Amendments_for a.Y. 2012-13

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AMENDMENT CLASS FOR MAY 2012 EXAMINATION Amendment class for May 2012 examination shall be held on 18th Feb, 2012 at Pitam Pura centre from 7:00 a.m. to 11:00 a.m. The same class shall be repeated on 19th Feb, 2012 from 7:00 a.m. to 11:00 a.m. The same class will again be repeated on 27th Feb, 2012 at Pearey Lal Bhawan, ITO from 12:00 noon to 4:00 p.m. The students who want to take amendment class should obtain entry slip from our office at Aggarwal City Mall or Laxmi Nagar and the student shoul
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  AMENDMENT CLASS FOR MAY 2012 EXAMINATION Amendment class for May 2012 examination shall be held on 18 th Feb, 2012 atPitam Pura centre from 7:00 a.m. to 11:00 a.m.The same class shall be repeated on 19 th Feb, 2012 from 7:00 a.m. to 11:00 a.m.The same class will again be repeated on 27 th Feb, 2012 at Pearey Lal Bhawan,ITO from 12:00 noon to 4:00 p.m.The students who want to take amendment class should obtain entry slip from our office at Aggarwal City Mall or Laxmi Nagar and the student should bring two photographs. The classes are only for students of M. K. Gutpa Tax Classes and outsidersshall not be allowed.  Entry will be only on the basis of entry slip.The class on 18 th Feb, 2012 shall be repeated on 19 th Feb, 2012 and shall again berepeated on 27 th Feb, 2012, hence student should either come on 18 th Feb, 2012 or 19 th Feb, 2012 or 27 th Feb’ 2012 and not on all of the days. ENTRY SLIP CAN BE OBTAINED FROM OUR OFFICE FROM12TH FEB’ 2012 ONWARDS BETWEEN 10:00 A.M. TO 5:00 P.M.  2 Amendments Applicable for  CA – PCC/IPCC MAY’– 2012 Examination 1. As per Finance Act 2011 slab rates are as given below: ã Resident woman below the age of 60 years If total income is upto ` 1,90,000NILOn next ` 3,10,00010%On next ` 3,00,00020%On Balance amount30% ã Resident individual of the age of 60 years or more at any time upto the end of relevant previous yearbut less than eighty years If total income is upto ` 2,50,000NILOn next ` 2,50,00010%On next ` 3,00,00020%On Balance amount30% ã Resident individual of the age of 80 years or more at any time upto the end of relevant previous year If total income is upto ` 5,00,000NILOn next ` 3,00,00020%On Balance amount30% ã Any other Individual, Hindu Undivided Family, Association of Persons, Body of Individual orartificial Juridical Person Income shall be taxable at the slab rates given below:If total Income upto ` 1,80,000 NILOn next ` 3,20,000 10%On next ` 3,00,00020%On Balance amount 30%(The purpose of slab rates is to tax the income of poor person at lower rate) 2.Surcharge Surcharge shall be applicable on domestic companies @ 5 % (earlier it was 7.5 %) provided total income isexceeding ` 100 lakhs   .Surcharge shall be applicable on foreign companies @ 2 % (earlier it was 2.5 %) provided total income isexceeding ` 100 lakhs   . 3. As per Notification No. 32/2011 , dated 03.06.2011, Interest on Post Office Savings Bank Account isexempt to the extent of  ` 3500 (instead of Full) per year and in the case of joint account, exemption shall beallowed upto ` 7,000 per year. 4. Gross receipt upto ` 25,00,000 (earlier it was ` 10,00,000) from commercial activities shall be considered to be charitable purpose in case of advancement of any other object of general public utility. 5.   As per N.N. 36/2011 dated: 23.06.2011 , if any individual whose total income is not exceeding ` 5,00,000  3 and he has income only under the head salary, shall be exempt from filing the return of income and also hemay have interest income from his savings bank account in a bank upto ` 10,000. Such individual shouldobtain certificate in Form No.16 from his employer and the employer should deducted tax at source and alsoPAN of the employee is mentioned in the form. The employee should not have any refund claim.  Example ( i ) If an individual has salary income of  ` 4,90,000 and interest income from savings bank account notexceeding ` 10,000 (which has been reported to the employer and tax has been deducted thereon), then thetaxpayer would be exempt from the requirement of filing income-tax returns since the total income from both the above sources does not exceed five lakh rupees.( ii ) A taxpayer having salary income of  ` 4,98,000 and interest income from savings bank account of  ` 2,000(which has been reported to the employer and tax has been deducted thereon), would also be eligibleunder this Scheme.( iii ) A taxpayer having salary income up to ` 5,00,000 and nil interest income would also be eligible under this Scheme.( iv ) A taxpayer having salary income of  ` 5,50,000, interest income from savings bank account of  ` 8,000(which has been reported to the employer and tax has been deducted thereon), and who hasclaimed deduction of  ` 70,000 under section 80C (on account of certain payments/investments/savings)would also be eligible under the Scheme.( v ) A taxpayer having salary income of  ` 6,10,000, interest income from savings bank account of  ` 10,000(which has been reported to the employer and tax has been deducted thereon), and who has claimeddeduction of  ` 1,00,000 under section 80C (on account of certain payments/investments/savings), adeduction of  ` 20,000 under 80CCF (Infrastructure Bonds) and a further deduction of  ` 15,000 under section 80D (Health Insurance Premium) would also be eligible under the Scheme. 6. Two more business have been added in section 35AD i.e. Specified Business ã Developing and building a housing project under a scheme for affordable housing framed by theCentral Government or a State Government. ã Production of fertilizer in India. Such business should commence its operations on or after 01.04.2011in a new plant or in newly installed capacity in existing plant for production of fertilizer. 7. As per  Notification No. 85/2010, dated 22.11.2010, Outstation allowance exemption shall be 70% of allowance received or  ` 10,000 p.m. (instead of  ` 6,000 p.m.) , whichever is less 8. As per  Notification No. 24/2011 , dated 13.05.2011 i n case of RPF, interest is exempt up to9.5% p.a. with retrospective effect 01-09-2010. Therefore earlier Notification 69/2010 is set aside, which hadreduced the said rate to 8.5% p.a. 9. Maximum exemption for gratuity under Payment of Gratuity Act shall be ` 10,00,000 instead of  ` 3,50,000wef 17 th May 2010 and in case of other persons, limit shall be ` 10,00,000 wef 11 th June’ 2010. 10. New return forms for assessment year 2011-12 have been notified(1) SAHAJ It will be applicable for individual, whose total income includes income chargeable under the head – (i)“Salaries” or family pension.(ii)“Income from house property”, where the assessee does not own more than one house propertyand does not have any brought forward loss under the head; or (iii)“Income from other sources”, except winnings from lottery or income from race horses.  4 (2) SUGAM Return can be filed in SUGAM by the individual or HUF having presumptive income under section44AD and 44AE either with or without the incomes mentioned below:(i)“Salaries” or family pension.(ii)“Income from house property”, where the assessee does not own more than one house propertyand does not have any brought forward loss under the head; or (iii)“Income from other sources”, except winnings from lottery or income from race horses. 11. In respect of donation on Scientific Research under section 35, the following deduction shall be allowed.As per section 35(2AA), where the assessee pays any sum to a National Laboratory or  a University or  an Indian Institute of Technology or  specified persons as approved by the prescribed authority with aspecific direction that the said sum shall be used for scientific research undertaken under a programmeapproved in this behalf  by the prescribed authority then there shall be allowed a deduction of a sum equal to 2 times of the sum paid andAs per section 35, an amount equal to 1.75 times of any sum paid to a research association which has as itsobject the undertaking of scientific research or to a university, college or institution to be used for scientificresearch, shall be allowed.As per section 35, an amount equal to 1.25 times of any sum paid to an Indian company to be used by it for scientific research:Provided that such company-(A)has as its main object the scientific research and development and(B)approved by the prescribed authority in the prescribed manner As per section 35, an amount equal to 1.25 times of any sum paid to a research association which has as itsobject the undertaking of  research in social science or statistical research or to a university, college or other institution to be used for research in social science or statistical research. 12. Limit on deductions under sections 80C, 80CCC and 80CCD Section 80CCEThe aggregate amount of deductions under section 80C, section 80CCC and section 80CCD shall not, exceed ` 1,00,000,   however, it will be excluding employer’s share of contribution i.e. deduction for employer contribution shall be allowed in addition to ` 1,00,000 as shown below: Example Mrs. X   is employed in Central Government since 01.01.2011 and is getting basic pay of  ` 30,000 p.m. She hascontributed ` 3,200 p.m. to the notified pension scheme of Central Government and employer has alsocontributed an equal amount. She has made investment in PPF Rs.70,000. Compute her total income for theassessment year 2012-13. Answer: ` ` Basic Pay 3,60,000.00(30,000 x 12)Contribution to the pension fund by Central Government 36,000.00(3,000 x 12)
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