KERALA BUDGET 2013 TAX PROPOSALS

1.     Partnership firm registration fees and various filing fees to increase. In addition to registration fees, a service charge of Rs. 500 extra to be paid. Registration Certificate in Digital form to be introduced.

2.     Fees for Chit Registration to increase.

3.     Article of Association of Company - stamp duty enhanced to Rs. 10,000.

4.     Stamp Duty for partnership deed Rs. 5000 and for dissolution Rs. 1000.

5.     Fees for Registration under Travancore Cochin Literary & Scientific Charitable Societies Registration Act, to increase.

6.     Stamp duty to come down by 2%.

7.     Present VAT rate of 13.5% increased by 1% to 14.5%.

8.     Annual Registration fees for registration under KML (Kerala Money Lenders Act) increases from Rs. 3000 to Rs. 10,000.

9.     VAT Annual Return filing due date extended from April 30 to May 31^st.

10.     Time Limit for filing audited financial statement extended to December 31^st for all except companies. For companies, the due date shall be January 31^st.

11.     Online application for VAT refund and refund directly to Bank A/C proposed.

12.     No agricultural income tax on persons other than companies.