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TAX AUDIT RETURN

CA Janani (ACA ACS DISA(ICAI)) (359 Points)

23 September 2008

FRIENDS,

KINDLY LET ME KNOW WHETHER AN INDIVIDUAL WHO IS LIABLE FOR TAX AUDIT U/S 44AB IS REQUIRED TO FILE HIS RETURN IN MANUAL FORM OR IS IT MANDATORY FOR HIM TO FILE IT IN E-FILING

PLS REPLY ME AS SOON AS POSSIBLE.

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CA Janani (ACA ACS DISA(ICAI)) (359 Points)
Replied 23 September 2008

Originally posted by :janani
"	FRIENDS, KINDLY LET ME KNOW WHETHER AN INDIVIDUAL WHO IS LIABLE FOR TAX AUDIT U/S 44AB IS REQUIRED TO FILE HIS RETURN IN MANUAL FORM OR IS IT MANDATORY FOR HIM TO FILE IT IN E-FILING PLS REPLY ME AS SOON AS POSSIBLE.	"

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CA. VIKAS KODESIA (PROP.) (42 Points)
Replied 23 September 2008

Originally posted by :janani
"	Originally posted by :janani " FRIENDS, KINDLY LET ME KNOW WHETHER AN INDIVIDUAL WHO IS LIABLE FOR TAX AUDIT U/S 44AB IS REQUIRED TO FILE HIS RETURN IN MANUAL FORM OR IS IT MANDATORY FOR HIM TO FILE IT IN E-FILING PLS REPLY ME AS SOON AS POSSIBLE. " THERE IS NO NEED FOR INDIVIDUAL TO FILE THE RETURN ELECTRONICALLY IN CASE OF AUDIT. YOU CAN FILE THE RETURN MANNUALLY.	"

senthil kumar (Accounts Manager) (20 Points)
Replied 23 September 2008

Pls send me TDS Chart in Excel Format. senthilgclindia @ yahoo.co.in

PANCHAL VISHAL.G (SERVICE) (31 Points)
Replied 23 September 2008

PLEASE SEND TDS CHART FOR ACCTG YEAR 2008-2009

PANCHAL VISHAL.G (SERVICE) (31 Points)
Replied 23 September 2008

Originally posted by :Guest
"	Pls send me TDS Chart in Excel Format. senthilgclindia @ yahoo.co.in	"

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Radhika (Articleship) (110 Points)
Replied 23 September 2008

TDS CHART

Section

Applicable Rules

Nature of Payment

Exemption &
Limit

Rate of
Deduction for
F. Y.2008-2009*

Procedure for Nil/Lower Deduction

Return Statement
Form No./
Due Date

TDS Certificate Form No./Due Date

* The rates of deduction in this chart are exclusive of surcharge, education cess and secondary and higher education cess. Rates to be increased by such surcharge & cess as per the status of the payee. Refer note 1 below. For due date of deduction and payment of TDS, refer note 2.

192

21A, 21AA,26A, 26B,28, 28AA, 30, 31, 31A 31AB, 33

Salary to any person

a) Rs. 2,25,000 for senior citizen, Rs. 1,80,000/- for woman assessee and Rs.1,50,000 for others after considering deduction u/ss. 16, 80C, 80CCC, 80D, 80DD, 80DDB, 80GG, 80E and 80U and loss under the head 'Income from House Property'

As applicable to individual Refer Part III of 1st Schedule of Finance Act, 2008

Employee to apply to the A.O. in Form 13.

Quarterly statement in Form No. 24Q/15th July, 15th Oct.,15th Jan., 15th June (for last quarter ended 31st March)

F. 16 and 12BA/F.16AA Within 1 month from the close of financial year.

b) The employer has an option not to deduct tax on non
monetary perquisites
provided to employee and
instead, pay it himself.

193 Refer Note 5

28, 28AA, 29C, 30,31, 31A, 31AB

Interest on Securities to any resident

a) Rs. 2,500 for interest on debentures paid by a widely held company (to a resident individual).

b) Interest on any State or Central Govt. Security

c) No tax is to be deducted on interest payable

• To the Government,
• To the RBI,
• To LIC, GIC or any other insurer
• To a corporation established by or under a Central Act which is exempt from Income Tax by virtue of any law
• To a mutual fund specified u/s. 10(23D)
• On any securities
issued by a company
in a dematerialized form listed on recognized stock exchange in India
(w.e.f. 1.06.2008)

d) Rs. 10,000 for 8% savings (taxable) Bonds, 2003

Cos.

20%

Firms

10%

Co-op.. Soc.

10%

Individual
/HUF/ AOP/BOI

10%

1. Senior Citizen can furnish declaration in duplicate in Form 15H if the tax on the estimated income of Rs. Nil. Refer Note 4.

2. A person other than a company or a firm can furnish declaration in duplicate in Form 15G where the aggregate income does exceed the maximum amount not liable to tax Refer Note 4

3. Payee can apply to the A.O. in Form 13.

Quarterly statement in Form No. 26Q/15th July, 15th Oct., 15th Jan. 15th June (for last quarter ended 31st March)

F. 16A
1. If income is credited on the date on which accounts are made by the payer within 1 week after expiry of 2 months from the month in which income is credited

2. Any other case – within 1 month from end of month of deduction

3. Where more than one certificate is to be furnished, at the option of the payee, a consoli-dated certificate within 1 month from the close of the financial year.

194A

28, 28AA, 29C, 30, 31, 31A, 31AB

Interest (other than Interest on Securities) to resident

a) Rs. 10,000 (Rs. 5,000 up to 31-5-2007) where payer is a banking Co. or Co-operative Society engaged in Banking Business, or in case of Deposits with PO under a scheme notified by Central Govt. Rs. 5,000 in any other
case (in case of Bank Interest
and deposits with Housing finance companies. Limit
will apply qua each branch)

b) Individual & HUF – not required to deduct tax.
(subject to Note 6)

c) W.e.f. 1-6-2007, Rs. 10,000 for interest on deposit under Senior Citizens Savings Scheme, 2004

d) No deduction required on following payments:

i) Firm to partner
ii) On deposits with bank made before 1-7-1995
iii) Co-op. Soc. to member or other Co-op. Soc.
iv) Payment to UTI, LIC or any other Insurance company
v) Payment to financial corporation established
under any Central,
State or Provincial Act.
vi) Central Govt. to
assessees on excess
tax paid

Same as sec. 193

Same as sec. 193

Same as sec. 193

Same as sec. 193

194B

30, 31, 31A, 31AB

Winnings from lottery & crossword puzzles including card game or other game of any sort to any person (including winning in kind)

Rs. 5,000

Dom.Cos., Firms

30%

Non-Dom.Cos.

40%

Co-op. Soc.

30%

Individual/HUF/ AOP/BOI

30%

Not permissible

Quarterly statement in Form No. 26Q/ 15th July, 15th Oct., 15th Jan., 15th June (for last quarter ended 31st March)

F. 16A
1) Within one month from end of the month during which credit has been given or sum has been paid

2) Where more than one
certificate is to be furnished, at the option of the
payee, a consolidated
certificate within 1 month
from the close of the financial year

194BB

30, 31, 31A, 31AB

Winnings from horse races to any person

Rs. 2,500

As per S. 194B above

Not permissible

Quarterly statement in
Form No. 26Q/
15th July, 15th
Oct., 15th Jan.,
15th June
(for last quarter
ended 31st March)

F. 16A
As per S. 194B above

194C(1) Refer Note 5

28, 28AA 30, 31, 31A, 31AB

Payment to Resident Contractors by

1. Central or State Govt. or
2. Local Authority or
3. Corporation or
4. Company or
5. Co-op. Society or
6. Any authority for housing accommodation etc. or
7. Any society or
8. Trust or
9. University or
10. Firm
11. Any individual or HUF
(See Note 6)
12. AOP
(w.e.f. 1.06.08)
13. BOI
(w.e.f. 1.06.08)

(i) Rs. 20,000 per credit/payment and

(ii) Rs. 50,000 per Financial Year

1) Advertising Contracts

Cos., Firms

1%

Co-op. Soc.

1%

Individuals/ HUFs/AOP/ BOI

1%

2) Other Contracts

Cos., Firms

2%

Co-op. Soc.

2%

Individuals/ HUFs/AOP/ BOI

2%

Payee to apply in F.13 to the A.O. to obtain certificate

Quarterly statement in Form No. 26Q/15th July, 15th Oct., 15th Jan.,15th June (for last quarter ended 31st March)

F. 16A As per S. 193 above.

194C(2) Refer Note 5

28, 28AA 30, 31, 31A 31AB

Payment to resident sub-contractors (by above contractors)

As per S. 194C(1)

Cos., Firms

1%

Co-op. Soc.

1%

Individuals/ HUFs/AOP/ BOI

1%

Payee to apply in F. 13 to the A.O. to obtain certificate

As per S.194C(1)

As per S. 193 above

194D

28, 28AA,30, 31, 31A,31AB

Insurance commission to Resident

Rs. 5,000

Companies

20%

Firms

10%

Co-op.Soc.

10%

Individual/ HUF/AOP/ BOI

10%

Payee to apply in F.13 to the A.O. to obtain certificate

Quarterly statement in Form No. 26Q/15th July, from the close of the – 15th Oct., 15th Jan., 15th June (See note 7)

F. 16A
As per (1) or (3) of S.193 above or within 1 month financial year

194E

26, 30, 31,31A, 31AB,37A

Payments to Non - resident sportsmen/ sports association

Not applicable

Firm

10%

Co-op.Soc.

10%

Individual/ HUF/AOP/ BOI

10%

Not permissible

Quarterly
statement in Form No. 27Q/ 14th July,14th Oct., 14th Jan.,14th April
(See Notes 3 & 7)

F. 16A
As per S. 193 above

194EE

29C, 30, 31, 31A, 31AB

Payments of deposits under NSS to any person

Payments to heirs exempt. In any other case less than Rs. 2,500

Firm

20%

Co-op.Soc.

20%

Individual/ HUF/AOP/ BOI

20%

If F.15G/F.15H is furnished by a resident individual

Quarterly statement in Form No. 26Q/ 15th July,15th Oct., 15th
Jan., 15th June
(See note 7)

F. 16A
As per S. 194B above

194G

28, 28AA, 30, 31, 31A, 31AB

Commission/ Remuneration on sale of lottery tickets to any person

Rs. 1,000

Cos. Firms,

10%

Co-op.Soc.

10%

Individual/ HUF/AOP/ BOI

10%

Payee to apply in F.13 to the A.O. to obtain certificate

Quarterly statement in
Form No. 26Q/
15th July,
15th Oct., 15th
Jan., 15th June
(See note 7)

F. 16A
As per S. 193 above

194H Refer Note 5

28, 28AA, 30, 31, 31A,31AB

Commission or Brokerage to a resident

a) Individual & HUF – not required to deduct tax
(Subject to Note 6)

b) Rs. 2,500 p.a.

c) No deduction for
commission or brokerage payable to BSNL & MTNL
to their PCO franchises

Cos. Firms,

10%

Co-op.Soc.

10%

Individual/ HUF/AOP/ BOI

10%

Payee to apply in F.13 to the A.O. to obtain certificate

Quarterly statement in
Form No. 26Q/
15th July,
15th Oct., 15th
Jan., 15th June
(See note 7)

F. 16A
As per S. 193 above

194-I

28, 28AA 30, 31, 31A,31AB

Rents paid to any resident for Plant Machinery, Equipment,

Rents paid to any resident for Land & Building, Furniture

a) Individual & HUF – not required to deduct tax
(Subject to Note 6)

b) Rs. 1,20,000 p.a.

c) No tax deduction if payee is Government/Local
Authority

Cos. Firms,

10%

Co-op.Soc.

10%

Individual/ HUF/AOP/ BOI

10%

Cos. Firms,

20%

Co-op.Soc.

20%

Individual/ HUF/AOP/ BOI

15%

Payee to apply in F.13 to the A.O. to obtain certificate

Quarterly statement in
Form No. 26Q/
15th July,
15th Oct., 15th
Jan., 15th June
(See note 7)

F. 16A
As per S. 193 above

194J Refer Note 5

28, 28AA,30, 31, 31A,31AB

Fees for professional or technical services, Royalty and sum referred to in section 28(va) (i.e., non-compete & confidentiality payments) paid to a resident

a) Individual & HUFs are not required to deduct tax
(Subject to Note 6)

b) Rs. 20,000 p.a.

Cos. Firms,

10%

Co-op.Soc.

10%

Individual/ HUF/AOP/ BOI

10%

Payee to apply in F.13 to the A.O. to obtain certificate

Quarterly statement in
Form No. 26Q/
15th July,
15th Oct., 15th
Jan., 15th June
(See note 7)

F. 16A
As per S. 193 above

194LA

28, 28AA, 30, 31, 31A, 31AB

Compensation to resident on acquisition of certain immovable property other than specified agricultural land

Rs. 1,00,000 p.a.

Cos. Firms,

10%

Co-op.Soc.

10%

Individual/ HUF/AOP/ BOI

10%

Payee to apply in F.13 to the A.O. to obtain certificate

Quarterly statement in
Form No. 26Q/
15th July,
15th Oct., 15th
Jan., 15th June
(See note 7)

F. 16A
As per S. 193 above

195 Refer Note 5

26, 28, 28AA,29B, 30, 31A, 31AB, 37A

Interest or other sums (other than salary) paid to Non residents or to foreign companies (not being dividends u/s. 55-O after 1-6-2003)

—

As per double taxation avoidance treaty or as per Sch. 1, Part II to the Finance Act, 2008 whichever is beneficial to the assessee

1. Payee to apply in F.13 to the A.O. to obtain certificate

2. Payee to apply in F. 15C/15D to the A.O. to obtain certificate

3. Payer may apply to A.O. to determine
income component in
payment for lower
deduction

Quarterly statement in
Form No. 27Q/
14th July,
14th Oct., 14th
Jan., 14th April
(See note 3)

F. 16A
As per S. 193 above

Notes:

Surcharge @ 10% is applicable in the case of domestic companies, firms if income exceeds Rs. 1 crore, Non domestic companies @ 2.5% if income exceeds Rs. 1 crore. In case of individuals, HUFs, BOIs, AOPs, surcharge @ 10% is applicable if income exceeds Rs. 10 lakhs. Non-residents are also liable for surcharge. Education Cess @ 2% and Secondary & Higher Education Cess @ 1% is applicable in all cases on the amount of tax plus applicable surcharge.
Due dates of deduction and payment of TDS to the credit of the Central Govt

Nature of Activity

Salary

Other than Salary

Time of Deduction

When salary is paid

When income paid or credited to the account including interest "payable" or
"suspense" a/c whichever is earlier.

Time of deposit of tax (where deduction is made on
behalf of the Government)

On same day

On same day

Time of deposit of tax (where deduction is other than on behalf of Government)

Within one week from the last day of the month in which the deduction is made. Quarterly deduction from salary on June 15, September 15, December 15 and March 15 with prior approval of AO.

If credited on the date on which accounts are made, within two months from the end of the month in which income is credited. Any other case, within one week from the end of the month in which deduction is made. Quarterly deduction from other interest, insurance commission or other commission or brokerage on July 15, October 15, January 15 and April 15 with prior approval from AO.

Where an income is credited by a person to an account of the non-resident payee as on the last day of the accounting year, Form 27Q for that quarter to be submitted within 14 days after the expiry of 2 months from the year end.
Copies of Form Nos. 15G and 15H received by the payer have to be filed with the Chief Commissioner/Commissioner within 7 days of the succeeding month. A declaration for non-deduction of tax u/s. 197A can be furnished by the assessee only if his aggregate income is less than threshold limit. Senior Citizens can file declaration if tax on their estimated total income is likely to be NIL.
Consequences of delay in payment of TDS

If the person responsible for deducting and paying tax fails to do so, he shall be considered as an assessee in default, liable to pay interest @ 12% p.a. on the amount of such tax from the date on which such tax was deductible to the date of actual payment, and penalty, not exceeding the amount of tax and rigorous imprisonment ranging from 3 months to 7 years and fine. The interest payment needs to be paid before filing of Quarterly Return.

Disallowance due to non-deduction:

If tax deductible u/ss. 193, 194A, 194C, 194H, 194J and 195 is not deducted/paid before applicable due dates, the relevant expenditure otherwise allowable in computing total income of the payer would be liable for disallowance u/s 40(a)(i)/(ia). The deduction will be allowed in the year in which TDS is paid. However in respect of TDS deducted in the month of March, if the payment is made before the due date for filing the return of income, there will be no such disallowance. For details see section 40(a).

An individual or a HUF, who was liable to tax audit in the immediately preceding financial year shall be liable to deduct income-tax u/ss. 194A, 194C(2), 194H, 194-I & 194J. Payments made by way of fees which are exclusively for personal purposes will not attract provisions of sec. 194J.
Under Rule 31A where:

the deductor is an office of Government; or

the deductor is a company; or

the deductor is a person required to get his accounts audited under section 44AB in the immediately preceding financial year; or

the number of deductees’ records in a quarterly statement for any quarter of the immediately preceding financial year is equal to or more than fifty,

the person responsible for the deducting tax at source, and the principal officer in the case of a company shall deliver or cause to be delivered such quarterly statements on computer media (3.5" / 1.44 MB floppy diskette or CD-ROM of 650 MB capacity) along with Form 27A in paper format. In the case of other deductors, filing such returns on computer media is optional.

As per section 199, CBDT has been given the power to prescribe rules for the assessment year for which the credit of tax may be given and the manner in which such credit shall be given.
It is required from all persons deducting tax to quote PAN of payees in the TDS certificate and TDS return.

CA V. Mohanakrishnan (Chartered Accountant) (401 Points)
Replied 01 October 2008

it is mandatory to e-file in case the assessee required to get himself / herself / itself audited

jagan sai (student) (148 Points)
Replied 01 October 2008

hi..

i hav one doubt regarding tax audit..

since we are sending the return of an assesse, to whom tax audit is compulsory, electronically it is not uploading the forms 3cd and 3cb details...so they cant access the details regarding audit..

im uploading the returns using winman software...

wt is the relevence of filing those forms?

previously i used to file manually i gave tax audit report also as enclosure.

plz let me know regarding this..

thanks in advance

p.hepsiba (chartered acountant) (52 Points)
Replied 18 October 2008

tax audit of cooperative society carrying banking business in orissa registered under

orissa cooperative act 1962.

it has only deposits from members & non members which is considered as borrowing capital

my question is how to show in form 3cd how much is secured loan & unsecured loans?

what contributes to current liabilites?

vinod dogra (Accounts Manager) (22 Points)
Replied 23 January 2010

pls send me the copy of consolidated audit report

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*Nature of Activity*	*Salary*	*Other than Salary*
Time of Deduction	When salary is paid	When income paid or credited to the account including interest "payable" or "suspense" a/c whichever is earlier.
Time of deposit of tax (where deduction is made on behalf of the Government)	On same day	On same day
Time of deposit of tax (where deduction is other than on behalf of Government)	Within one week from the last day of the month in which the deduction is made. Quarterly deduction from salary on June 15, September 15, December 15 and March 15 with prior approval of AO.	If credited on the date on which accounts are made, within two months from the end of the month in which income is credited. Any other case, within one week from the end of the month in which deduction is made. Quarterly deduction from other interest, insurance commission or other commission or brokerage on July 15, October 15, January 15 and April 15 with prior approval from AO.