Complete Notes on TDS year 2011-12

TDS Rate Chart 11-12 Resident Senior Citizen (65 years or more at any time during the financial year)

TDS Rate Chart 2011-12 For Assessment Year 2012 – 2013
TDS Rate Chart 11-12 Resident Senior Citizen (65 years or more at any time during the financial year)
Taxable Income
Tax Payable
Upto Rs.250,000
NIL
From Rs.250,001 to Rs.300,000
10% of income above Rs.250,000
From Rs.300,001 to Rs.500,000
Rs.5,000 + 20% of income above Rs. 300,000
Above Rs.500,000
Rs.46,000 + 30% of income above Rs.500,000
Surcharge
NIL (Surcharge has been removed for Individuals)
Education Cess
2% of Total tax payable
Secondary & Higher Education Cess
1% of Total tax payable
TDS Rate Chart 11-12 Resident Women / Female
Taxable Income
Tax Payable
Upto Rs.190,000
NIL
From Rs.190,001 to Rs.300,000
10% of income above Rs.190,000
From Rs.300,001 to Rs.500,000
Rs.11,000 + 20% of income above Rs.300,000
Above Rs.500,000
Rs.51,000 + 30% of income above Rs.500,000
Surcharge
NIL (Surcharge has been removed for Individuals)
Education Cess
2% of Total tax payable
Secondary & Higher Education Cess
1% of Total tax payable
TDS Rate Chart 11-12 All Resident Individuals (Excluding Females & Senior Citizens), any HUF (Hindu Undivided Family), AOP(Association of Persons), BOI (Body of Individuals), Artificial Juridical Person, NRI (non Resident Indian), RNOR (Resident but not ordinarily Resident)
Taxable Income
Tax Payable
Upto Rs.180,000
NIL
From Rs.180,001 to Rs.300,000
10% of income above Rs.180,000
From Rs.300,001 to Rs.500,000
Rs.12,000 + 20% of income above Rs.300,000
Above Rs.500,000
Rs.54,000 + 30% of income above Rs.500,000
Surcharge
NIL
Education Cess
2% of Total tax payable
Secondary & Higher Education Cess
1% of Total tax payable
TDS Rate Chart 11-12 Co-operative Society
Taxable Income
Tax Payable
Upto Rs.10,000
10%
From Rs.10,001 to Rs.20,000
Rs.1,000 + 20% of income above Rs.10,000
Above Rs.20,000
Rs.3,000 + 30% of income above Rs.20,000
Surcharge
NIL
Education Cess
2% of Total tax payable
Secondary & Higher Education Cess
1% of Total tax payable
TDS Rate Chart 11-12 Local Authorities
Taxable Income
Tax Payable
Tax Rate
30% of taxable income
Surcharge
NIL
Education Cess
2% of Total tax payable
Secondary & Higher Education Cess
1% of Total tax payable
TDS Rate Chart 11-12 Firms & LLPs (Limited Liability Partnerships)
Taxable Income
Tax Payable
Tax Rate
30% of taxable income
Surcharge
NIL
Education Cess
2% of Total tax payable
Secondary & Higher Education Cess
1% of Total tax payable
TDS Rate Chart 11-12 Domestic Companies
Taxable Income
Tax Payable
Tax Rate
30% of taxable income
Surcharge (if taxable income exceeds Rs.10,000,000)
10% of total tax payable
Education Cess
2% of (Total tax payable + Surcharge)
Secondary & Higher Education Cess
1% of (Total tax payable + Surcharge)
TDS Rate Chart 11-12 Foreign Companies
Taxable Income
Tax Payable
For Royalties received from Government of India, or an Indian concern in pursuance of an agreement made by it with the Indian concern after 31-Mar-1961 but before 01-Apr-1976, or FEES for rendering technical services in pursuance of an agreement made by it after 29-Feb-1964 but before 01-Apr-1976 and where such agreement has in either case been approved by the central government
50% of this income
Any other taxable income
40% of taxable income
Surcharge (if taxable income exceeds Rs.10,000,000)
2.5% of total tax payable
Education Cess
2% of (Total tax payable + Surcharge)
Secondary & Higher Education Cess
1% of (Total tax payable + Surcharge)
Marginal Relief
The net amount payable as income tax and surcharge shall not exceed the total amount payable as income tax on total income of “Surcharge limit” by more than the amount of income that exceeds the “Surcharge limit
Note: Surcharge Limit
For Firms, Domestic Companies and Foreign Companies (Rs.10,000,000)
194BB
Winnings from Horse Race > Rs. 5,000
30
194C
Contracts to Transporter, who has provided a valid PAN
0*
Contracts TDS Slabs on salary income for the FY 2011-12 and AY 2012-13
Form 24Q:
Male
Female
Senior Citizen
Tax (%)
 For Income Between 0 to 1,80,000
 For Income Between 0 to 1,90,000
 For Income Between 0 to 2,40,000
0
 For Income Between 1,80,001 to 5,00,000
 For Income Between 1,90,001 to 5,00,000
 For Income Between 2,40,001 to 5,00,000
10
 For Income Between 5,00,001 to 8,00,000
 For Income Between 5,00,001 to 8,00,000
 For Income Between 5,00,001 to 8,00,000
20
 For Income above 8,00,001
 For Income above 8,00,001
 For Income above 8,00,001
30
Surcharge
0
Education Cess
3
Form 26Q:
Section
Nature of Payment
Status
Tax (%)
193
Interest on Debentures & Securities
10
194
Deemed Dividend
10
194A
Other Interest
  > Aggregate sum exceeding Rs. 10,000 for Banking Co’s , etc.per person during the financial year.
  > Aggregate sum exceeding Rs. 5,000 per person during the financial year
10
194B
Lottery/Crossword Puzzle > Rs.10,000
30
to Individuals/HUF
1
Contracts to others
2
194D
Insurance Commission > Rs.20,000
10
194EE
Withdrawal from NSS > Rs.2,500
20
194F
Repurchase of Units by MF/UTI
20
194G
Commission on Sale of Lottery Tickets > Rs.1,000
10
194H
Commission or Brokerage > Rs.5,000
10
194I
Rent > Rs.1,80,000 p. a.
           Rent of Plant & Machinery
2
           Rent of Land, Building, Furniture, etc
10
194J
Professional or Technical Fess > Rs.30,000
10
194LA
Compensation on Compulsory Acquisition of immovable property >Rs.1,00,000 during the financial year
10
Surcharge
0
Education Cess
0
* If there is no PAN details, then it is 20%. (or at actual, whichever is higher)
Form 27Q:
Section
Nature of Payment
Status
Tax (%)
194E
Payment to nonresident sportsmen or sports association
10
195(a)
Income from foreign exchange assets payable to an Indian citizen
20
195(b)
Income by way of long-term capital gain referred to in sec. 115E
10
195(c)
Income by way of Short-term capital gains u/s. 111A
15
195(d)
Income from other long-term capital gains
20
195(e)
Income by way of interest payable by Government/Indian concern on money borrowed or debt incurred by Government or Indian concern in foreign currency
20
195(f)
Royalty payable by Government or an Indian concern in pursuance of an agreement made by non-resident with the Government or the Indian concern after March 31, 1976, where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject referred to in the first proviso to section 115A(1A) to the Indian concern or in respect of computer software referred to in the second proviso to section 115(1A), to a person resident in India –
1.Where the agreement is made before June 1, 1997
30
2.Where the agreement is made after May 31, 1997 but before June 1, 2005
20
3.Where the agreement is made on or after June 1, 2005
10
195(g)
Royalty (not being royalty of the nature referred to in (e) sub para) payable by Government or an Indian concern in pursuance of an agreement made by non-resident with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to matter included in the industrial policy, the agreement is in accordance with that policy
1.Where the agreement is made after March 31, 1961 but before April 1, 1976
COMPANY
50
OTHERS
30
2.Where the agreement is made after March 31, 1976 but before June 1, 1997
30
3.Where the agreement is made after May 31, 1997 but before June 1, 1997
20
4.Where the agreement is made on or after June 1, 2005
10
195(h)
Fee for technical services payable by Government or an Indian concern in pursuance of an agreement made by non-resident with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to matter included in the industrial policy, the agreement is in accordance with the policy –
1.Where the agreement is made after February 29, 1964 but before April 1, 1976
COMPANY
50
OTHERS
30
2.Where the agreement is made after March 31, 1976 but before June 1, 1997
30
3.Where the agreement is made after May 31, 1997 but before June 1, 2005
20
4.Where the agreement is made on or after June 1, 2005
10
195(i)
Any other income
COMPANY
40
OTHERS
30
196A
Income in respect of Units of Non-residents
20
196B
Income and Long-term Capital gain from units of an Off shore fund
10
196C
Income and Long-term Capital Gain from Foreign Currency Bonds or shares of indian companies
10
196D
Income of Foreign Institutional Investors for Securities
20
Surcharge ( On Tax)
Applicable for Foreign Companies if payment/credit exceeds Rs.1 crore of such companies
2.5
Education Cess
on Tax deducted Plus Surcharge
3

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