Highlights of Karnataka State Budget 2010-11 - CHARTERED ...

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Part D: STAMP DUTY AND REGISTRATION Changes in Stamp duty rate for certain types of Documents: Sr No Types of Documents • In case of lease and license agreement for residential buildings, stamp duty is levied at the rate of 0.5% up to 1 year period, subject to a maximum of Rs. 500. In respect of a period of 1 year to 10 years, 10 years to 20 years, 20 years to 30 years, Stamp Duty of 1%, 2% and 3% is imposed respectively, based on average of 1 year rentals and advance. • Stamp duty and registration fees is exempted in R. SINGHVI & ASSOCIATES Chartered Accountants case of loan documents of rain water harvesting units, student studies, non- conventional sources of energy like solar and Bio-gas energy units, houses built under ‘Indira Avas’ scheme and in respect of loan papers pertaining to the agricultural loans of the farmers. • Stamp duty and registration fee is exempted in respect of documents transferring properties for public purposes, free of cost to local bodies and urban development authorities. Tax Rates Old New Audit | Taxation | Accounting | Legal Advisory | Business Consulting 4 of 6 Maximum Limit (Rs) 1 Agreement to Sale 0.25% 0.10% 20,000 2 3 4 Joint development agreement and general power of attorney Agreement deeds related to shares/debentures and other marketable securities Broker notes/memos for transfer of shares/ debentures and other marketable securities NIL 1.00% 150,000 Rs 200 Rs 50 NIL NIL 0.01% 50 5 DTD (Deposit of Title Deed) 0.25% 0.10% 50,000 6 Amalgamation & De-merger of companies 5.00% 3.00% - 7 Transfer of Development Rights (TDR) NIL 1.00% -
Part E: MOTOR VEHICLES TAXES R. SINGHVI & ASSOCIATES Chartered Accountants • Quarterly taxes payable by the Central Government employees on purchase of two wheelers is increased from Rs. 25 to Rs. 125 and on cars, jeeps and other Vehicles from Rs.187.50 to Rs. 500. • Quarterly taxes for omni buses with all-India permit is increased from Rs.2,500 per seat to Rs.2,750 per seat. • Life time tax on motor cars and jeeps is modified as follows: 1. Vehicles with selling price less than Rs .5,00,000 : from 12% to 13% 2. Vehicles with selling price from Rs.10,00,000 to Rs.20,00,000 : from 16% to 17% 3. Vehicles with selling price more than Rs .20,00,000 : from 16% to 18%. • Quarterly tax on stage carriages covered by special permit is increased from Rs. 700 to Rs. 1,000 per seat. • Life time tax on motor cycles and other two wheelers is modified as follows 1. For vehicles with selling price below Rs.50,000 : from 8% to 10%. 2. For vehicles with selling price from Rs.50,000 to Rs.1,00,000 : from 10% to 12%. • Life time tax of Rs. 20,000 is imposed in respect of light goods vehicles of 3,000 to 5,500 Kg.GVW instead of quarterly tax of Rs. 1,200. Further, For those light goods vehicles which are already under operation, the life time tax at an average of Rs. 12,000 will be levied on the basis of the year of manufacture • Quarterly tax on stage carriage is increased from Rs.500 to Rs.600 per seat. • Life time tax is of 10% is imposed on all construction equipment vehicles such as cranes, mobile cranes, forklift etc. Audit | Taxation | Accounting | Legal Advisory | Business Consulting 5 of 6
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Page 3: Other Items on which VAT is reduced

Highlights of Karnataka State Budget 2010-11 - CHARTERED ...

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