Saturday, September 4, 2010

DIRECT TAX CODE 2009: DECODED Part II

[DTC 2009 in Chapter 16 a nei hi. A bu bang a ‘Chapter by Chapter’ a va ban gelh ding ka deihdan leh siamdan hilo ahihman in a tuam deuh in ka hong gelh hi. Structure lawzen a i gelh ciang in laibu mah bang ahihman in hoih kasa kei hi. DTC pen final nailo toh kibang ahihman in khek tohtoh ahi ding]

Bang a hia?
Tax kaikhop na ding toh kisai a dan thak kibawlna ahipen mai. Tulel a kizang pen a beisa 1961 kum pek a kibawl ahihman in khen tuak a tam ziak ahi.

A huamkhak

India miteng, gamdang toh teengkop ahihleh India ah ni 182 kumkhat in a teen leh. Gamdang a sem na hihleh na tax piakna proof pen kep hoih a poimoh. Tualo in Company te a ding in a vaihawmna munpi India a om ahihleh hih DTC zatkhum ahi ding.

DTC leh SingTang mite?
DTC 2009 ah hithu toh kisai a kigelh kei. Tulel a exemption ompen zong thu buaihuai pi khat ahi. Schedule areas leh Schedule tribe cih ah a kinga. A kigelh pen koicin a hong ki interpret hiam enkhe ni.

Tax deduction Rs1lakh toh kisai

Deduction thumal pen theih khialh hetloh ding ahi. Deduction cina ua ei singtang’pau in exempt thumal in i koksak pen uh ahi. Cihna in, ki deduct hilo in tax piak di lak a pan exempt ci ut ka hi. Draft DTC 2009 in Section 80 nuai ah Rs1.20 lakh save theihta cih ahi. Extra Rs20K pen Infrastructure lampang ah invest ding cih ahi. Koi ah invest hoihding ahia cih ka hong hilh thei kei.
Section 80 kia zong gen ding tampi a om. A ban a kigen behna ah tuition fee leh Insurance himhim toh kisai in Rs 50,000 tan exempt muh theih. Pawl niamte a ding in tuition fee a sente a kici a pawl sangte ah bel education loan a i sente huapsak ahi. Donation in any form pangkha vetlo ahi cih theih ahoih.
ELSS(equity-linked saving schemes ) a kici sum khol khiakna,kum thum bel ki hentang pen Section 80C nuai ah om hinapi govalmen in a lakkhiat som. A lakkhiat pen Rs2lakhs tan tax exempt ding in a hong gen daih hi.Total deduction limit ahihleh Rs3,00,000/- ahi.
NGO kia hilo in political party phungvuhna a sum kithohte zong deduction ah om ahi. Hipen bel 100% in thei ing. A limit bel 5% of income sang a tamzaw hitheilo.
Piangsualte medical treatment dan in a certificate hoihtak attach le teh Rs50K of Rs1.0lakh tan hong ki awlsak thei ding.
Office kaina Conveyance toh kisai tax exempt Rs800/- tan kia ahi.
Patent right khong nei hile teh hi toh kisai a na sum muhte zong awlsak ahi ding.

LTC/LTA
Taxable vek ding cin ahita. Na ticket lakman leh na seen neuhneuh te, na sepna Office in LTA/LTC toh kisai a hong piak tengteng zong na income dan a hong kisimsak ding. Tua pen hong ki tax sawn lai ding cihna ahi. A ngeina bang a tax loh ding cih thuthang bel om sam.

Housing loan toh kisai
Housing loan toh kikheng cih ding hi. Interest on housing loans up to Rs 1.5 lakh per annum ki exempt ahi. Exempt ka cihpen repayment ahi aw. Hih pen principal hilo a interest component ahihman in buaikai. Interest pay inla midang luahsak le teh a net difference pen nang a dia meetna hilel mai ding ahi. A genciang dan uh bel i inn neihte uh sum muhna dia midang luahsak ding geelna ahi ci uh.

House rent toh kisai la
Inn leh flat neite a ding in House/flat rent toh kisai na sum muh hibang in hong hisap sak ding uhi; 6% of the rent rate fixed for the locality ahk cost of construction. Maintenance charges leh local tax na piak zah niamsak ahi ding.

Tax rate toh kisai la
[Tax rate toh kisai DTC first schedule ah a kigelh. Company te a pen Second Schedule ah gelh ahi]
Tax rate ahihleh Upto Rs2- NIL; original proposal pen Rs1.6lakhs ahi. Numei leh Pasal kibangta, Equality a fight fight pen uh hilam tanpha ah zat ahihna ah numeiten bang ngaihdan hong nei lemlum di uam thei khang.
Senior citizen kum 65 tung lamte a ding in Rs2.5lakhs ahi.
2-5 lakhs-10%
5-10 lakhs pen 20%
10 and above pen 30% ahi.

Surcharge pen a kigenkha kei a Education cess tegel phiat ahi.
Sepna luite’n excess deduction hihkha uh
Form 16 ki issue sak inla na sepna thak ah submit le teh a hong adjust thei mai d uh.
PF toh kisai EEE pen EET bang cihna
Nidang in PF toh kisai himhim pen a ki tax ngei kei. A principal hi in a interest component banah na withdraw ciang in hong ki tax lo ahi. Tua ahihman in Exempt-Exempt-Exempt (EEE) cih ahi. Tun bel na lakkhiat/withdraw ciang in hong ki tax ding ahita-Exempt-Exempt-Tax cih ahi. Kipahhuai tak in EET pen a paisuak kei a EEE mah zatding ahihman in tax hong ki cut lo ding ahi phot mai.

Income tax PAN
Neih a poimoh. Apply na din DoB cert din matric cert/admit card. Permanent address din driving license/voter card leh Present address din voter card/ quarter allotment ahk service ID a hunmai. TIN-NSDL te kiang ah ahk Online in apply le teh a kizen mahmah. A status/ hong allot ta uh hiam cih check theih gige ahi. Online a apply na ding in DD bawl masa in, online na apply ciang in DD number leh date ‘quote’ a ngai hi.

Quarterly, Annually filing of return
Hi pen a sepna/ employer te buaina ahi. Kha teng a a deduct leh deposit te uh return file uh ahi. Quarterly filing omta ahihman in Annual filing a om non kei. Fourth quarter pen Annual filing dan in a kipomta. Tax deduct bawltu na hihleh a diktak a na khuatkhiat a poimoh. Ban ah a huntak a tax deduction na bawlte IT Authorities kiang ah deposit ding ahi. Tualo in liau theihna ahi.

A poimoh dang khat ahihleh Tax deposit to IT Authorities i bawl ciang in section tuam tuam a i deduct te gawmkhawm hetloh ding ahi. A tuam dungzui a deposit ding, deposit challan tuamciat aneih ding uh ahi. Salary te Non-Salary deduction toh gawmloh ding. Non Salary ciatciat zong koih tuam ciat ding ahi. Hih challan te deduction certificate na issue ciang in poimoh petmah ahi.

Non Salary loute a tax rate
Salary loute bang ahia? Medical treatment leh professional service teng pen section 194J dungzui in a ki tax. Income from house rent/ rent himhim under section 194I leh contractor te nasepna- outsource na toh kisai payment tengteng u/s 194C dungzui in a ki tax hi. Doctor hi in professional service himhim petu na hihleh tax pen 10% in hong ki cut ding ahi.

Double taxation
Gam nih kitheihsiamna ahi. Hihpen Double Tax Avoidance Agreement (DTAA) a ki minvoh hi. Na sum (Gou) tung ah gam khat ah siah na piak leh gamdang ah va piak ngai nonlo ding cih ahi. Gou khat tung a piaksa pen piaksa in ki koih cihna ahi.

Hih ban ah General Anti Avoidance Rules (GAAR) cih a ombeh hi. Siah pelo pi ka pia vacih theihlohna ding a dan a kibawl ahi. Hitak ah Acessing Officer leh Commissioner of Income Tax thuneihna a kilang ding. Adjustment bawl ding/lohding amau khut ah om cihna a hi sim mai hi. Va mai-et leh lauhluatna ding a om kei. Central Board of Direct Taxes ten guidelines a bawl dungzui ua sepkhiat ahi dia lungkimlohna a omleh DIspute Resolution Panel a kici a om hi.

Lottery, Kuon banega crorepati leh competition mankha hita zenzen leng
A taangpi in 30% tax cut sa in a hong pe ding uh. Tualo in Horse race cih minvoh a om sum kitahna lampang ah bel 20% cut ahi.

NGO, Society, trust leh saptuam te dinmun
Society te register teitei a hoih. Commissioner of Income Tax kiang ah ki register ten a kigen thang Section 80G ah tax exemption certificate a pethei uh. Donation kibawlte 100% tax exempt ding cih hilo ahi. A tangpi in 50% tax exemption on the donation value akimu lel.

Exemption limit ahihleh 10% of the Gross Total Income tan kia ahi. I sawm-a-khat (tithe) piak utoh mekmat in.

Wealth tax
Zatpat ni 1st April 1957. Ei theihsiam din school leh firm khat pepeuh neitu (proprietor ) in a neih toh kituak a a piak ding ahi. Gouluah sawnte zong huamkha ahi. Tenna in summuhna in pangkha keileh zong piak a kul hi. Wealth tax pen ‘most significant direct tax’ cih in a om zawzen hi. Hih toh kisai in neitu pen mikhat, mi nih, mi kipawlkhawm leh organisation khat bang hithei leh zong ki tax veve ding hi.

Hihtoh kisai in tulai a farm-house, shopping mall, Innmun ban ah Kingfisher neipa in a lenna neihteng tung ah. Long nei pan a long tung ah. Bus nei pan a Bus neih tung ah. Sumo gari neipan a gari tung ah. Biakna dia mun kipia toh kisai bel Wealth tax ah a kisim lut kei.

Gouluah zong pangkha ahi cih mangngilh loh ahoih. Hibang a goute bangzah manh ahia cih pen Section 7(2) and in Schedule III to the Wealth Tax Act dungzui a hisap ding ahi. Wealth tax pen ‘1% on assets more than Rs 1 crore will be levied’ cih ahi. { Asset tung ah depreciation calculation toh kisai maih mai ni}

Wealth tax filing toh kisai?
Filing (of returns) pen income tax toh a kibanglel. ‘A person is required to file a return of wealth in form A If the net value of the asset comes under the bracket of wealth tax than person is bound to file the wealth tax’ cih ahi. All the essential documents should be attached with the form A.

Sum muhna dang nei, Service, tax deducted and reporting
Sum muhna dang nein a hihleh munkhat ah combine in final Form 16 na bawlsak thei.

Minimum Alternate Tax (MAT) - Gross assets vis-a-vis book profit
Corporate tax pen 30% ah, proposed ahileh 25% on booked profit ahi.
The Minimum Alternative Tax (MAT) rate pen 20 per cent on book profits cih ahi. Companies can carry forward MAT credit for 15 years cih ahizomah hi. Tulel in 19.83% ahi.

Corporate te dahna ahihleh tax pen 30% ding cih thu ahi. Proposed leh revised ah bel 25% kia hilel ahihna ah.

Capital gain a cihcih uh bang hi peuhmah ahia
Capital gain i cihpen stocks, bonds leh real estate toh kisai a sumpungte genna ahi. Selling price pen Cost price sang in sangzaw cihna. FYI accounting a ‘goodwill’ kici zong pangkha hi ei. ahihhang in i zuakkhiat ma in a gain bangmah omlo ahi cih genloh in zong theisiam lel ni hang maw. Alehlam ah ‘capital loss’ cih zong om din a hisap theih pah mai hi. Hibang a capital gain te hong ki tax sak ding ahi. Rate of tax toh kisai pen 30% for NRI and at the applicable marginal rate a ci hi. I tax bracket toh kituak a hong ki tax din ngaihtuah phot peuhmah ni.
Capital asset i lei te kum khat leh kum khat sang a sawtzat i kep in a kikhen sawn hi.

‘Short-term capital gains te ei tax slab kimkhat rate in ( cihna in 5-10-15%) hong ki tax ding.

Pensioner te
Pensioner te bel Regular employee toh a buaipihdan a kibang. Senior citizen/old age ahihleh bel tax bracket a tuamzek lel. VRS, Gratuity leh retirement toh kisai a sum muh d tengteng tax cut ding cih ahi. PF leh saving teng EEE a hong hih khak dek mok pen buaihuai sim akhu.

Govalmen leh private Tax thu ah
Govalmen ten book adjustment in a hih tangpi uh. A cut nimah un a deposit ngal uh. Mi dangten bel na cut ni khit kha ni 7 sung in IT Authority te kiangah deposit ngeingei ding ahi. A tax zahmah fine liau theih banah jail baangzuut khak theihna ahi.

Annual Budget bang a cita dia?
Income tax rate toh kisai kiciantak in kipia/gelh ahihman in kum teng a Budget present ciang in IT rate genkhak ahi nawnkei ding.

A tawpna din, Govalment a din DTC 2009 in bang a tun dia?
Govalmen in mipi a dia tax rate hong niamsak baanah Corporate toh kisai khen lamdanglua neilo ahihman in tax code thak kipahpih ciat hang.

Bang a ci cet diam cihbel gen theih naikei. Finance ministry officials ten bel new code in tax GDP ratio hihsangna ah hong panpih d ci. Tulel dinmun apat in 11 percent tak in.

for PART-I CLICK

1 comment:

Vaphual said...

Hoih lua U Lian, Vaphual.net ah Part 1 leh 2 gom in na suah ing ei!!