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Premier Exhibitions, Inc. Reports Third Quarter Fiscal 2010 Results

ATLANTA — Premier Exhibitions, Inc. , a major developer of touring museum-quality exhibits, today announced financial results for the fiscal year 2010 third quarter ended November 30, 2009:

Celente Predicts Revolution, Food Riots, Tax Rebellions By 2012

Question: Please explain me the TDS rates in india on different structures of income?

Please explain me the rates in percentage and on which incomes it is charged or when it becomes eligible to cut the tax at source. Please help?

Answer: GUIDELINES FOR EMPLOYEES

Employees are required to carefully study the guidelines mentioned under before filling up the declaration form. The guidelines also explain process of computation of Income Tax liability:

a)Applicable for Financial Year 2008-09 i.e. Assessment Year 2009-10.
b)Subject to changes/amendments that may be brought in by the Government subsequently.
c)No need to submit any of the investment proofs/ rent receipts with this declaration form.
d)Medical exemption will be given till December
e)The tax computation will be done based on your declaration and employees need to submit the proofs of investments/rent receipts/ medical Bills/ provisional certificate and Form 12c etc in the month of January’09 or at the time of leaving the organization which ever is earlier for the purpose of actual tax computation

The following will be considered for deduction / exemption from Taxable Income, as applicable, as per the provisions of Income tax Rules:

1.House Rent Allowances:

Exemption is applicable on submission of a rent receipt(s). Rent receipts have to be submitted for period April’2008 to February’2009. The criteria for exemption will be least of the following:

Non Metro -> a) HRA Received, b) Rent Paid Less 10% of the Base Pay, c) 40% of the Base

Metro -> a) HRA Received, b) Rent Paid Less 10% of the Base Pay, c) 50% of the Base

2.Deductions:
2a) Medical Insurance Premium U/S 80D, not exceeding Rs. 15,000/- Per Annum or Rs. 20,000/- in case any dependent member is a senior citizen. Where the premium paid is more than Rs.5000, the payment should be made through crossed cheque or demand draft.
2b) Expenditure incurred for Medical Treatment of handicapped dependents U/S 80 DD up to Rs. 50,000/-
2c) Repayment of interest on Education loan taken by the employee from any financial institution for the purpose of pursuing higher education.

3.Professional Tax -> Full amount would be considered for deduction from salary.

4.LTA – calendar years 2006 will come under the block of four calendar years i.e. 2006 to 2009. Exemption is available for maximum two journeys performed in the block of four-calendar years mentioned. Only traveling expenses will be eligible for exemption.

5.Medical Allowance towards domiciliary medical expenses upto an amount Rs. 15,000/- in a year i.e. 01st April;2008 to 31st March’2009, will be exempt subjected to submission of Bills
6.Loss from self-occupied property (Interest on Housing Loan) can be claimed up to Rs. 1,50,000/- if the loan is taken on or after 1st April 1999. In other cases it will be limited to Rs. 30,000/-.

7.Income tax Slabs for current year

7.1 For Male Employees
Taxable Income TaxSurcharge on Tax
Upto 1,50,000/-NilNil
Rs.1,50,001 to 300,000/-10% of amount in excess of Rs.150,000/-Nil
Rs. 300,001 to 500,000/-Rs. 15,000/- Plus 20% of the amount in excess of Rs. 300,000/- but less than 500,000/-Nil
Above Rs. 500,000/-Rs. 55000/- Plus 30% of the amount in excess of Rs. 500,000/- Surcharge of 10% of Tax where Taxable Income exceed Rs. 10,00,000/-

7.2 For Female Employees
Income TaxSurcharge on Tax
Upto 180,000/-NilNil
Rs. 180,001 to 300,000/-10% of amount in excess of Rs.180,000/-Nil
Rs. 300,001 to 500,000/-Rs. 12000/- Plus 20% of the amount in excess of Rs. 300,000/- but less than 500,000/-Nil
Above Rs. 500,000/-Rs. 52000/- Plus 30% of the amount in excess of Rs. 500,000/-Surcharge of 10% of Tax where Taxable Income exceed Rs. 10,00,000/-

Education Cess @3% of the Tax including surcharge will be levied.

Important Notes:

i)Please forward the declaration along-with the Welfare Declaration form(Component Option Form). In case the declaration is not received in time, company would calculate tax liability as if employee has not proposed any investment/Savings.
ii)Please do not submit any proofs now. The proofs will be collected starting Dec-2008, after you receive the staff communication from HR / Finance Dept. ..
iii)Employees who fail to submit actual proof of investment/savings on or before 15th January’2009, (except Insurance Premium Receipts which fall due after 15th Jan’2008 onwards), company will disallow all exemptions allowed up-to Dec’2008 except where proof is submitted.
iv)List of documents to be forwarded to the HR / Payroll Dept by 15th,Jan 2009.
a)House Rent Receipt
b)Proof of Investment U/S 80CCC, 80D and Savings under section 80C.
c)Housing Loan Interest Certificate
d)Form – 12C and computation of Income/Loss form House Property
e)Form 12 B in case of new Joinees – i.e. Self declaration by employees of earning from previous Employer during financial year 01st April’2008 to 31st March’2009.
f)Copy of Form-49A filed with IT department where PAN is not received.

Direct Taxes Code: revised discussion paper is more an apologia for the earlier proposals

The draft Direct Taxes Code (DTC) released in August 2009 is now subject matter of revised discussion paper on hand on June 16, 2010 with the last date for reaction set at June 30. What is your comment relating to the proposals as regards assessment of income from salary, property and capital gains?