Filing of Income Tax Returns (ITR):
Individuals, HUFs, firms, LLPs, companies, trusts, and other entities must file annual ITRs based on applicable thresholds and forms (ITR-1 to ITR-7).
Due Dates:
- For individuals/HUFs: July 31 (unless extended).
- For companies and those requiring audit: October 31.
- For transfer pricing cases: November 30.
Advance Tax: Applicable if total tax liability exceeds ₹10,000 in a financial year.
Payment Schedule:
- 15% by June 15.
- 45% by September 15.
- 75% by December 15.
- 100% by March 15.
Self-Assessment Tax:
- To be paid before filing the ITR if any tax liability remains after TDS and Advance Tax.
Rectification and Revised Returns:
- Filed under Section 139(5) for correcting errors in original returns.
TDS Compliance
Deduct tax at prescribed rates for payments such as salaries, interest, rent, commissions, etc.
Common Sections:
- Section 192: Salaries.
- Section 194C: Payments to contractors.
- Section 194I: Rent.
- Section 194J: Professional fees.
Deposit TDS within 7 days of the month-end (April-February) or 30th April for March.
TDS Returns Filing:
Quarterly filing for deductions using Form 24Q (salaries), Form 26Q (non-salaries), and Form 27Q (non-resident payments).
TCS Compliance:
- Tax collection on the sale of goods/services as applicable (e.g., alcohol, timber, scrap, foreign remittances).
- File quarterly TCS returns (Form 27EQ).
Tax Audit:
- Applicable for businesses with turnover exceeding ₹1 crore (₹10 crores for cashless transactions) or professionals with receipts over ₹50 lakh.
- Form No.: 3CA/3CB/3CD.
- Due Date: October 31.
Presumptive Taxation:
- Businesses under Section 44AD and professionals under Section 44ADA opting for presumptive schemes must comply with turnover limits and reduced audit requirements.
Maintenance of Books of Account:
- Section 44AA mandates books of accounts for specified professionals and businesses exceeding thresholds.
Form 15CA/15CB (Foreign Remittances):
- Mandatory for specified payments to non-residents.
- Certification by a Chartered Accountant (CA) may be required.
Form 10E:
- For claiming relief under Section 89 for arrears or advance salary received.
Transfer Pricing Compliance (Section 92E):
- Mandatory filing of Form 3CEB for international or specified domestic transactions.
- Due Date: November 30.
- Maintain Transfer Pricing documentation.
Equalization Levy:
- For entities making payments for specified digital services.
Charitable Trusts and Institutions:
- Filing of tax exemption forms under Sections 12A and 10(23C).
- Audit report in Form 10B or Form 10BB.
- Submission of Form 10A for registration/re-registration.
Startups (Section 80-IAC):
- Submit forms for tax benefits under the startup scheme.
- Delay in ITR Filing: Late fees under Section 234F (up to ₹5,000).
- Default in TDS Deposit: Interest under Sections 201(1A).
- Failure in Advance Tax Payment: Interest under Sections 234B and 234C.
- Audit Non-Compliance: Penalty under Section 271B (0.5% of turnover or ₹1.5 lakh, whichever is less).
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