TDS Rates for Non-Residents u/s 195 of Income Tax Act, 1961

	Nature of Payment	Co.	Others
1.	Long Term Capital Gains u/s 115E	NA	10%
2.	Other Long Term Capital Gains (excluding u/s 10(33), 10(36) & 10 (38))	20%	20%
3.	Short Term Capital Gains u/s. 111A	15%	15%
4.	Investment income from Foreign Exchange Assets	NA	20%
5.	Interest payable on moneys borrowed or debt incurred in Foreign Currency	20%	20%
6.	Royalty & Fees for technical services u/s. 115A - Agreement 1st June, 1997 to 31st May, 2005 - Agreement on or after 1st June 2005	20% 10%	20% 10%
7.	Winnings from Lotteries, Crossword Puzzles and Horse Races	30%	30%
8.	Any Other Income	40%	30%

Surcharge & Education Cess

Type of Payment	Surcharge	Rate	Education Cess (4.00%)
Payment to Non-Residents (other than Cos)	Upto 1cr	Nil	Yes
Payment to Non-Residents (other than Cos)	> 1 Crore	15%	Yes
Payments to Foreign Co.	Upto 1cr	Nil	Yes
	> 1 Crore	2%
	> 10 Crores	5%

Interest on delay in deposit of tax after deduction

Stage of deduction	Upto 30th June 2010 (Rate per month or part of the month)	From 1st July 2010(Rate per month or part of the month)
From date when deductible till actual deduction	1%	1%
From date of deduction till payment	1%	1.5%

News Section

News

15 Nov 24
More Than 70% of India’s Income Tax Comes from High Earners Making Over ?50 Lakh
Investigation Wing to Examine Cases of JDA Landowners Who Didn’t Pay Capital Gains Tax
Bombay HC: GST Refund Rejection Without Hearing Violates CGST Rules 92(3) and Principles of Natural Justice
Gujarat HC: No Need for Certified Copy of GST Appeal Order When Accessible on Common Portal
14 Nov 24
MP HC: IT Order Passed Under Section 148A(d) Cannot Be Applied; Writ Petition Can Be Appealed
Budget 2025-26: Centre May Introduce Simplified Direct Tax Code to Reduce Statutory Issues
Maharashtra AAR: No GST on Penalties, Late Fees, or Penal Interest Imposed by RBI
Madras HC:Recovery Actions Cannot Be Initiated Against Company Directors if Assessee’s Status is Non-Existent
13 Nov 24
India`s Online Gaming Market Surges by 23% in FY24 Amidst GST Hike
NFRA Recommends Comprehensive New Audit Framework for India by April 2026
ADVISORY FOR WAIVER SCHEME UNDER SECTION 128A
Advisory regarding IMS during initial phase of its implementation
12 Nov 24
ITAT: Medical Certificate is Valid Proof for Condoning Assessee’s Delay in Filing Tax Audit Reports
Karnataka HC: GST Section 75(4) Ensures a Hearing Opportunity Before Any Adverse Order
SC: The Law is Common for Everyone; Income Tax Must Be Deducted on Salaries Paid to Christian Nuns
11 Nov 24
ITAT Chennai: Dismissal Due to Delay Without Condonation Petition is Untenable
New GST Forms SPL-01 and SPL-02 to Avail Interest Waiver and Penalties U/S 128A
ITAT Chennai: Dismissal Due to Delay Without Condonation Petition is Untenable
Bangalore ITAT Cancels Disallowance of Interest-Free Advances to Sister Concern of Assessee u/s 36(1)(iii)
SC: The Law is Common for Everyone; Income Tax Must Be Deducted on Salaries Paid to Christian Nuns
10 Nov 24
GST AAR: Tax Will Be Applicable to the AAI-Adani Pact for the Airport in Thiruvananthapuram, Kerala
Karnataka Sugarcane Cultivators’ Association Urges FM to Grant GST Exemption on Agricultural Equipment
Orissa HC Instructs Filing of GST Appeal U/S 112 to Challenge Short Tax Payment
08 Nov 24
GSTN Issues Advisory related to Other Territory Applications
Gen GST Software’s Invoice Management System Dashboard
GST: Tax Authorities Disclose INR 25K Cr Tax Evasion Due to False Tax Credit Claims
MCA Dept. Extends Deadline for Filing Financial Statements by Producer Companies
TDS Concept for the Metal Scrap Industry Under GST
07 Nov 24
CBIC Mandates 1-Year Deadline for Customs Fraud Inquiries
GST Advisory No. 543: No Permission to Report Older e-Invoices for Businesses with AATO Above ?10 Crores
CBDT Allows Tax Officials to Reduce or Waive Interest on Delayed Payments, Subject to Conditions
Easy Guide to Filing the New GST DRC-03A Form on Portal
06 Nov 24
Big Relief for TNPDCL Customers: No GST on Replacement of Three-Phase Electricity Meters
FM Sitharaman Chairs Meeting for Comprehensive Review of the Income Tax Act, 1961
Gujarat Govt Eases the Burden by Providing Relaxation in GST Penalties and Interest
GSTN Advisory: New e-Invoice Reporting Limit Set for Businesses with AATO of Rs 10 Crore and above
GSTN Issues Advisory for Form GST DRC-03A
05 Nov 24
Income Tax Department Receives 6500 Stakeholder Suggestions for Overhaul of IT Act, 1961
CBDT Allows Electronic Filing of Forms 3CEDA and 3C-O Via Notification No. 5/2024
Delhi HC: Two Judgment Orders Against One SCN Cannot Be Accepted for the Same Period
No GST Returns Will Be Accepted If Filed More Than 3 Years Past Their Due Date
04 Nov 24
CBIC Issues New Guidelines to Balance Tax Evasion Investigations with Ease of Doing Business in Import and Export
GST IMS Dashboard: New Guidelines for `Deemed Acceptance` and Record Handling
03 Nov 24
Important Income Tax Forms Due by November 30, 2024
India’s GST Revenue Hits ?1.87 Lakh Crore in October with 9% Growth
New GST Amnesty Scheme Effective November 1: Know about Important Deadlines and Benefits
02 Nov 24
Kerala HC Rejects Tax Reassessment Order After Assessee Was Given Only 3 Days to Respond to SCN
GST Collection Hits Rs 1.87 Lakh Crore in October, Second-Highest Ever Boosted by Domestic Sales
01 Nov 24
CBDT Grants Delay Condonation for AY 2023-24 Income Returns Claiming Section 80P
ICAI and CAs: Supporting India`s Journey to Become a $30 Trillion Economy by 2047
CBDT Notifies Transfer Pricing Tolerance Range for AY 2024-25 Under Rule 10CA

15 Nov 24

More Than 70% of India’s Income Tax Comes from High Earners Making Over ?50 Lakh

Investigation Wing to Examine Cases of JDA Landowners Who Didn’t Pay Capital Gains Tax

Bombay HC: GST Refund Rejection Without Hearing Violates CGST Rules 92(3) and Principles of Natural Justice

Gujarat HC: No Need for Certified Copy of GST Appeal Order When Accessible on Common Portal

14 Nov 24

MP HC: IT Order Passed Under Section 148A(d) Cannot Be Applied; Writ Petition Can Be Appealed

Budget 2025-26: Centre May Introduce Simplified Direct Tax Code to Reduce Statutory Issues

Maharashtra AAR: No GST on Penalties, Late Fees, or Penal Interest Imposed by RBI

Madras HC:Recovery Actions Cannot Be Initiated Against Company Directors if Assessee’s Status is Non-Existent

13 Nov 24

India`s Online Gaming Market Surges by 23% in FY24 Amidst GST Hike

NFRA Recommends Comprehensive New Audit Framework for India by April 2026

ADVISORY FOR WAIVER SCHEME UNDER SECTION 128A

Advisory regarding IMS during initial phase of its implementation

12 Nov 24

ITAT: Medical Certificate is Valid Proof for Condoning Assessee’s Delay in Filing Tax Audit Reports

Karnataka HC: GST Section 75(4) Ensures a Hearing Opportunity Before Any Adverse Order

SC: The Law is Common for Everyone; Income Tax Must Be Deducted on Salaries Paid to Christian Nuns

11 Nov 24

ITAT Chennai: Dismissal Due to Delay Without Condonation Petition is Untenable

New GST Forms SPL-01 and SPL-02 to Avail Interest Waiver and Penalties U/S 128A

ITAT Chennai: Dismissal Due to Delay Without Condonation Petition is Untenable

Bangalore ITAT Cancels Disallowance of Interest-Free Advances to Sister Concern of Assessee u/s 36(1)(iii)

SC: The Law is Common for Everyone; Income Tax Must Be Deducted on Salaries Paid to Christian Nuns

10 Nov 24

GST AAR: Tax Will Be Applicable to the AAI-Adani Pact for the Airport in Thiruvananthapuram, Kerala

Karnataka Sugarcane Cultivators’ Association Urges FM to Grant GST Exemption on Agricultural Equipment

Orissa HC Instructs Filing of GST Appeal U/S 112 to Challenge Short Tax Payment

08 Nov 24

GSTN Issues Advisory related to Other Territory Applications

Gen GST Software’s Invoice Management System Dashboard

GST: Tax Authorities Disclose INR 25K Cr Tax Evasion Due to False Tax Credit Claims

MCA Dept. Extends Deadline for Filing Financial Statements by Producer Companies

TDS Concept for the Metal Scrap Industry Under GST

07 Nov 24

CBIC Mandates 1-Year Deadline for Customs Fraud Inquiries

GST Advisory No. 543: No Permission to Report Older e-Invoices for Businesses with AATO Above ?10 Crores

CBDT Allows Tax Officials to Reduce or Waive Interest on Delayed Payments, Subject to Conditions

Easy Guide to Filing the New GST DRC-03A Form on Portal

06 Nov 24

Big Relief for TNPDCL Customers: No GST on Replacement of Three-Phase Electricity Meters

FM Sitharaman Chairs Meeting for Comprehensive Review of the Income Tax Act, 1961

Gujarat Govt Eases the Burden by Providing Relaxation in GST Penalties and Interest

GSTN Advisory: New e-Invoice Reporting Limit Set for Businesses with AATO of Rs 10 Crore and above

GSTN Issues Advisory for Form GST DRC-03A

05 Nov 24

Income Tax Department Receives 6500 Stakeholder Suggestions for Overhaul of IT Act, 1961

CBDT Allows Electronic Filing of Forms 3CEDA and 3C-O Via Notification No. 5/2024

Delhi HC: Two Judgment Orders Against One SCN Cannot Be Accepted for the Same Period

No GST Returns Will Be Accepted If Filed More Than 3 Years Past Their Due Date

04 Nov 24

CBIC Issues New Guidelines to Balance Tax Evasion Investigations with Ease of Doing Business in Import and Export

GST IMS Dashboard: New Guidelines for `Deemed Acceptance` and Record Handling

03 Nov 24

Important Income Tax Forms Due by November 30, 2024

India’s GST Revenue Hits ?1.87 Lakh Crore in October with 9% Growth

New GST Amnesty Scheme Effective November 1: Know about Important Deadlines and Benefits

02 Nov 24

Kerala HC Rejects Tax Reassessment Order After Assessee Was Given Only 3 Days to Respond to SCN

GST Collection Hits Rs 1.87 Lakh Crore in October, Second-Highest Ever Boosted by Domestic Sales

01 Nov 24

CBDT Grants Delay Condonation for AY 2023-24 Income Returns Claiming Section 80P

ICAI and CAs: Supporting India`s Journey to Become a $30 Trillion Economy by 2047

CBDT Notifies Transfer Pricing Tolerance Range for AY 2024-25 Under Rule 10CA

Due Date Reminder

Jan	Feb	Mar	Apr	May	June
July	Aug	Sep	Oct	Nov	Dec
All

25 Nov 24 Deposit of GST under QRMP scheme for October .

28 Nov 24 Return for October by persons with Unique Identification Number (UIN) like embassies etc to get refund under GST for goods and services purchased by them.

29 Nov 24 Half yearly Audit Report from April to September of Reconciliation of Share Capital by Unlisted Public Companies.

29 Nov 24 Annual Return by OPCs and Small Companies.

29 Nov 24 Annual Return by companies other than OPCs and small companies.

30 Nov 24 Statutory Auditor to file Annual return with National Financial Reporting Authority (NFRA) in respect of entities covered in Clause 3(1)(a) to 3(1)(e) of NFRA Rules 2018. It will not cover tax audits, Limited review & Quarterly audits.

30 Nov 24 Filing of Income Tax Return where Transfer Pricing applicable.

30 Nov 24 Deposit of TDS u/s 194-IA on payment made for purchase of property in October.

30 Nov 24 Deposit of TDS u/s 194-IB @ 5% on total payment of Rent more than 50,000 pm by individual or HUF (not liable to tax audit) during FY 24-25, where lease has terminated in October (Else TDS is to be deposited on annual basis by 30 April of next year.)

30 Nov 24 Deposit of TDS on certain payments made by individual/HUF u/s 194M for October.

30 Nov 24 Deposit of TDS on Virtual Digital Assets u/s 194S for October.

30 Nov 24 Online Application for alternative tax regime if due date of ITR is 30 Nov.

30 Nov 24 Claim input tax credit (ITC) for FY 23-24 in GSTR-3B. Issue Credit/Debit notes for FY23-24 .

30 Nov 24 Reversal of ITC of FY 23-24 where supplier had filed GSTR-1/IFF but not filed GSTR-3B till 30 Sep, 2024.

30 Nov 24 Amendments in declared opening balance of cumulative ITC reversal (ITC that has been reversed earlier and has not yet been reclaimed) in Electronic Credit Reversal and Re-claimed Statement.

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