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%