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●     Compliance Requirements for Company under tax laws

  •  Maintenance of books of accounts.
  •  Audit under income tax law.
  •  Payment of advance tax.
  •  Tax deducted at source.
  • Filing of IT returns.

●     Income Tax

  •  As per the Income Tax Act, every business organization is required to close its financial year on 31st March every year and file returns with the Income Tax Department.
  •  The due date for filing income tax returns for different organizations varies depending on their business structures.
  •  The rates applicable for assessment year 2014-2015 are as below:
Net income range (For resident woman below 60 years
on the last day of the previous year)
Net income range (For resident senior citizen ^1) Net income range (For super senior citizen ^2) Net income range (For any other
person excluding companies and co-operative societies)
Income Tax rates
Up to 200,000 Up to 250,000 Up to 500,000 Up to 200,000 NIL%
200,001– 500,000 250,001–500,000              - 200,001–500,000 10%
500,001–1,000,000 500,001–1,000,000 500,001–1,000,000 500,001–1,000,000 20%
Above  1,000,000 Above  1,000,000 Above 1,000,000 Above  1,000,000 30%
  • 1 Senior citizen is one who is 60 years or more at any time during the previous year but not more than 80 years on the last day of the previous year.
  • 2 Super senior citizen is one who is 80 years or more at any time during the previous year.

●     TDS

  •  Tax Deducted at Source, generally called as TDS, means the deduction of tax at source by the payer to the recipient of an income. Such TDS should be remitted to the Government of India.
  •  TDS is applicable to payments such as salary, interest, dividend, rent, fee for professional and technical services, commission and brokerage, etc.
  •   To enable TDS remittance, Tax Deduction and Collection Account Number (TAN) is required. This can be obtained after approval and issue of PAN.
  • The collection tax will be made at the source where income arises or accrues. The Income Tax Act mandates that the payer should deduct a specific percentage from the payment and pay the balance to the recipient.
  • TDS in case of payments other than salary has to be remitted to the IT Dept within the 7th day of the next month. For salary payments, TDS has to be remitted within 7 days following payment of salary.
  • The payer has to file quarterly returns to the Income Tax Department with the details of payee and their PAN, date of deduction and date of remittance to the department, etc.
  •  The due dates for filing quarterly TDS returns are as follows:

Quarter

 Due Dates

        I Quarter - April to June

         July 15th

        II Quarter - July to September

     October 15th

    III Quarter - October to December

      January 15th

      IV Quarter - January to March

      May 15th