Income Tax Compliances

Income tax compliances in India refer to the statutory obligations that individuals, businesses, and other entities must fulfill under the Income Tax Act, 1961.

• Filing of Income Tax Return (ITR):
  • Companies must file their ITR by the specified due date, which is usually September 30th of the assessment year for companies requiring audit and October 31st for those subject to transfer pricing audit.
• Tax Audit Report (Form 3CA/3CB and 3CD):
  • Businesses with turnover exceeding the specified limit must get their accounts audited and file the tax audit report by September 30th.
• Transfer Pricing Report (Form 3CEB):
  • Entities engaged in international or specified domestic transactions must file this report by October 31st.
• Payment of Advance Tax:
  • Businesses must pay advance tax in four installments (June 15, September 15, December 15, and March 15).
• Tax Deducted at Source (TDS):
  • Deduct TDS on various payments like salaries, contractor payments, rent, etc., and file quarterly TDS returns (Forms 24Q, 26Q, 27Q).
• Tax Collected at Source (TCS):
  • Collect TCS on specified transactions and file TCS returns quarterly (Form 27EQ).
• Filing of Form 15CA and 15CB:
  • Required for remittances made outside India. Form 15CA is filed by the remitter, and Form 15CB is certified by a Chartered Accountant.