to 18% from 13% with affect from 1 4-2011
5. Point of taxation will be effective from 1st April 2011, previously service tax is payable based on receipt of payment or on receipt of consideration.
6. Penalty under section 77 increased to 10000
7. Point of taxation rules effective from 01.04.2011 i.e., previously service tax is payable only when payment is received to service provider , this has changed and service tax is payable to government when
a. Service tax is payable when service is provided or to be provided
b. At the time of invoice generation
c. At the time of receiving payment including advance payment
Central excise & custom duty
1. Central excise duty remain 10%
2. Basic custom duty unified to 2.5 %
Hope you will point out the important points missed out here
From India, Mumbai
The information given above is very useful .. thank you.
if someone looking for salaried tax calculater then please clik below hope that will help further.
https://www.citehr.com/336090-latest...-salaried.html
From India, Mumbai
if someone looking for salaried tax calculater then please clik below hope that will help further.
https://www.citehr.com/336090-latest...-salaried.html
From India, Mumbai
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