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%
|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
|4||Payment to professional/technical services
(Note:- In case of Call Center- 2% Budget Change)
|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|
|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:-
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.
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.
d) Section 80E:-
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|
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.