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%