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Assessees with only salary income and some interest or other income under the head 'Other sources' whose total income does not exceed Rs. 5,00,000/- need not file their return of income from the current assessment year***Basic exemption limit for Individuals / Hindu Undivided Family and senior citizens increased to Rs. 1,80,000/- and Rs. 2,50,000/- respectively***Qualifying age of Senior Citizens lowered from 65 years to 60 years***New basic exemption limit of Rs. 5,00,000/- introduced for individuals who are very senior citizens of 80 years and above***Additional deduction of Rs.20,000/- to an individual or Hindu Undivided Family on subscription to notified Long-Term Infrastructure Bonds extended by one more year***Provisions introduced for empowering the Central Government to exempt, by notification, certain class or classes of persons from filing the return of income***No change in base corporate tax rate***Minimum Alternate Tax (MAT) rate increased from 18% to 18.5%***Reduction in Surcharge for Domestic Companies from 7.5% to 5% and for foreign companies from 2.5% to 2%***Weighted deduction enhanced from 175% to 200% on payment to specified Institutions for Scientific Research***Investment linked deduction extended to a)housing projects under a scheme for affordable housing b)production of fertilizer in India***Tax holiday u/s 80 IA (4) for Power Sector extended to 31 March 2012***No changes in Central Sales Tax hence existing rate of CST @ 2% against form-C shall be continued***No changes in Service Tax Rates. The Existing rates of 10% is continue***A new Rule 5B has been introduced to provide that the applicable rate of tax shall be the rate prevailing at the time when the services are deemed to have been provided***The general rule will be that the time of provision of service will be the earliest of the following dates i) Date on which service is provided or to be provided ii) Date of Invoice iii) Date of Payment***No Change in Basic rate of Central Excise Duty***The rate of Excise duty (Cenvat) for non-petroleum goods has been increased from 4% to 5%***Duty on Cement on Portland cement revised at 10% ad valorem+ specified rate Rs. 30PMT, 80PMT, 160PMT***Central Excise duty @ 10% imposed on Ready Made Garments and Made-up articles***Excise duty on serially numbered Gold Bars, other than tola bars, when manufactured from the Ore/Concentrate Stage is being reduced from Rs. 280/- per 10gm to Rs. 200/- per 10 gm***Full Exemption was available to paper manufactured from non-conventional raw material is being withdrawn***Full exemption withdrawn on Looms, Projectile Looms, Microprocessors***Definition of ‘Inputs’, ‘Capital Goods’ and Input Services have been charged***.No changes in peak rate of Basic Customs Duty of 10%. The Existing rates of 2%,2.5% and 3% are being fused into a single rate of 2.5%***Export duty has been imposed at the rate of 10% on de-oiled rice bran cake with immediately effect***   Welcome to Our Website We are a firm of Chartered Accountants, registered with the Institute of Chartered Accountants of India and engaged in the field of Accounting, Book keeping, Auditing, Cost/Financial Analysis, MIS Development Tax consultancy in Indian Tax Laws and allied Activities. We are based at Salem in South India. Read More...     Our Services For our Indian Clients   For our Offshore Clients   Book keeping using ‘TALLY’ package   Accounts Formatting   Credit Management   Loans Processing   Investment Planning   Resources Planning & Evaluation   Financial/Cost Analysis   More...     Book keeping using ‘Quick Books Online & Desktop versions’   Revenue Returns preparation (1040 & 1120) using ‘ Turbo Tax and ‘Pro Series’ softwares or other client specific softwares.   Accounts Payable Data Processing.   Accounts Receivable Data Processing.   Payroll Processing   More... Contact Us   D.S. ANAND & ASSOCIATES CHARTERED ACCOUNTANTS PLOT # 116,117, SHANKAR NAGAR, SALEM - 636 007. TAMIL NADU, INDIA. Email anand@anandandassociates.com     Useful Links Compute your Income Tax New Apply/Correction in your PAN New Central Excise & Customs New Indian Income Tax Department Indian Company Law Board US Tax Revenue Department Tamil Nadu VAT

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