TAX MANGEMENT AND COMPLIANCE
- April 12, 2024
- Posted by: Administrator
- Categories: INCOME TAX, Tax Management and Compliance
FILING OF INCOME TAX RETURNS
| ITR Form | Applicable to | Salary | House Property | Business Income | Capital Gains | Other Sources | Exempt Income | Lottery Income | Foreign Assets/Foreign Income | Carry Forward Loss |
| ITR-1 / Sahaj | Individual, HUF (Residents) | Yes | Yes(One House Property) | No | No | Yes | Yes (Agricultural Income less than Rs 5,000) | No | No | No |
| ITR-2 | Individual, HUF | Yes | Yes | No | Yes | Yes | Yes | Yes | Yes | Yes |
| ITR-3 | Individual or HUF, partner in a Firm | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| ITR-4 | Individual, HUF, Firm | Yes | Yes(One House Property) | Presumptive Business Income | No | Yes | Yes (Agricultural Income less than Rs 5,000) | No | No | No |
| ITR-5 | Partnership Firm/ LLP | No | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| ITR-6 | Company | No | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| ITR-7 | Trust | No | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
FILING OF TDS/TCS RETURNS
Every person making specified payments mentioned under the income tax act is required to deduct TDS at the time of making such specified payments.
TDS returns are quarterly statements that contain the information pertaining to TDS deducted and deposited. It is submitted by the person deducting TDS, i.e., TDS deductor, to the income tax department.
| FORM | PARTICULARS |
| Form 24Q | The quarterly statement for tax deducted at source (TDS) from “Salaries.” |
| Form 26Q | The quarterly statement for tax deducted at source in respect of all payments except ‘salaries.’ |
| Form 27Q | Quarterly statement of deduction of tax from interest, dividend, or other sum payable to non-residents or foreign companies. |
| Form 26QB | Statement of TDS deducted against the payment made for immovable property. |
| Form 26QC | It is a challan cum statement of deduction of tax u/s 194-IB against the tax deducted on the rent of the property. |
| Form 27EQ | Quarterly statement of collection of tax at source (TCS) |
ADVANCE TAX
Salaried individuals, freelancers and businesses– If your total tax liability is Rs 10,000 or more in a financial year, you have to pay advance tax. The advance tax applies to all taxpayers, salaried individuals, freelancers, and businesses.
Senior citizens– People aged 60 years or more who do not run a business are exempt from paying advance tax. So, only senior citizens (60 years or more) having business income must pay advance tax.
Presumptive income for businesses–The taxpayers who have opted for the presumptive taxation scheme under section 44AD have to pay the whole amount of their advance tax in one instalment on or before 15 March. They also have the option to pay all of their tax dues by 31 March.
Presumptive income for professionals– Independent professionals such as doctors, lawyers, architects, etc. come under the presumptive scheme under section 44ADA. They have to pay the whole of their advance tax liability in one instalment on or before 15 March. They can also pay the entire amount by 31 March.
| Due Date | Advance Tax Payment Percentage |
| On or before 15th June | 15% of advance tax |
| On or before 15th September | 45% of advance tax (-) advance tax already paid |
| On or before 15th December | 75% of advance tax (-) advance tax already paid |
| On or before 15th March | 100% of advance tax (-) advance tax already paid |
