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Posts Tagged ‘Income-tax’

New Rules for Perquisites Notified

December 20, 2009 Leave a comment

For downloading the new Notification, please refer the following link

https://cactusblog.files.wordpress.com/2009/12/newperqrule.pdf

You can start or join existing discussions on the above topic at The Quorum (CACTUS’s Forum) on http://www.ecactus.org

TDS rates for Individual & HUF assessees for F.Y.2008-09

September 4, 2009 Leave a comment
Particulars                  
Section Nature of Payment Criteria for Deduction If recipient is an Ind. Or HUF & payment does not exceed Rs.10,00,000   If recipient is an Ind. Or HUF & payment does exceed Rs.10,00,000
      IT SC EC Total   IT SC EC Total
194A Interest Payment in excess of Rs.5,000 p.a & Rs. 10,000 p.a. if paid by Banking Company, Co-operative Society & Post Office 10.00 0.00 0.30 10.30   10.00 1.00 0.33 11.33
194C Contractors & CF Agents (incase of Advertising Contracts) & Payment to Sub-Contrctor Payment in excess of Rs.20,000/- per contract or Rs.50,000 p.a 1.00 0.00 0.30 1.30   1.00 0.10 0.03 1.13
194C Contractors & CF Agents (Others) Payment in excess of Rs.20,000/- per contract or Rs.50,000 p.a 2.00 0.00 0.06 2.06   2.00 0.20 0.07 2.27
194C Transport Sub-Contrctor* Payment in excess of Rs.20,000/- per contract or Rs.50,000 p.a 1.00 0.00 0.03 1.03   1.00 0.10 0.03 1.13
194C Transport Contractors Payment in excess of Rs.20,000/- per contract or Rs.50,000 p.a 2.00 0.00 0.06 2.06   2.00 0.20 0.07 2.27
194H Commission or Brokerage Payment in excess of Rs.2,500 p.a 10.00 0.00 0.30 10.30   10.00 1.00 0.33 11.33
194I Rent Payment in excess of Rs.1,20,000 p.a 15.00 0.00 0.45 15.45   15.00 1.50 0.45 16.95
194I Rent of Plant & Machinery Payment in excess of Rs.1,20,000 p.a 10.00 0.00 0.30 10.30   10.00 1.00 0.33 11.33
194J Professional Charges Payment in excess of Rs.20,000 p.a 10.00 0.00 0.30 10.30   10.00 1.00 0.33 11.33

Lesser known changes introduced in Finance Bill 2009

 There are some small but important changes introduced in the Finance Bill 2009 which I would like to share with all:

1) First of all the maximum allowable cash payment limit of Rs. 20000 has been changed to Rs. 35000 in respect of the payments made to transporters involved in hiring, plying and leasing of trucks.

2) In section 32 concerning depreciation the words “block of assts” have been replaced with just “assets”. Now I am not able to infer the exact intent of this change, but it may mean that now the assets will be treated singularly.

3) The rate of tax deduction @ source on rent paid for use of Plant & Machinery has been reduced to 2 %.

4) Service tax will not have to be deducted on fees paid to the lawyer for appearing before the court, tribunal or any authority.

5) Now Form 15G/15H issued without quoting PAN will be treated invalid.

6) Earlier under section 56 any gift in kind received by an indivisual/HUF  was not taxable in his hands, but now 

a) In case of other then immovable property: If Aggregate FMV less: Any consideration given exceeds Rs. 50000 then Aggregate FMV less consideration will be treated as income.

b) In case of immovable property: If  Stamp duty value less: Any consideration given exceeds Rs. 50000 then Stampduty Value less consideration will be treated as income

Regards,

Chitrank

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