Chartered Accountant India,Chartered Accountants India,Chartered Accountant in India

1. Last date of filing the belated return is 31st March 2008 and beyond which the return would attract a penalty of Rs. 5,000/-

2. For the Assessment Year 2008-09 last date for filing the return of Income is 30th September for the assessee whose accounts are audited or the assessee is a Company. In other cases 31st July.

3. Income Tax Rate for the Assessment Year 2008-09 (For Individual Man and HUF) * 1.1 Lakh to 1.5 : 10% * 1.5 to 2.5 : 20% * 2.5 to above : 30% Except (For Individual Woman) * 1.45 to 1.5 : 10% (For Senior Citizen) * 1.95 to 2.5 : 20% + Education Cess 2% + S.H.E.C 1% (Surcharge 10% if income is more than 1 crore)

4. Firms and Domestic Company : 30% + Education Cess 2% + S.H.E.C 1% (Surcharge 10% if income is more than 1 crore)

5. Banking Cash Transaction Tax has been withdrawn after 31st March 2009.

6. Interest on borrowed capital paid during the previous year for a residential house is deductible upto Rs. 1,50,000 ( One Lakh Fifty Thousand Only ).

Wealth Tax
» 1% of the amount by which net wealth exceeds Rs. 15,00,000/-.

Gift Tax
» No tax if gift is upto Rs. 50,000/- from any person.

Service Tax
» Upto Rs. 10 Lakhs there is no service tax liability.

» The annual turnover limit for obtaining registration has been increased from 7 lakh to 9 lakh w.e.f. 1st April, 2008.

Sales Tax
» C.S.T. Reduced to 2% from 3% w.e.f. Ist June, 2008

Direct Taxes
» Short-term capital gains tax hiked to 15% o Securities Transactions Tax unchanged.

» Threshold exemption limit increased from 1,10,000 to 1,50,000 o Exemption limit for women increased to 1,80,000 o Exemption limit for senior citizens up from 1,95,000 to 2,25,000. New Tax Slabs for Assessment Year 2009-10.

» 1.5 lakh to 3 lakh: 10% o 3 lakh to 5 lakh: 20% o 5 lakh and above: 30% Indirect Taxes.

About Manoj Raj and Associates

C.A. Manoj Kumar Jain is the Proprietor of Manoj Raj and Associates Chartered Accountants. Its aim is to provide a comprehensive range of accounting, financial and legal consulting, tax management, auditing and business process out-sourcing services. With soaring aspirations and the zeal to succeed, we endeavor to be a recognized and reputed global professional service provider with the Company Secretary, Advocate Associates and Qualified staff, Articled clerks with Good Infrastructure

Our mission is to create synergies through the amalgamation of the various business values with a focus on delivering value based services that result in the maximization of client worth and the enhancement of business prospects and growth. This mission is communicated to every member of the organization. Systematic endeavors are made to ensure each employee's commitment to the organizational purpose. Our core professional values encompass Confident Leadership, Quality Service, Professional Ethics and Healthy Client Relationship.