DIRECT TAX COMPLIANCE CALENDAR

Sl No Compliance(s) required Form Due date (if any) Remarks

(if any)
A. INCOME-TAX ACT, 1961
On-going Compliances
Monthly Compliances-TDS
1. Salaries - Taxes to be withheld from salary NA At the time of payment of
payments made to employees at the applicable salary
rates of tax

2. Payment to contractors - Taxes to be withheld NA At the time of payment or

on payments to a resident contractor/ sub credit to the account of
contractor, if such payment exceeds the payee, whichever is
INR 20,000 (per contract). However, taxes earlier
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

3. Rent - Taxes to be withheld on rental payments NA At the time of payment or

to a resident, if such payments exceed credit to the account of
INR 120,000 in a financial year the payee, whichever is
earlier

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 Sl No Compliance(s) required Form Due date (if any) Remarks
(if any)
4. Fees for professional or technical services , NA At the time of payment or
royalty – Taxes to be withheld on payments credit to the account of
made to a resident for professional/ technical the payee, whichever is
services , on royalty payments, or fees referred earlier
in section 28(va) if such payments exceed INR
20,000 in a financial year
5. Commission or Brokerage – Taxes to be NA At the time of payment or
withheld on payments made to a resident for credit to the account of
commission or brokerage (not being insurance the payee, whichever is
commission), if such payments exceed INR earlier
2,500 in a financial year

6. Payments to Non-residents - Tax to be withheld NA At the time of payment or  In connection with the payments made to non-
at the appropriate rate on any payments to a credit to the account of residents, information regarding tax withholding
non-resident, provided such payments are the payee, whichever is to be furnished in electronic form as may be
taxable in India earlier prescribed by the Board.

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 Sl No Compliance(s) required Form Due date (if any) Remarks
(if any)
7. Taxes withheld from payments covered under ITNS 281 If the amount is credited
points 2 to 6 above, to be deposited into in the books of account as
Government treasury 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

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 Sl No Compliance(s) required Form Due date (if any) Remarks
(if any)
8. Taxes withheld on salary payments to be ITNS 281 Within one week from the
deposited into Government treasury last day of the month in
which taxes were
withheld

Quarterly and Annual Compliances-TDS

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 Sl No Compliance(s) required Form Due date (if any)
(if any)
9. Certificates evidencing taxes withheld from Form 16A If the amount is credited
payments covered by 2 to 6 above, to be issued in the books of account as
to the payees on March 31 (as a year-
end accrual), within one
week from the end of two
months from March 31, ie
June 7
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.

In other cases, within 30

days from the last day of
the month in which taxes
were withheld

10. Certificates evidencing taxes withheld from Form 16 Within 30 days from the
salary payments year ending on March 31,
ie April 30

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 Sl No Compliance(s) required Form Due date (if any) Remarks
(if any)
11. Quarterly return of taxes withheld from Form 27Q  July 14, in respect of
payments to non-residents or resident but not taxes withheld during
ordinarily residents 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

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 Sl No Compliance(s) required Form Due date (if any) Remarks
(if any)
12. Quarterly return of taxes withheld from salaries Form 24Q  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

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 Sl No Compliance(s) required Form Due date (if any) Remarks
(if any)
13. Quarterly return of taxes withheld from Form 26Q  July 15, in respect of
payments to residents such as interest, fees for taxes withheld during
contractors, fees for professional or technical the quarter ended
services, royalty, rent, commission, etc 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

Monthly Compliances-TCS
14. Sale of scrap- tax is required to be collected NA At the time of receipt or
from the buyer of the scrap debit to the account of the
buyer, whichever is
earlier

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 Sl No Compliance(s) required Form Due date (if any) Remarks
(if any)
15. Taxes withheld from payments covered under ITNS 281 Within one week from the
point 14 above, to be deposited into last day of the month in
Government treasury which taxes were
collected

16. Certificates evidencing taxes collected from Form 27D Within one month from
buyers to be issued to the payees the last day of the month
in which taxes were
collected

Quarterly and Annual Compliances-TCS

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 Sl No Compliance(s) required Form Due date (if any) Remarks
(if any)
17. Quarterly return of taxes collected from buyers Form 27EQ  July 15, in respect of
on sale of scrap 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

Quarterly and Annual Compliances –Advance Tax

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 Sl No Compliance(s) required Form Due date (if any) Remarks
(if any)
18. Payment of advance tax1 in respect of income- ITNS 280  June 15 - 15 percent As per the Indian Income-tax Act, 1961
tax of tax (‘the Act’), taxes are required to be
 September 15 - 45 discharged, as income is earned, by way
percent of tax of advance tax.
December 15 - 75
percent of tax The advance tax payable is determined
 March 15 - 100 after considering the taxes withheld
percent of tax from payments made to the assessee by
the payer.

19. Payment of advance tax in respect of fringe ITNS 283  30 percent (plus The expression ‘fringe benefit’ has been defined to
benefits applicable surcharge include any privilege, service, facility or amenity
and education cess) provided by an employer to his employees.
of the value of fringe
benefits in respect of The levy of FBT is on the employer and not on the
each quarter shall be employee.
payable in the
proportion and dates FBT is payable on the ‘value’ of fringe benefits
as applicable in computed in the manner prescribed in the law. No basic
respect of advance threshold limit (in terms of amount/ number of
tax above employees) has been prescribed.

1
In India, every corporate assessee is required to discharge its income-tax liability in four installments if such liability exceeds INR 5,000.

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 Sl No Compliance(s) required Form Due date (if any) Remarks
(if any)
Other Annual Compliances
20. Books of accounts to be audited where gross Form 3CA September 30, following The due date for issue of Form 3 CA
receipts from the business exceed INR alongwith the year ending on March alongwith Annexure in Form 3 CD is
4,000,000 (Tax audit) Annexure in 31 October 31, following the year ending
Form 3CD 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.
21. A report from a Chartered Accountant to be Form 3CEB September 30, following Due date as proposed by the Finance bill
obtained in respect of ‘international the year ending on March 2008
transactions’ entered into with ‘associated 31
enterprises’ during the financial year (Transfer
Pricing certificate)

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 Sl No Compliance(s) required
22. 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 Due date (if any) Remarks
(if any)
NA September 30, following Due date as proposed by the Finance bill
the year ending on March 2008
31
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 Compliance(s) required Form Due date (if any) Remarks
(if any)
23. Filing of annual corporate tax return with the ITR - 6 September 30, following Due date as proposed by the Finance bill
Revenue authorities the year ending on March 2008
31
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 As part of September 30, following Due date as proposed by the Finance bill 2008
the Revenue authorities ITR - 6 the year ending on March
31 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 Compliance(s) required Form Due date (if any) Remarks
(if any)
B. WEALTH TAX ACT, 1957
1 Wealth Tax Return Form BA September 30,, following Due date as proposed by the Finance bill 2008
the year ending on March
31 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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