CA Ankur Jindal

CA Ankur Jindal

I have covered only relevant compliances/information useful for Small Manufacturer, Traders only through this article which includes TDS Rate, TDS Return, TDS Certificate  and TDS payment due dates, Advance Tax due dates, Income Tax Return Due Dates, Penalty for Late Return Filing, Important Income Tax Deductions, Presumptive Taxation Scheme, Tax Audit and Maintenance of Books.

A) TDS COMPLIANCES:-

S.No. Nature of Payment Amount over which TDS to be Deducted IF PAN Available If PAN Not Available
1 Payment of Salary Average Rate of Tax 20%
Payment to Contractor/Sub Contractor (Sec 194C) Rs.30,000/- One Time and Rs. 75,000/- in whole year. Individual/HUF 1%

Others 2%

20%
2 Payment of Commission/Brokerage (194H) Rs. 15,000/- 5% 20%
3 Payment of Rent (194I)

 

Rs.1,80,000 Per year 10% for Land/Building/Furniture

2% Plant Machinery/Equipments

20%
4 Payment to professional/technical services

(Note:- In case of Call Center- 2% Budget Change)

Rs.30,000/- 10% 20%
5 Payment of Interest (194A) Rs. 5,000 10% 20%
6 TCS on sale of Scrap (206C) Nil 1% 5%

B) TDS CHALLAN/RETURNS-

TDS /TCS Return Tax Deposit Date Return Due Date TDS Certificate Issuance Date
TDS return for Salary (Form 24Q) 7th Day after end of  every Month In case of March: 30th April  Last day of Month  after end of every quarter, In case of March, 31st May After 15 Days from due date of filling of TDS Return.
TDS return for Other than Salary (Form 26Q) Same Same Same
TCS return for (Form 27EQ) Same 15th day of  Month  after end of every quarter, In case of March, 15st May Same

Late Fee Rs. 200/- per day.

C) ADVANCE TAX (W.E.F. 01/06/2016):-

In case of All Assesses (If Tax Liability > Rs. 10,000)

Due Date Advance Tax Liability to be Discharged.
On or before 15th June 15% of Advance Tax Liability
On or before 15th Sep 45% of Advance Tax Liability
On or before 15th Dec 75% of Advance Tax Liability
On or before 15th March 100% of Advance Tax Liability

Note: Advance Tax Liability is also Applicable for opting presumptive Taxation Also.

D) INCOME TAX RETURN DUE DATE:-

Income Tax Return Due Date AY 2017-18

S No Particulars Due Date
1 Corporate Assessee 30.09.2017
2 Non Corporate Assessee (Audit Case) 30.09.2017
3 Working Partners of Audited Firms 30.09.2017
4 Other Assessee(Salaried, House Property, Interest Income, Capital Gain, Other Sources, Business & professional Non Audit Case. 31/07/2017

Belated Return 139(4) for FY 2016-17 can be filed upto 31.08.2018 only.

Original/Belated Return for FY 2016-17 can be revised upto 31/03/2019 [139(5)

Penalty for Late return Filling:-

W.e.f. A.Y.  2018-19

Before 31st December Rs. 5000/-

After 31st December Rs. 10,000/-

If Income is less than Rs. 5 Lacs Late Fee will be Rs. 1000/-

E) IMPORTANT DEDUCTIONS:-

a)_ 80C (Only New Additions):-

Apart from LIC, PPF, Housing Loan Principal repayment, Five year Fixed Deposits, EPF, following additions were also made under Section 80C:-

  1. Sukanya Samriddhi Yozna
  2. National Pension Scheme (Rs. 50,000/- Additional Deduction)
  3. 20% of Gross Total Income may be contributed in NPS (Earlier it was 10%) Budget 2017.

b) Deduction u/s 80D on health insurance premium is Rs 25,000. For Senior Citizens it is Rs 30,000.

For very senior citizen above the age of 80 years who are not eligible to take health insurance, deduction is allowed for Rs 30,000 toward medical expenditure.

Section 80D

Preventive health checkup (Medical checkups) expenses to the extent of Rs 5,000/- per family can be claimed as tax deductions. Remember, this is not over and above the individual limits as explained above. (Family includes: Self, spouse, dependent children and parents).

Note: Preventive health Checkup can be incurred in cash.

c) Section 80EE

This is a new proposal which has been made in Budget 2016-17. First time Home Buyers can claim an additional Tax deduction of up to Rs 50,000 on home loan interest payments u/s 80EE. The below criteria has to be met for claiming tax deduction under section 80EE.

  • The home loan should have been sanctioned in FY 2016-17.
  • Loan amount should be less than Rs 35 Lakh.
  • The value of the house should not be more than Rs 50 Lakh &
  • The home buyer should not have any other existing residential house in his name.

d) Section 80E:-

  • Deduction is available to Individual Not HUF
  • Deduction of Interest on Education Loan
  • Deduction is available for higher studies after passing SSC
  • Deduction is available for Eight years
  • Loan is not only tuition fee or college fee but incidental charges also.
  • Loan should be taken for spouse or children
  • Vocational courses are also covered under this section

F) PRESUMPTIVE TAXATION SCHEME:-

44AD If Turnover < 2 Crore 8%
44ADA (Legal, Medical, Profession of Accountancy, Architectural ,technical Consultancy, Interior Decorator) If Turnover < 50 Lacs 50%
44AE 7500/- per vehicle for transporters

Note:-

  1. For FY 2016-17:- No Salary/Interest to Partner will be allowed while applying 44AD.
  2. Budget 2017: If payment is received in cash less Mode, Income on presumptive basis will be 6% in place of 8%.
  3. A person can opt out any time from presumptive taxation scheme, but once he has opt out from presumptive taxation, he can not avail the benefit for next 5 years.
  4. Not Applicable on Company Assessee

G) ACCOUNTING/AUDITING:-

  • 44AA:- If Income.2, 50,000 (Earlier 120000) and turnover > 25 Lacs (Earlier 10 Lacs)
  • 25,000 Penalty (271A) if Books of accounts are not maintained.
  • Audit if Turnover in FY 2017-18> 1 Crore For Professional 50 Lacs  (w.e.f. 01/04/2017)

Disclaimer:- These Compliances are compiled based on day to day need of Samll Traders, Manufacturers/Businessman. These are not exhaustive list of compliances/information. Only I have tried to cover relevant information based on my past experience. This article is only for information. Please refer act/rules before taking any decision.

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Category : Income Tax (24782)
Type : Articles (13666) Featured (4136)
Tags : Budget (1472) Budget 2017 (351) Section 44AD (107) TDS (875)

9 responses to “Income Tax Compliance / Information at A Glance”

  1. SA ANSARI says:

    80000 is contributed to nps out of my salary by my employer. I have contributed more than RS 150000 to other schemes which qualify rebate under 80c. Can I avail 50000 additional rebate of nps.?

  2. pvati says:

    For a pan holder, a tailor, having only income from occupation under Rs.3 lacs during FY 2015-16, by which time he can file return & which ITR -1 or ITR-4? Urgent pl.

  3. Animesh Kumar Jain says:

    I think these dates should be checked once..

    Belated Return 139(4) for FY 2016-17 can be filed upto 31.08.2018 only.
    (Should be 31.03.2018)

    Original/Belated Return for FY 2016-17 can be revised upto 31/03/2019 [139(5)
    (Should be- 31/03/2018)

    Please correct me if i wrong !!

  4. Ramesh says:

    Hi
    It seems there is an error in due date for form 16 mentioned in the article, could you please check and confirm.

  5. Alagappan R says:

    Sir,
    As per Finance Act 2017, the threshold turnover u/s 44 AB for persons carrying on business has been increased to 2 Crores with effect from AY 2017-18.

  6. Pratibha Goyal says:

    In case of payment to contractor/sub-contractor has been increased to Rs 100,000 with effect from AY 2016-2017

  7. NARENDER KUMAR THAKUR says:

    From A/Y 2018-19 -What is the change in tax treatment for making donation to Akshaya Patra /Help Age India (earlier 100% exempted u/s 80GGA) and likewise how much deduction is available u/s 80G. It would be very kind of you to refresh/specify qualifying limit of donation u/s 80G with reference to GTI.

  8. Dharmendra sharma says:

    Thank You Sir for important informations.
    Don’t mind but there are two corrections in informations given above:-
    1) Overall limit of section 194C is now 100000 from last budget which used to be 75000.
    2) Due date of payment of TCS is 7th for March month also (Rule 37CA).You have mentioned it 30th April.

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