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    Published Fri, 08 May 2020 | Updated Wed, 17 Mar 2021 Income Tax

    Income Tax Act of India prescribes many compliance requirements, which a company need to ensure to avoid penal provision of the tax, possible litigations and ensure smooth functioning of business. We have summarized herewith, broad compliances required under Income tax for ready reference of readers:
     

    S. No Compliance Form Due-date Remarks
      Monthly

    1.

    Monthly Deposit of TDS or TCS ITNS-281 7th of the following month
    (In case of March, 30th April)
     
      Quarterly

    1.

    Payment of advance tax ITNS-280 15th June (15% of Advance Tax), 15th September (45% of Advance Tax), 15 December (75% of Advance Tax) and 15th March (100% of Advance Tax)
    Note: Due date will be 31st March for assessee opting for presumptive taxation.
    Advance tax is required to be paid in case the estimated total tax liability is Rs. 10,000 or more
     

    2.

    Filing of TDS return 24Q (Salary)
    26Q (Other than salary)
    27Q (Non-resident Indian)
    by 30th/31st of the month following the quarter. By 31st May for quarter ending March.  

    3.

    Issuance of TDS Certificate Form 16 (Salary)
    Form 16A (other than Salary)
    by 15th of the month following the due date of filing of TDS return  

    4.

    Filing of TCS return 27EQ 15th of the month following the quarter. In case of March, 15th May  

    5. 

    Issuance of TCS Certificate 27D by 15th of the month following the due date of filing of TCS return  

    6.

    Return by banking company/ public company/ co-operative society regarding non-deduction of tax at source 26QAA 31st of the month following the quarter  
      Annually

    1.

    Income Tax Return   By 31st July/ 30th September/ 30th November of the following year as applicable.
     
    From AY 2021-22
    By 31st July/31st October/30th November of following year, as applicable
    From AY 2021-22
    31st July: Individuals/firms on whom Tax Audit is not applicable
    31st October: Assessee on whom Tax Audit is applicable, provided they have duly filed Tax Audit Report by 30th September
    30th November: Assessee who are required to furnish transfer pricing report, provided they have duly filed their Tax Audit Report and Transfer Pricing report by 31st October

    2.

    Tax Audit and filing of Tax Audit report   By 30th September/ 30th November of the following year as applicable.
     
    From AY 2021-22
    By 30th September (Non transfer pricing cases)
     
    By 31st October (transfer pricing cases)
     
    of following year, as applicable
     
    To be done by a chartered accountant in practice if gross receipts exceed the following limits:
    Rs. 1 Crore: in case of business
    Rs. 50 Lacs: In case of profession
    Rs. 5 Crore (applicable from AY 2021-22): For business whose aggregate of all receipts in cash does not exceed 5% of such receipts during the previous year and aggregate of all payments in cash does not exceed 5% of such payment during the financial year

    3.

    Preparation and filing of transfer pricing study and accountant certificate, if applicable   By 30th November of the following year.
     
    From AY 2021-22
    By 31st October of following year
     
      Others

    4.

    Furnishing of challan cum statement in respect of TDS under section 194-IA/IB 26QB/26QC Within 30 days from the end of the month in which the deduction is made Applicable in case of purchase of immovable property, or payment of  rent in excess of prescribed limit

     
    Income Tax Return Forms in India
    Under Income Tax provision different type of forms for filing returns have been prescribed for different types of assessee and for different sources of income. The types of forms has been summarized below:

    Form Category Description
    ITR-1 Individual For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income upto Rs.5 thousand (Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares)
    ITR-2 Individual/HUF For Individuals and HUFs not having income from profits and gains of business or profession
    ITR-3 Individual/HUF For individuals and HUFs having income from profits and gains of business or profession
    ITR-4 Individual/HUF/firm (other than LLP) For Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE
    (Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares)
    ITR-5 Firms/LLP For persons other than:-
    (i) Individual,
    (ii) HUF,
    (iii) Company and
    (iv) Charitable trust/Educational institutes/Business trusts/Investment funds
    ITR-6 Company For Companies other trusts
    ITR-7 Charitable trust/Educational institutes/Business trusts/Investment funds Charitable trust/Educational institutes/Business trusts/Investment funds

     

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