Income tax

Date of Furnishing Return -

a) Income Tax Filing
  • For individual & firms to be filed income tax on or before 31st July for non audit cases.
  • If not filed Income tax within due date: Penalty upto Rs 10000.
  • For Tax audit cases, last date of filng income tax is 30th September.
b) Advance Tax to be Paid
On or before 15th June – 15%.
On or before 15th September- 30%.
On or before 15th December – 30%.
On or before 15th March – 25%.
c) TDS
Section Nature of Payment Threshold Rs Indv/ HUF TDS Rate (%) Others TDS Rate (%)
192 Salaries N/A Basic on Slab N/A
192A Premature withdrawal from EPF 50000 10 N/A
193 Interest on Securities 10000 10 10
194 Dividends 2500 10 10
194A Interests(Banks) 10000 10 10
194A Interest (Others) 5000 10 10
194B Winning from Lotteries 10000 30 30
194C Contractor- Single Transaction 30000 1 2
Contractor-During the F.Y. 30000 1 2
194D Insurance Commission 15000 5 10
194G Commission – Lottery 15000 5 5
194H Commission / Brokerage 15000 5 5
194I Rent of Land & Building 180000 10 10
Rent of Plant/Machinery/Equipment 180000 2 2
194IB Rent by Individual/HUF 50000/PM 5 N/A
194J Professional Fees / Technical Fees 30000 10 10
194IA Transfer of certain Immovable property other than agriculture land 5000000 1 1
194L.A Compensation on the transfer of certain immovable property other than agricultural land 250000 10 10
At KB & CO, we understand the financial accounting needs of our clients and the importance of maintaining accurate records. We are one of the fastest growing income tax return filing consultants in Bangalore and incorporate the international accounting standards into our work

Income tax

a) Income Tax Return Filing
    • The government, on May 13 announced the extension of income tax return (ITR) filing deadline for
    • FY 2018-19 to 30th June 2020, further on 24th June, this has been again extended to 31st July 2020
    • FY 2019-20 to November 30, 2020 from July 31, 2020 for all assesses.
 
    • In case of Tax Audits, it has been extended till 31st October 2020 from 30th September 2020
 
    • The CBDT through notification extended the time limit for making various investments and claiming deductions under the come Tax Act for FY 2019-20 to 30th June 2020 which is again further extended to 31st July 2020 on 24th June 2020.
    • If not filed Income tax returns within extended due dates: Penalty will be upto Rs 10000.
b) Advance Tax Slab and Due Dates
Sl no Assessee 1st installment Up to 15th June 2019 2nd installment Up to 15th Sept. 2019 3rd installment Up to 15th Dec 2019 4th installment Up to 15th March 2020
1 Paying taxes under section 44AD or 44ADA 0 0 0 100% of advance tax
2 All other Assessee up to 15% of Advance Tax up to 45% of Advance Tax up to 75% of Advance Tax up to 100% of advance tax
**Late payment of advance tax will attract interest under section 234C and in case of default in the payment of any installments interest under section 234B will apply.
c) TDS & TCS Rates Chart
TDS Rate Chart for F.Y. 2020-21 (A.Y: 2021-22)
Section Nature of payment Threshold Limit Applicable from 01/04/2020 to 13/05/2020 Applicable from 14/05/2020 to 31/03/2021
Resident Non-resident * Resident Non-resident *
Rs. TDS Rate (%) TDS Rate (%) TDS Rate (%) TDS Rate (%)
192 Salaries Normal slab rate Normal slab rate Normal slab rate Normal slab rate
192A Premature withdrawal from EPF 50000 10 10 10 10
193 Interest on securities – 8% Savings (Taxable) Bonds, 2003 or 7.75% Savings (Taxable) Bonds, 2018 during the financial year 10000 10 7.5
193 Interest on securities – Interest on securities for money issued by or on behalf of any local authority/statutory corporation, listed debentures of a company(other than demat form), any other interest on securities 5000 10 7.5
194 Dividends 5000 10 7.5
194A Interest (Banking co., co-operative society engaged in banking, post office) 40000 10 7.5
194A Interest (Any other person) 5000 10 7.5
194B Winning from lotteries 10000 30 30 30 30
194BB Winning from Horse race 10000 30 30 30 30
194C Contractor-Single transaction-Individual/HUF -Others 30000 1
2

0.75
1.5

194C Contractor – Consolidated Payment During the F.Y. – Individual/HUF – Others 100000 1 2 – – 0.75 1.5 – –
194D Insurance commission – Other than Company – Company 15000 5
10

3.75
10
– –
194DA Maturity of Life insurance policy 100000 5 3.75
194E Non-resident sportsmen or sports association 20 20
194EE NSS 2500 10 10 7.5 10
194F Repurchase units by MFs 20 20 15 20
194G Commission-Lottery 15000 5 5 3.75 5
194H Commission/Brokerage 15000 5 3.75
194I Rent of – Plant/Machinery /Equipment – Land and Building/Furniture & Fixture 240000 2 10 – – 1.5 7.5 – –
194IA Transfer of certain immovable property other than agriculture land 50 lakh 1 0.75
194IB Rent by Individual/HUF 50000 per month 5 3.75
194IC Payment under Joint Development Agreements to Individual/HUF 50000 per month 10 7.5
194J Professional Fees 30000 10 7.5
194J Technical Fees (w.e.f. 01.04.2020) 30000 2 1.5
194J Payment to call centre operator (w.e.f. 01.06.2017) 30000 2 1.5
194J Director’s fees 10 7.5
194K Payment of any income in respect of (a) units of a mutual fund as per section 10(23D); or (b) the units from the administrator; or (c) units from specified company (w.e.f. 01.04.2020) 5000 10 7.5
194LA Compensation on transfer of certain immovable property other than agriculture land (TDS exempted if covered under RFCTLARR Act w.e.f. 01.04.2017) 250000 10 7.5
194LB Income by way of interest from infrastructure debt fund 5 5
194LBA Income from units of business trust – interest received or receivable from a special purpose vehicle; or – dividend referred to in sub-section (7) of section 115-O 10
10
5
10
7.5
7.5
5
10
194LBA Distribution of rental income to unit holders – Other than Comapany – Company 10
10
30
40
7.5
7.5
30
40
194LBB Income in respect of units of investment fund – Other than Company – Company 10
10
30
40
7.5
7.5
30
40
194LBC Income in respect of investment in securitization fund – Individual/HUF – Company – Other Person 25
30
30
30
40
30
18.75
22.5
22.5
30
40
30
194LB Income by way of interest by an Indian specified company to a non-resident/foreign company on foreign currency approved loan / long-term infrastructure bonds from outside India 5 5
194LC Income by way of interest by an Indian specified company on rupee denominated bond / any long-term bonds from outside India, which is listed only on a recognized stock exchange located in any International Financial Services Centre 4 4
194LD Interest on certain bonds from Govt. securities 5 5
194M Certain payments by Individual/HUF 50 lakh 5 3.75
194N Payment of certain amount in cash 1 Crore 2 2 2 2
194N Payment of certain amount in cash (first proviso of section 194N)if- – Amount is more than Rs.20 lakh but up to Rs. 1 crore – Amount exceeds Rs. 1 crore (Applicable from 01.07.2020) N.A.
N.A.
N.A.
N.A.
2
5
2
5
194-O Applicable for e-commerce operator for the sale of goods or provision of services facilitated by it through its digital or electronic facility or platform (Applicable from 01.10.2020) N.A. 0.75
195 Income of Investment made by an NRI 20 20
195 Long-term capital gain – Under Section – 115E/ 112(1)(c)(iii)/112A – Any Other Gains
10
20

10
20
195 Short-term capital gain – 111A 15 15
195 Royalty 10 10
195 Fees for technical services 10 10
195 Interest income payable by Govt./Indian concern (other than section 194LB or 194LC) 20 20
195 Any Other Income – Other than Company – Company
30
40

30
40
196A Income in respect – – of units of a Mutual Fund specified under clause (23D) of section 10; or – from the specified company referred to in the Explanation to clause (35) of section 10 20 20
196B Income from units to an offshore fund 10 10
196C Income from foreign currency bonds or GDR of an Indian company 10 10
196D Income of foreign Institutional Investors from securities (not being dividend or capital gain) 20 20
TCS Rate Chart for F.Y. 2020-21 (A.Y: 2021-22)
Section Nature of payment Applicable from 01/04/2020 to 13/05/2020 TCS Rate (%) Applicable from 14/05/2020 to 31/03/2021 TCS Rate (%)
206C Scrap 1 0.75
206C Tendu leaves 5 3.75
206C Timber obtained under a forest lease or other mode 2.5 1.875
206C Any other forest produce not being a timber or tendu leaves 2.5 1.875
206C Alcoholic liquor for human consumption and Indian made foreign liquor 1 1
206C Parking lot, toll plaza, mining and quarrying (other than mining and quarrying of mineral oil, petroleum and natural gas) 2 1.5
206C Minerals, being coal or lignite or iron ore 2 0.75
206C Sale of motor vehicle of the value exceeding Rs. 10 Lacs 2 0.75
206C Remittance out of India under the Liberalized Remittance Scheme of the RBI of the value exceeding 7 Lacs in a financial year (Applicable from 01.10.2020) – TCS will be charged on excess amount over 7 lacs N.A 5
206C Sale of overseas tour programme package (Applicable from 01.10.2020) N.A 5
206C Remittance out of India for education under the Liberalized Remittance Scheme of the RBI of the value exceeding 7 Lacs in a financial year (Applicable from 01.10.2020) – TCS will be charged on excess amount over 7 lacs N.A 5
206C Sale of any goods (other than goods exported out of India or goods given in the above points) of the value exceeding 50 Lacs (Applicable from 01.10.2020) – TCS will be charged on excess amount over 50 lacs N.A 0.075
TDS rate shall be increased by applicable surcharge and Health & Education Cess. Note: In case of non-furnishing of PAN/Aadhaar by deductee, TDS will be charged at normal rate or 20% (5% in case of section 194-O), whichever is higher.

Note: In case of non-furnishing of PAN/Aadhaar by collectee, TCS will be charged at twice of the normal rate applicable or 5% {1% in case of sale of any goods (given in the last point) of the value exceeding 50 Lacs}, whichever is higher.