| Major Tax related updates: |
- Direct Tax Code implementation expected by April 2011
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- Goods and Services Tax implmentation postponed to April 2011
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- Saral-II (2 Page Income Tax Return) Form comes for simple I-T return filing of Salaried individuals.
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- Tax rates - income limits extended drastically:
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- In case of Male
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- Up to 1.6 Lakhs => 0%
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- Up to 5 Lakhs => 10%
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- Up to 8 Lakhs => 20%
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- Above 8 Lakhs => 30%
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- In case of Female
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- Up to 1.9 Lakhs => 0%
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- Up to 5 Lakhs => 10%
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- Up to 8 Lakhs => 20%
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- Above 8 Lakhs => 30%
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- In case of Senior Citizens
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- Up to 2.4 Lakhs => 0%
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- Up to 5 Lakhs => 10%
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- Up to 8 Lakhs => 20%
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- Above 8 Lakhs => 30%
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- New section 80CCF: 20 Thousand deduction for investments in Infrastructural Bonds
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- TDS late payment interest rate raised from 1 to 1.5% per month. (Section 201 Amendment)
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- Companies => Surcharge rate reduced from 10 to 7.5%
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- Minimum Alternate Tax rate changed from 15 to 18%
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- Form 16/16A continues as earlier.
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- No change in Service Tax rate. Additonal services added to increase the revenue.
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- Treshold Limits for TDS extended as below:
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- 194B (Lotteries) => 10,000 (earlier 5,000)
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- 194BB (Horse Race) => 5,000 (earlier 2,500)
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- 194C (Contracts) => 30,000 (earlier 20,000)
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- Multiple transactions together, it is 75,000 (earlier 50,000)
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- 194D (Insurance Commission) => 20,000 (earlier 5,000)
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- 194H (Commission/Brokerage) => 5,000 (earlier 2,500)
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- 194I (Rent) => 1,80,000 (earlier 1,20,000)
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- 194J (Technical/Professional Fee) => 30,000 (earlier 20,000)
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