Set-off carry forward 2012-2013

SET –off and carry forward of losses
Nature of income
set-off
carry forward
set off
S.S.S.H
I.S.S.H
INTER HEAD
FOR A.Y
FROM
Salary
N.A
N.A
N.A
N.A
N.A
house property
allowed
allowed
allowed
8 year
same head
PGBP
Non speculation
allowed
allowed
allowed
8 year [except salary
same head
Speculation
allowed
X
X
4 years
same sources
Amalgamation loss
allowed
allowed
allowed
Fresh 8 year
same head
race hourses
allowed
X
X
4 years
same sources
Specified business
allowed
X
X
Infinite period
same sources
Unabsorbed dep.
allowed
allowed
X
Infinite period
same head
capital gain
Short term
allowed
allowed
X
8 year
same head
Long term
allowed
X
X
8 year
same sources
other sources
Card game
X
X
X
not allowed
Cross word puzzles
X
X
X
not allowed
winning from lottery
X
X
X
not allowed
interest etc.
allowed
Allowed
allowed
not allowed
Tax rate for firm including LLP, AOP , BOI ,Local authority-30% [ no surcharge is payable]
In case of domestic company –30% and surcharge @ 5%
In case of foreign company- 40% and surcharge @ 2%
Age group for tax        1. Below 60 year                    2. 60 year or more but less than 80 year                   3. 80 year or more


Date of furnishing return for individual – 31 july and for other 30 sep.[company,firm,AOP,BOI etc.]
Time for revised and be-lated return – till the end of related assessment year.  For example: – Return for income of 2008-2009 [P.Y] is due on 31 march 2010
 
Assessment year 2011-12
For individual (male) or HUF below 65
Upto 160000 – nil
160010 – 500000 – 10%
500010- 800000 – 20% 
Above  –           30%
For individual (Female) or HUF below 65
Upto 190000 – nil
190010 – 500000 – 10%
500010- 800000 – 20% 
Above  –           30%
For individual or HUF  65 year or above
Upto 2400000 – nil
240010 – 500000 – 10%
500010- 800000 – 20% 
Above  –           30%
Assessment year 2012-13
For individual (male) or HUF below 60
Upto 180000 – nil
180010 – 500000 – 10%
500010- 800000 – 20% 
Above  –           30%
For individual (Female) or HUF below 60
Upto 190000 – nil
190010 – 500000 – 10%
500010- 800000 – 20% 
Above  –           30%
For individual or HUF  65 year or above but below 80 year
Upto 250000 – nil
250010 – 500000 – 10%
500010- 800000 – 20% 
Above  –           30%
For individual or HUF  80 year or above
Upto 500000 – Nil
500010- 800000 – 20% 
Above  –           30%


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