DIRECT TAX COMPLIANCE CALENDAR Sl No Compliance(s) required Form (if any) Due date (if any) Remarks

A. INCOME-TAX ACT, 1961 On-going Compliances Monthly Compliances-TDS 1. Salaries - Taxes to be withheld from salary payments made to employees at the applicable rates of tax 2. Payment to contractors - Taxes to be withheld on payments to a resident contractor/ sub contractor, if such payment exceeds INR 20,000 (per contract). However, taxes shall be withheld if the aggregate of such payments are likely to exceed INR 50,000 in a financial year, even if individual contracts does not exceed Rs 20,000 Rent - Taxes to be withheld on rental payments to a resident, if such payments exceed INR 120,000 in a financial year

NA

At the time of payment of salary

NA

At the time of payment or credit to the account of the payee, whichever is earlier

3.

NA

At the time of payment or credit to the account of the payee, whichever is earlier

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Sl No 4.

Compliance(s) required Fees for professional or technical services , royalty – Taxes to be withheld on payments made to a resident for professional/ technical services , on royalty payments, or fees referred in section 28(va) if such payments exceed INR 20,000 in a financial year Commission or Brokerage – Taxes to be withheld on payments made to a resident for commission or brokerage (not being insurance commission), if such payments exceed INR 2,500 in a financial year Payments to Non-residents - Tax to be withheld at the appropriate rate on any payments to a non-resident, provided such payments are taxable in India

Form (if any) NA

Due date (if any) At the time of payment or credit to the account of the payee, whichever is earlier

Remarks

5.

NA

At the time of payment or credit to the account of the payee, whichever is earlier

6.

NA

At the time of payment or credit to the account of the payee, whichever is earlier

 In connection with the payments made to nonresidents, information regarding tax withholding to be furnished in electronic form as may be prescribed by the Board.

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Sl No 7.

Compliance(s) required Taxes withheld from payments covered under points 2 to 6 above, to be deposited into Government treasury

Form (if any) ITNS 281

Due date (if any) If the amount is credited in the books of account as on March 31, within two months from March 31, ie May 31 In other cases, within one week from the last day of the month in which taxes were withheld

Remarks

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Sl No 8.

Compliance(s) required Taxes withheld on salary payments to be deposited into Government treasury

Form (if any) ITNS 281

Due date (if any) Within one week from the last day of the month in which taxes were withheld

Remarks

Quarterly and Annual Compliances-TDS

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Sl No 9.

Compliance(s) required Certificates evidencing taxes withheld from payments covered by 2 to 6 above, to be issued to the payees

Form (if any) Form 16A

Due date (if any) If the amount is credited in the books of account as on March 31 (as a yearend accrual), within one week from the end of two months from March 31, ie June 7 In other cases, within 30 days from the last day of the month in which taxes were withheld

Remarks Where more than one TDS certificate is required to be issued to a single payee, on a request from the payee, one consolidated certificate can be issued within one month from the end of the financial year in which such payments are made.

10.

Certificates evidencing taxes withheld from salary payments

Form 16

Within 30 days from the year ending on March 31, ie April 30

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Sl No 11.

Compliance(s) required Quarterly return of taxes withheld from payments to non-residents or resident but not ordinarily residents

Form (if any) Form 27Q

Due date (if any)  July 14, in respect of taxes withheld during the quarter ended June 30 October 14, in respect of taxes withheld during the quarter ended September 30 January 14, in respect taxes withheld during the quarter ended December 31 April 14, in respect of taxes withheld during the quarter ended March 31 and June 14, in respect of taxes withheld on amounts credited in the books of account as on March 31

Remarks

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Sl No 12.

Compliance(s) required Quarterly return of taxes withheld from salaries

Form (if any) Form 24Q

Due date (if any)  July 15, in respect of taxes withheld during the quarter ended June 30 October 15, in respect of taxes withheld during the quarter ended September 30 January 15, in respect of taxes withheld during the quarter ended December 31 June 15, in respect of taxes withheld during the quarter ended March 31

Remarks

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Sl No 13.

Compliance(s) required Quarterly return of taxes withheld from payments to residents such as interest, fees for contractors, fees for professional or technical services, royalty, rent, commission, etc

Form (if any) Form 26Q

Due date (if any)  July 15, in respect of taxes withheld during the quarter ended June 30 October 15, in respect of taxes withheld during the quarter ended September 30 January 15, in respect of taxes withheld during the quarter ended December 31 June 15, in respect of taxes withheld during the quarter ended March 31

Remarks

Monthly Compliances-TCS 14. Sale of scrap- tax is required to be collected from the buyer of the scrap

NA

At the time of receipt or debit to the account of the buyer, whichever is earlier

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Sl No 15.

Compliance(s) required Taxes withheld from payments covered under point 14 above, to be deposited into Government treasury

Form (if any)

Due date (if any) Within one week from the last day of the month in which taxes were collected Within one month from the last day of the month in which taxes were collected

Remarks

ITNS 281

16.

Certificates evidencing taxes collected from buyers to be issued to the payees

Form 27D

Quarterly and Annual Compliances-TCS

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Sl No 17.

Compliance(s) required Quarterly return of taxes collected from buyers on sale of scrap

Form (if any) Form 27EQ

Due date (if any)  July 15, in respect of taxes withheld during the quarter ended June 30 October 15, in respect of taxes withheld during the quarter ended September 30 January 15, in respect of taxes withheld during the quarter ended December 31 April 30, in respect of taxes withheld during the quarter ended March 31

Remarks

Quarterly and Annual Compliances –Advance Tax

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Sl No 18.

Compliance(s) required Payment of advance tax1 in respect of incometax

Form (if any) ITNS 280

Due date (if any)   June 15 - 15 percent of tax September 15 - 45 percent of tax December 15 - 75 percent of tax March 15 - 100 percent of tax

Remarks As per the Indian Income-tax Act, 1961 (‘the Act’), taxes are required to be discharged, as income is earned, by way of advance tax. The advance tax payable is determined after considering the taxes withheld from payments made to the assessee by the payer. The expression ‘fringe benefit’ has been defined to include any privilege, service, facility or amenity provided by an employer to his employees. The levy of FBT is on the employer and not on the employee. FBT is payable on the ‘value’ of fringe benefits computed in the manner prescribed in the law. No basic threshold limit (in terms of amount/ number of employees) has been prescribed.

19.

Payment of advance tax in respect of fringe benefits

ITNS 283

30 percent (plus applicable surcharge and education cess) of the value of fringe benefits in respect of each quarter shall be payable in the proportion and dates as applicable in respect of advance tax above

1

In India, every corporate assessee is required to discharge its income-tax liability in four installments if such liability exceeds INR 5,000. 11

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Sl No

Compliance(s) required Other Annual Compliances Books of accounts to be audited where gross receipts from the business exceed INR 4,000,000 (Tax audit)

Form (if any) Form 3CA alongwith Annexure in Form 3CD

Due date (if any)

Remarks

20.

September 30, following the year ending on March 31

21.

A report from a Chartered Accountant to be obtained in respect of ‘international transactions’ entered into with ‘associated enterprises’ during the financial year (Transfer Pricing certificate)

Form 3CEB

September 30, following the year ending on March 31

The due date for issue of Form 3 CA alongwith Annexure in Form 3 CD is October 31, following the year ending on March 31. However, as per the amendment proposed in the Finance bill 2008, the due date for filing of the corporate tax return is September 30, following the year ending on March 31. Form 3 CA alongwith Annexure in Form 3 CD is required to be filed along with the tax return, in the absence of which the return is considered to be invalid. Hence, practically the due date for issue of Form 3 CA alongwith Annexure in Form 3 CD would be September 30, following the year ending on March 31. Due date as proposed by the Finance bill 2008

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Sl No 22.

Compliance(s) required Prescribed documentation and information in respect of ‘international transactions’ entered into with ‘associated enterprises’, where the aggregate value of such international transactions during the financial year exceeds INR 10 million

Form (if any) NA

Due date (if any) September 30, following the year ending on March 31

Remarks Due date as proposed by the Finance bill 2008 The prescribed documentation include description of the ownership structure, profile of the multinational group of which the assessee enterprise is a part, description of the business of the assessee and the industry, and of the business of the associated enterprises with whom the assessee has transacted; the nature and terms (including prices) of international transactions, details of services provided and the quantum and the value of each such transaction or class of such transaction; a record of the economic and market analyses, forecasts, budgets or any other financial estimates for the business, a record of the actual working carried out for determining the arm’s length price, etc. The above information and documents are required to be maintained on a contemporaneous basis and should exist latest by the due date.

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Sl No 23.

Compliance(s) required Filing of annual corporate tax return with the Revenue authorities

Form (if any) ITR - 6

Due date (if any) September 30, following the year ending on March 31

Remarks Due date as proposed by the Finance bill 2008 As per the provisions of the Act, every company is required to file a return of income in India even if no tax is payable. Additionally, certification from a Chartered Accountant could be required for computation of Minimum Alternate Tax depending on the facts of the case.

24.

Filing of annual fringe benefit tax return with the Revenue authorities

As part of ITR - 6

September 30, following the year ending on March 31

Due date as proposed by the Finance bill 2008
Every employer who has paid or made provision for payment of fringe benefits to his employees is required to file a return of fringe benefit

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Sl No B. 1

Compliance(s) required WEALTH TAX ACT, 1957 Wealth Tax Return

Form (if any) Form BA

Due date (if any)

Remarks

September 30,, following the year ending on March 31

Due date as proposed by the Finance bill 2008 Net Wealth in excess of INR 1.5 million is chargeable to wealth tax at 1 percent (no surcharge and education cess). Wealth tax is payable on value of assets2 as defined by section 2 (ea) as reduced by loans taken for acquiring such assets. Wealth tax is required to be paid before filing of the wealth tax return

2

Asset is defined to include: (i) any building or land appurtenant thereto (hereinafter referred to as house), whether used for residential or commercial purposes or for the purpose of maintaining a guest house or otherwise including a farm house situated within twenty-five kilometres from local limits of any municipality (whether known as Municipality, Municipal Corporation or by any other name) or a Cantonment Board, but does not include • a house meant exclusively for residential purposes and which is allotted by a company to an employee or an officer or a director who is in whole-time employment, having a gross annual salary of less than five lakh rupees; • any house for residential or commercial purposes which forms part of stock-in-trade; • any house which the assessee may occupy for the purposes of any business or profession carried on by him; • any residential property that has been let-out for a minimum period of three hundred days in the previous year; • any property in the nature of commercial establishments or complexes; (ii) motor cars (other than those used by the assessee in the business of running them on hire or as stock-in-trade) ; (iii) jewellery, bullion, furniture, utensils or any other article made wholly or partly of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals (other than stock in trade); (iv) yachts, boats and aircrafts (other than those used by the assessee for commercial purposes) ; (iv) urban land (excluding the land on which construction of a building is not permissible or the land occupied by any building which has been constructed with the approval of the appropriate authority or any unused land held by the assessee for industrial purposes for a period of two years from the date of its acquisition by him or any land held by the assessee as stock-in-trade for a period of ten years from the date of its acquisition by him); (vi) cash in hand not recorded in the books of account.

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