1] TDS (Income Tax)

TDS stands for tax deducted at source. It means the income tax is
reduced/deducted/cut, by the payer/buyer at the time of making the payment.
Usually the person receiving the payment/income is required to pay tax but
government makes sure that the income is reduced in advance by payments made
by you.

i) Commonly used sections

Section Particulars Applicabilit Limit Rate

No. y

194 C Contractors/ Individual/ 30,000(in one 1%

subcontractors HUF payment/ for one bill)
or 1 Lakh total in a year

Other than Same 2%

I/HUF

Contractors/ NIL
subcontractors
engaged in
transportation

194 H Commission and 15,000 in a year 5%

brokerage (other than
on lottery sale and
insurance)

194 TDS on Rent Plant and 2,40,000 in a year 2%

I(a)& machinery
194 (194Ia)
I(b)

Other 2,40,000 in a year 10%

assets
(194Ib)

194 J Professionals Professiona 30,000 in a year 10%

l fees,
royalty
 other than
on films

Royalty on 30,000 in a year 2%

films,
technical
fees,

Director Any amount 10%

siting fees

ii) TDS on salary under sec 192

TDS for salary is deducted on an average rate. Firstly the employer has to calculate
the total income and tax thereon and
then divide the tax by the taxable income.
For eg. Gross salary is 7,30,000 and nonmonetary perquisites (gifts) are RS.1,20,000.
Therefore salary would be 8,50,000 less standard deduction 50,000 under section 16
net salary will be 8,00,000 tax on 8lacs is 75,400
TDS rate will be 75400/8,00,000*100= 9.425%
The employer can deduct @9.425% every month.

Tax slab rates(new)

Income Rate

0 to 3,00,000 Nil

3,00,000 to 6,00,000 5%

6,00,000 to 9,00,000 10%

9,00,000 to 12,00,000 15%

12,00,000 to 15,00,000 20%

Above 15,00,000 30%

Tax slab rates(old)

Normal scheme Employee opting 115BAC

Income slab Rate Income slab Rate

0 - 2,50,000 NIL 0 - 2,50,000 NIL
2,50,000 -
5,00,000 5% 2,50,000 - 5,00,000 5%
5,00,000 -
10,00,000 20% 5,00,000 - 7,50,000 10%
Above
10,00,000 30% 7,50,000 - 10,00,000 15%
10,00,000 - 12,50,000 20%
12,50,000 - 15,00,000 25%
Above 15,00,000 30%

iii) TDS other sections

Section Particulars Limit Rate

Early withdrawal of EPF

192A ₹ 50,000 10%
(Employee Provident Fund)

Tax deduction at source on

193 ₹ 10,000 10%
interest earned on securities

194 Distribution of dividends ₹ 5,000 10%

₹40,000 or
₹50,000 (in
Interest from banks or post
194A case of 10%
offices on deposits
senior
citizen)

Interest from sources other

194A ₹ 5,000 10%
than securities

Winnings of lotteries, puzzles, Aggregate of

194B 30%
or games ₹ 10,000

194BA Winnings from online Games No Limit 30%

194BB Winnings of horse races ₹ 10,000 30%

Commission paid on insurance

194D ₹ 15,000 Not Applicable
sales to domestic companies

Commission paid on insurance

194D sales to non-domestic ₹ 15,000 5%
companies

Maturity of life insurance

194DA ₹ 1,00,000 5%
policy
 Payment received from the
194EE National Savings Scheme (NSS) ₹ 2,500 10%
by individuals

Repurchase of units by UTI

194F (Unit Trust of India) or any No Limit 20%
mutual fund

Payments or commission made

194G ₹ 15,000 5%
on the sale of lottery tickets

194H Commission or brokerage fees ₹ 15,000 5%

Payment for the transfer of ₹50,00,000

194IA immovable property excluding (aggregate 1%
agricultural land value)

Rent payment made by an

₹ 50,000
194IB individual or HUF not covered 5%
(per month)
under section 194I

Payments made under a Joint

194IC Development Agreement (JDA) No Limit 10%
to individuals or HUF

Fees paid for professional and

194J ₹ 30,000 10%
technical services

Royalty paid for the sale,

194J distribution, or exhibition of ₹ 30,000 2%
cinematographic films

Income received from units of

194K a mutual fund, such as ₹ 5,000 10%
dividends

Compensation payment for

194LA acquiring certain immovable ₹ 2,50,000 10%
property

Interest payment on
Not
194LB infrastructure bonds to Non- 5%
Applicable
Resident Indians

Distribution of certain income

Not
194LBA(1) by a business trust to its unit 10%
Applicable
holders

194LD Interest payment on rupee- Not 5%

denominated bonds, municipal Applicable
debt security, and government
 securities

Payments made for contracts,

₹50,00,000
brokerage, commission, or
194M (aggregate 5%
professional fees (excluding
value)
sections 194C, 194H, 194J)

Cash withdrawal exceeding a ₹,100,00,000

194N specified amount from the (aggregate 2%
bank, with filed ITR value)

₹20,00,000
Cash withdrawal from a bank
194N (aggregate 2%
without filing ITR
value)

Amount received for the sale

₹5,00,000
of products/services by e-
194O (aggregate 1%
commerce service providers
value)
through digital platforms

₹50,00,000
Payments made for the
194Q (aggregate 0.10%
purchase of goods
value)

TDS on the payment of

Not
194S cryptocurrencies or other 1%
Applicable
virtual assets

At a higher
rate than:

The rate
TDS applicable in case of non- Not specified by
206AA the act
availability of PAN Applicable
20%

The currently
applicable rate

The higher of:

5% Twice the
rate
TDS on non-filers of Income Not
206AB mentioned in
Tax Return Applicable
the provision
The currently
applicable rate
iv) TDS statement and certificate due date
Statement (filed by deductor )

(Form 24Q for TDS on salary/26Q for TDS on payments other than salary)

Quarter Due date for statement

filing

Q1) 1st April - 30th June 31st July

Q2) 1st July - 30th Sept 31st Oct

Q3) 1st Oct - 31st Dec 31st Jan

Q4) 31st March 31st May

V) Deposit of TDS to government

- If TDS deducted in March deposit till 30th of April
- Other cases deposit TDS within 7 days of next month ( TDS deducted for
April deposit till 7th May)

VI) TCS
Tax Collected at Source (TCS) is a tax payable by a seller which he collects from
the buyer at the time of sale of goods.

Seller for TCS:

1. Central Government
2. State Government
3. Statutory Corporation or Authority
4. Local Authority
5. Company
6. Co-operative Society
7. Partnership Firms
8. Any Individual or Hindu Undivided Family (HUF) defined under the Section 44AB,
who has gross receipts or total sales that exceed 50,00,000 or 1,00,00,000 in the
previous year.

Buyer for TCS:

1. Public Sector Entities
2. Central Government
3. State Government
4. Consulates and any other Trade Representations of a Foreign Nation
5. High Commission Embassies
6. Clubs such as social clubs or sports clubs
TCS rates

Type of Goods Rate (in %)

Liquors of alcoholic nature including 1

IMFL (Indian Made Foreign Liquor) that
are deemed for human consumption
Timber wood obtained from a leased 2.5
forest area
Tendu Leaves 5
Timber wood obtained from any mode 2.5
other than leased
Forest produces (other than timber 2.5
and Tendu leaves
Scrap 1
Parking lot tickets, Toll Plaza, Mining 2
and Quarrying

Sale of motor vehicle where amount of 1

vehicle exceeds 10,00,000

2] Income Tax Return due dates

Cases Due date for filing return

Companies with transfer pricing report 30th November

Audit cases 31st October

Other cases 31st July

3] Other due dates

Sr Compliance Description Reporting Due date
No type period
.

1 Advance Tax Payment up to 15% of Quarterly 15.06.2024

Payment Advance Tax

2 Advance Tax Payment up to 45% of Quarterly 15.09.2024

Payment Advance Tax

3 Advance Tax Payment up to 75% Of Quarterly 15.12.2024

Payment Advance Tax

4 Advance Tax Payment up to 100% of Quarterly 15.03.2025

Payment Advance Tax

5 Tax Audit Filing of Tax Audit Report Financial Year 30.09.2024

filing 2023-24

6 Transfer Income Tax Audit Financial Year 31.10.2024

pricing Audit 2023-24
and Tax audit

7 Statutory Audit under Companies Financial Year 31.10.2024

Audit Act. 2023-24
Applicability:
-Compulsory Audit for all
companies

-For LLP Audit will be

applicable if the turnover
exceeds 40lakhs or
contribution exceeds
25lakhs

8 Bank To be sent every Friday Financial Year

statement 2023-24

9 Profession Financial Year by last date

Tax - 2023-24 of every
Employer month
4] Remuneration and interest to partner

Particulars Amount
Upto1st 3,00,000 of profit or loss 90% of book profit or 1,50,000
whichever is higher
Balance book profit 60% of book profit

Computation of book profit

Net profit (before salary to partner, depreciation, interest on partner’s capital)

Less: Depreciation as per Income Tax Act

Less: Interest (maximum 12%)

= Book profit

Maximum interest allowed on partner’s capital is 12%

5] Reverse Charge Mechanism (GST)

Generally, the supplier of goods or services is liable to pay GST. However, in

specified cases like imports and other notified supplies, the liability may be cast on
the recipient under the reverse charge mechanism. Reverse Charge means the
liability to pay tax is on the recipient of supply of goods or services instead of the
supplier of such goods or services in respect of notified categories of supply.

Reverse Charge on Goods under Section 9 (3)

Sr Description of Goods Supplier of Goods Recipient of

No Supply

1 Cashew Nuts, not shelled Agriculturist Any Registered

or peeled Person

2 Bidi Wrapper Leaves Agriculturist Any Registered

(Tendu) Person

3 Tobacco Leaves Agriculturist Any Registered

Person

4 Silk Yarn Any person who Any Registered

manufactures Person
Silk Yarn from
Silk Cocoons for
Supply of Silk
Yarn

5 Supply of Lottery State Govt., Local Lottery

 Authority Distributer or
Selling Agent

6] Reverse Charge on Services under Section 9 (3)

Sr. Description of Services Supplier of Recipient of Services

Services
No.

1 Services provided or Goods a) Any person registered

agreed to be provided by a Transport under
goods transport agency Agency (GTA) CGST/SGST/UTGST/ IGST
(GTA) in respect of Act;
transportation of goods by
b) Anybody corporate
road
established, by or under
any law; or

c) Any partnership firm

whether registered or not
under any law including
association of persons.

d) Casual taxable person

e) Co-operative Society
under any Law

f) Any factory registered

under or governed by the
Factories Act,1948

2 Services provided or agreed An individual Any Business Entity located

to be provided by an Advocate or in Taxable Territory
individual advocate or firm Firm of
of advocates by way of Advocates
legal services, directly or
indirectly

3 Services provided or An Arbitrate Any Business Entity located

agreed to be provided by Tribunal in Taxable Territory.
an arbitral tribunal

4 Sponsorship Services Any Person Any Body Corporate or

Partnership Firm located in
Taxable Territory

5 Services supplied by the Central Any business entity located

Central Government, State Government, in the taxable territory.
Government, Union
 territory or local authority State
to a business entity
excluding, – Government,
Union
territory or
local
authority

(1) rentingof immovable

property, and

(2) services specified

below- (i)services by the
Department of Posts by
way of speed post,
express parcel post, life
insurance, and agency
services provided to a
person other than
Central Government,
State Government or
Union territory or local
authority;

5A Services supplied by the Central Any Person registered under

Central Government, State Government, Central Goods and Service
Government, Union Tax Act 2017.
territory or local authority State
by way of renting of
immovable property to a Government,
person registered under the Union
Central Goods and Services territory or
Tax Act, 2017 (12 of 2017). local
authority
** Added with effect from
25.01.2018

5B Supply of Services by Any Any Person Promoter / Builder /

Person by way of “Transfer Developer
of Development Rights
(T.D.R.) or Floor Space
Index (F.S.I.)” for
construction of Residential
Property

5C Supply of Services by way Any Person Promoter / Builder /

of “LONG TERM LEASE OF Developer
LAND (30 YEARS OR
MORE)”, by any
person against
consideration in form of
Upfront Premium or
 Periodic Rent.

6 Services supplied by a A director of A company or a body

director of a company or a a company corporate located in the
body corporate to the said or a body taxable territory
company or the body corporate
corporate.

7 Services provided or agreed An insurance Any person carrying

to be provided by an agent on insurance
insurance agent to any business.
person carrying on
insurance business

8 Services provided or A Recovery A banking company or a

agreed to be provided by a Agent financial institution or a
recovery agent to a banking nonbanking financial
company or a financial company.
institution or a non-
banking financial company

9 Supply of services by an Author or Publisher, music company,

author, music composer, music producer or the like, located
photographer, artist or composer, in the taxable territory
the like by way of photograph
transfer or permitting the her, artist, or
use or enjoyment of a the like
copyright covered under
section 13(1)
(a) of the Copyright Act,
1957 relating to original
literary, dramatic, musical
or artistic works to a
publisher, music company,
producer or the like

10 Supply of services by the Members of Reserve Bank of India

members of Overseeing Overseeing
Committee to Reserve Bank Committee
of India constituted
by the
Reserve Bank
of India

11 Services supplied by Individual A banking company or a

individual Direct Selling Direct Selling non- banking financial
 Agents ( DSAs) other than a Agents (DSAs) company, located in the
body corporate partnership other than a taxable territory
or limited liability body
partnership firm to corporate,
bank or non-banking partnership or
financial company ( NBFCs) limited
Effective from 27.7.2018) liability
partnership
firm.

12 Services provided by Business A banking company, located

business facilitator (BF) to a facilitator(BF) in the taxable territory.
banking company

13 Services provided by an An agent of A business correspondent,

agent of Business business located in the taxable
correspondent (BC) to correspondent territory.
business correspondent (BC).
(BC).

14 Security Services (services Any person A registered person, Located

provided by way of supply other than a in the “taxable territory.”
of security personnel) body
provided to a registered corporate.
person:
7] Blocked credit section 17(5) (GST)

Section 17(5) of CGST Act refers to a specific provision under GST covering
blocked credits or ineligible ITC. The taxpayer cannot claim ITC while paying
output tax when they make purchases listed in this provision.

Here is the list of ineligible item under sec17(5):-

Clause Explanation
Clauses (a), (aa), and (ab) – Purchase of Conveyance and Transportation
Clause (a) of Section 17(5)-
ITC cannot be claimed on the purchase
(a) Motor vehicles for of motor vehicles with a seating
transportation of persons having capacity of over 13 people.
approved seating capacity of not
more than thirteen persons Exceptions
(including the driver), except when1. For the purchase of vehicles for retail at
they are used for making the
automobile retail houses and
following taxable supplies, namely:-
manufacturing establishments.
(A) further supply of such motor
vehicles; or 2. Purchase vehicles for passengers’
transportation, as in the case of cabs,
(B) transportation of passengers; or
bus rentals, or lease services.
(C) imparting training on driving
such motor vehicles; 3. Purchase a vehicle for training on
driving such motor vehicles, as in the
case of driving schools.

(aa) Vessels and aircraft except Sub Clause (aa) of Section 17(5)
when they are used- mentions that ITC cannot be claimed for
the purchase of vessels and aircraft,
(i) for making the following taxable
except in the following cases,
supplies, namely:-
1. For the purchase of vessels and aircraft
(A) further supply of such vessels or
aircraft; or for retail at automobile retail houses
and manufacturing establishments.
 2. Purchase of vessels and aircraft for the
(B) transportation of passengers; or
transportation of passengers, as in the
(C) imparting training on navigating case of cabs, bus rentals, or lease
such vessels; or
services.
(D) imparting training on flying such
aircraft; 3. Purchase of vessels and aircraft for
training on driving such motor vehicles,
(ii) for transportation of goods;
as in the case of driving schools.

(ab) services of general insurance,

servicing, repair and maintenance in
so far as they relate to motor ITC cannot be claimed on the GST paid
vehicles, vessels or aircraft referred concerning any related service such as
to in clause (a) or clause (aa): insurance, servicing, or repair and
maintenance of motor vehicles, vessels,
Provided that the input tax credit in or aircraft, as defined in clauses (a) and
respect of such services shall be (aa).
available-
Expectations, as subject to clause (ab)
(i) where the motor vehicles, vessels of Section 17(5) are listed below,
or aircraft referred to in clause (a) or
clause (aa) are used for the 1. In case the motor vehicles, vessels, or
purposes specified therein; aircraft are used for a purpose as
(ii) where received by a taxable referred to in clauses (a) or (aa).
person engaged-
2. For the manufacturing of the
(I) in the manufacture of such motor conveyances listed above, and the
vehicles, vessels or aircraft; or supply of general insurance services for
(II) in the supply of general such conveyances by an insurance
insurance services in respect of such company.
motor vehicles, vessels or aircraft
insured by him;]
Clause (b) – Purchase of Food, Catering, Vehicle Renting, Club, & Travel
(b) the following supply of goods or (i) ITC cannot be claimed on the GST
services or both- paid for,
(i) food and beverages, outdoor
catering, beauty treatment, health
 1. Purchase of food and beverages.

2. Expenses incurred on outdoor catering.

services, cosmetic and plastic
surgery, leasing, renting or hiring of3. Expenses paid for beauty treatments,
motor vehicles, vessels or aircraft cosmetics, and plastic surgery.
referred to in clause (a) or clause
(aa) except when used for the4. Spending on health care services.
purposes specified therein, life
insurance and health insurance: 5. Renting, leasing, or hiring conveyances
mentioned in clauses (a) and (aa),
Provided that the input tax credit in
subject to exceptions mentioned
respect of such goods or services or
both shall be available where an therein.
inward supply of such goods or
6. Purchase of life insurance and health
services or both is used by a
registered person for making an insurance.
outward taxable supply of the same
category of goods or services or
both or as an element of a taxable Note: ITC is available when the inward
composite or mixed supply; supply of goods and/or services is used
by the taxpayer for making an outward
(ii) membership of a club, health
taxable supply.
and fitness centre; and
(ii) ITC is not available for club
(iii) travel benefits extended to
memberships, and expenses
employees on vacation such as
incurred on health and fitness
leave or home travel concession:
centres.
Provided that the input tax credit in
(iii) ITC cannot be claimed for travel
respect of such goods or services or
benefits provided to an employee for
both shall be available, where it is
vacations.
obligatory for an employer to
provide the same to its employees
under any law for the time being in
force. Note: ITC is available in respect of
goods and/or services where the
employer must provide the same to the
employee as per legal guidelines.
Clauses (c) and (d) – Expenses on Building Construction
(c) works contract services when As defined under Section 17(5) of the
 CGST Act, ITC is not available for the
supplied for construction of an
expenses incurred on work contract
immovable property (other than
services for the construction of an
plant and machinery) except where
immovable property, except in the case
it is an input service for further
of input services for the further supply
supply of works contract service;
of work contract services.
(d) goods or services or both
received by a taxable person for
construction of an immovable Section 17(5) of the CGST Act defines
property (other than plant or that ITC is not available for the purchase
machinery) on his own account of goods and/or services for the
including when such goods or construction of immovable property,
services or both are used in the including the purchase of goods and/or
course or furtherance of business. services in the business.

Explanation.-For the purposes of

clauses (c) and (d), the expression Note: The term “construction” is
"construction" includes re- inclusive of re-construction, renovation,
construction, renovation, additions additions, alterations, or repairs to the
or alterations or repairs, to the extent of capitalization.
extent of capitalization, to the said
immovable property;
Clauses (e) and (f) – Expense Composition and Non-resident
Under Section 17(5), ITC cannot be
claimed for the payment of tax under
Section 10 of the GST Act, 2017.
(e) goods or services or both on Note: Under the composition scheme,
which tax has been paid under Section 10 of the GST Act, the tax
section 10; cannot be charged by the supplier from
the recipient, and accordingly question
of ITC availed by the recipient does not
arise.
(f) goods or services or both Section 17(5) also states that ITC cannot
received by a non-resident taxable be claimed for the purchase of goods
person except on goods imported and/or services by non-residents,
by him; except for the goods and/or services
 exported by them.
Clause (g) – Expenses for Personal use
ITC is available only for the supplies
(g) goods or services or both used
taken for business purposes and not for
for personal consumption;
the supplies taken for personal use.
Clause (h) – Free sample & lost
Clause (h) of Section 17(5) mentions
(h) goods lost, stolen, destroyed, that ITC is blocked for the goods that
written off or disposed of by way of have been lost, stolen, destroyed,
gift or free samples; and written off, or disposed of. This includes
gifts and free samples.
Clause (i) – Fraudulent ITC claims
Lastly, as per the provisions of Section
17(5), ITC cannot be claimed in case of
(i) Any tax paid in accordance with earlier non-payment of taxes, excess
the provisions of sections 74, 129 refund, excess ITC availed willfully,
and 130. misstatement of suppression of facts,
and so on, as stated in Sections 74, 129,
and 130.
8] GST compliance calendar

S. Compliance
Statue Purpose Due Date Compliance Details
No. Period

Details of outward supplies of goods

and/or services by taxpayers having
GSTR-1 11Jan 24 turnover more than Rs5 crores or
1 GST Dec-23
(Monthly) taxpayers having a turnover less
than Rs5 crores but not opted for
QRMP scheme.

Details of outward supplies of goods

GSTR-1 and/or services by taxpayers having
2 GST Oct 23-Dec 23 13 Jan 24
(Quaterly) turnover less than Rs5 crores and
opted for QRMP scheme.

Summary return of outward and

inward supplies of goods and/or
GSTR - 3B
services for taxpayers having
3 GST (Monthly) Dec-23 20 Jan 24 turnover more than Rs5 crores or
taxpayers having turnover less than
Rs5 crores but not opted for the
QRMP scheme.

Summary return of outward and

inward supplies of goods and/or
GSTR - 3B services for taxpayers having
4 GST Oct 23-Dec 23 22 Jan 24
(Quaterly) turnover less than Rs5 crores and
opted for QRMP scheme of ‘A’
Category states or Union Territories

5 GST GSTR - 3B Oct 23-Dec 23 24 Jan 24 Summary return of outward and

 inward supplies of goods and/or
services for taxpayers having
turnover less than Rs5 crores and
(Quaterly) opted for QRMP scheme of ‘B’
Category states or Union Territories.

It is an annual return to be filed once

for each financial year, by the
registered taxpayers, It furnish
GSTR-9 April 22- 31 Dec 23 details of purchases, sales, input tax
6 GST
(Annual) March23 credit or refund claimed. Every
registered taxpayer whose turnover
exceeds Rs.2 crore during a financial
year is required to file this GSTR-9.

Itis a reconciliation statement for

reconciling values between the
annual GSTR-9 of a financial year
GSTR-9C April 22- 31 Dec 23 and the audited financial statements
7 GST of the taxpayer. Every registered
(Annual) March23 taxpayer whose turnover exceeds
Rs.5 crore during a financial year is
required to file this reconciliation
statement.