Doing Business in India - RSM Austria

More documents

Recommendations

Info

ANNEXURE II: TAX DEDUCTION AT SOURCE ('TDS') RATES The domestic rates of TDS for financial year 2010-11 as per the Finance Act 2010 are as under Sr. No. Nature of Payment Section Existing From 1 July 2010 Rate at which tax to be deducted (%) 1 Salary 192 As per slab rates prescribed for women, senior citizens and other individuals Note-8 2 Interest other than interest 194A Payment in excess of Rs.5,000 p.a. 10 on securities Note-9 Threshold For Deduction 3 Winning from lottery or 194B Payment in excess Payment in excess 30 crossword puzzle or of Rs. 5,000 of Rs. 10,000 card game or other game 4 Winnings from horse race 194BB Payment in excess Payment in excess 30 of Rs. 2,500 of Rs. 5,000 5 Payments to 194C Payment in excess of Payment in excess of 1 (2 for Contractors Note-9 Rs. 20,000 per Rs. 30,000 per companies contract or contract or and firms) Rs. 50,000 p.a. Rs. 75,000 p.a. in aggregate in aggregate 6 Insurance Commission 194D Payment in excess Payment in excess 10 of Rs. 5,000 of Rs. 20,000 7 Commission or 194H Payment in excess Payment in excess 10 Note-9 Brokerage of Rs. 2,500 p.a of Rs. 5,000 p.a 8a Rent of Land / Building / 194I Payment in excess Payment in excess 10 Note-9 Furniture of Rs. 1,20,000 p.a of Rs. 1,80,000 p.a 8b Rent of Plant, Machinery or 194I Payment in excess Payment in excess 2 Note-9 Equipment of Rs. 1,20,000 p.a of Rs. 1,80,000 p.a 9 Fees for Professional & 194J Payment in excess Payment in excess 10 Technical Services / of Rs. 20,000 p.a of Rs. 30,000 p.a Note-9 Royalty Notes 1. Time of deduction of tax: Except in case of salary (wherein tax is to be deducted at the time of payment), tax is to be deducted at the time of payment or credit, whichever is earlier. 140 DOING BUSINESS IN INDIA
2. Time of deposit of tax: In all other cases, except in case of salary, where amount is credited to the account of the payee as on the date up to which accounts of the payer are made, the tax is required to be deposited with the Government within 2 months from the month in which the income is credited. In all other cases, the tax is required to be deposited within 7 days from the end of the month in which deduction is made. 3. TDS return: Person deducting the tax is required to file quarterly statements for the quarter ending on 30 June, 30 September, 31 December and 31 March in each financial year, in Form 26Q ( Form 24Q for Salary) along with Form 27A, on or before 15 July, 15 October, 15 January and 15 June respectively. 4. Certificate for tax deduction in case of non-salary payments: TDS certificate in Form 16A is required to be issued within 1 month from the end of the month during which the credit has been given or the sums have been paid (except in case of Insurance commission where Form 16A is to be issued by 30 April). However, if amount is credited by a person to the payee's account as on the date up to which accounts of such persons are made, then such certificate may be issued within a week after expiry of 2 months from the month in which the amount is credited. 5. Issue of TDS certificates: Where more than 1 certificate is required to be furnished to a payee during the financial year and if the payee desires, a consolidated certificate covering all the deductions during the financial year can be issued within 1 month from the close of that financial year. 6. Certificate for tax deduction in case of salary payments : TDS certificate in Form 16 (Form 16AA in case salary does not exceed Rs. 1,50,000 before deductions under Section 16) is required to be issued by 30 April. 7. Higher TDS rate of 20% for not furnishing correct PAN: In case the payee is not able to furnish the PAN to the payer, tax shall be deducted at higher of the rate specified in the relevant provisions of the Act or at the rate or rates in force or at the rate of 20% w.e.f. 1 April 2010. 8. Under section 194A, the threshold limit is Rs. 10,000 where the payer is a banking company or a co-operative society engaged in banking business, or in case of deposits with post office under a scheme notified by Central Government. Further, tax is not to be deducted if the payee furnishes to the payer a declaration in writing in duplicate in Form No.15G or 15H, as the case may be. 9. In the case of an individual or HUF or AOP or BOI, who are liable to tax audit under section 44AB during the financial year immediately preceding the financial year in which sum is credited or paid, shall be liable to deduct tax under section 194A, 194C, 194H, 194I and 194J, as the case may be. 10. Above rates are not applicable in case of payments made to foreign companies and non-residents. DOING BUSINESS IN INDIA 141
Page 1:
International global excellence in
Page 4 and 5:
Doing business in India
Page 6 and 7:
Marine Drive, Mumbai
Page 8 and 9:
Contents Hawa Mahal, Jaipur
Page 10 and 11:
Education .........................
Page 12 and 13:
SIGNIFICANT COMPANY LAW REGULATIONS
Page 14 and 15:
ANNEXURE 1 Sectors Prohibited for F
Page 16 and 17:
Chapter 1 India - A Profile Golden
Page 18 and 19:
2.2 Language India is a land of man
Page 20 and 21:
5.2 Communication The Indian teleph
Page 22 and 23:
7.5 Public Holidays The statutory p
Page 24 and 25:
CHAPTER 2 INDIAN BUSINESS AND INVES
Page 26 and 27:
This resulted in a fall in the Bomb
Page 28 and 29:
4.3.3 Designs After expiry of three
Page 30 and 31:
non-banking finance activities viz.
Page 32 and 33:
trading in derivative based on BSE
Page 34 and 35:
same as those where concessional fi
Page 36 and 37:
10.3 Low Research and Development C
Page 38 and 39:
CHAPTER 3 BUSINESS ENTITIES 1.0 FOR
Page 40 and 41:
Sr. No. Criteria Requirements 1 Tra
Page 42 and 43:
The project is funded by inward rem
Page 44 and 45:
cause the disassociation of the par
Page 46 and 47:
2.1.2 MOA 2.1.3 AOA Companies for r
Page 48 and 49:
paid up equity capital can be less
Page 50 and 51:
The requirements for public and pri
Page 52 and 53:
3.0. STATUTORY REQUIREMENTS FOR COM
Page 54 and 55:
3.4 Online Filing System Ministry o
Page 56 and 57:
Section Nature of default 168 Defau
Page 58 and 59:
4.0 SIGNIFICANT COMPANY LAW REGULAT
Page 60 and 61:
4.7 Audit Committees For better cor
Page 62 and 63:
The meetings of the board are requi
Page 64 and 65:
Chapter 4 Human Resources Kathakali
Page 66 and 67:
Employee benefit What is it? Applic
Page 68 and 69:
Employee benefit D e p o s i t L i
Page 70 and 71:
2.5 The Equal Remuneration Act, 197
Page 72 and 73:
The Factories Act safeguards agains
Page 74 and 75:
CHAPTER 5 FOREIGN INVESTMENT IN IND
Page 76 and 77:
2.3 Prohibition on investments 2.3.
Page 78 and 79:
ii. Subject to compliance with the
Page 80 and 81:
ii. iii. iv. The NRI investor has t
Page 82 and 83:
ii. On repatriation basis An NRI ca
Page 84 and 85:
Indian company can issue ESOPs to e
Page 86 and 87:
ii. iii. iv. The foreign equity aft
Page 88 and 89:
vi. Branch Offices have to submit A
Page 90 and 91:
ii. ECB up to US$ 20 million or equ
Page 92 and 93:
3.2 Approval Route 3.2.1 Eligible B
Page 94 and 95:
3.2.6 End Use not permitted i. Util
Page 96 and 97:
issued by Reserve Bank from time to
Page 98 and 99:
Sr. No. Sector/Activity FDI Cap / E
Page 100 and 101:
Sr. No. II C POWER Sector/Activity
Page 102 and 103:
Page 104 and 105:
Page 106 and 107: Sr. No. 29. Sector/Activity Telecom
Page 108 and 109: Chapter 6 Taxation System India Gat
Page 110 and 111: Entity Domestic Company Financial y
Page 112 and 113: **** Mutual funds, other than equit
Page 114 and 115: interest deductible is restricted t
Page 116 and 117: 2.4 Tax Relief In order to encourag
Page 118 and 119: Section Details of Exemption / Dedu
Page 120 and 121: Section 35 DDA 54G 54GA 54EC 10(34)
Page 122 and 123: Sr. No. Nature of activity and loca
Page 128 and 129: Sr. No. xviii Nature of activity an
Page 130 and 131: No deduction under 80IA, 80IB, 80IA
Page 132 and 133: Tax is payable in advance on income
Page 134 and 135: 3.1.2 Other Non-corporate Entities
Page 136 and 137: the Finance Act 2010, 'bullion' is
Page 138 and 139: Rs. 40,00,000. The scheme is applic
Page 140 and 141: 4.5 Income of Offshore Funds Income
Page 142 and 143: 7.3 Advance Rulings The Indian gove
Page 144 and 145: 9.0 INDIRECT TAXES 9.1 Goods and Se
Page 146 and 147: on goods manufactured and vice vers
Page 148 and 149: Annexure I Double Taxation Avoidanc
Page 150 and 151: Sr. No. Country Dividend [Note 1] T
Page 158 and 159: NOTES 142 DOING BUSINESS IN INDIA
Page 164: RSM International Executive Office,
show all

Doing Business in India - RSM Austria

Create successful ePaper yourself

Delete template?

Save as template?