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