Audit Companion

Tax has to be deducted at source when making payments or accrual is made to residents under the following sections after the payment crosses the following threshold limits.

Under Section	Threshold Limit (Rs.)	Nature of Payment
192	180000	Salaries
192A	30000	Premature withdrawal from EPF (from 01.June.2015)
193	NA	Interest on securities
194	2500	Dividends
194A	10000	Interest other than Int. on securities (by Bank)
194A	50000	Interest other than intereston securities (by Others)
194A	10000	Banks Recurring deposit ( wef 01.June.15)
194A	10000	Deposit in Co-op Banks (wef 01.June.15)
194B	10000	Winning from Lotteries
194BB	5000	Winnings from Horse Race
194C	30000	Payment to Contractor for Single Transaction During the F.Y.
194C	75000	Payment to Contractor Aggregate During the F.Y.
194C	NA	Contract - Transporter who has provided valid PAN (up to 31.May.2015)
194C	30000/75000	Contract - Transporter not covered under 44AE (wef 01.June.2015)
194C	NA	Contract - Transporter covered under 44AE & submit declaration on prescribed form with PAN (wef 01.June.2015)
194D	20000	Insurance Commission
194DA	100000	Payment in respect of life insurance policy(applicablefrom 01.Jan.2014)
194E	NA	Payment to Non-Resident Sportsmen or Sports Association
194EE	2500	Payments out of deposits under NSS
194F	NA	Repurchase Units by MFs
194G	10	Commission on sale of Lottery tickets
194H	5000	Commission or Brokerage
194I	180000	Rent - Land and Building - furniture - fittings
194I	180000	Rent - Plant / Machinery / equipment
194IA	5000000	On Sale/Transfer of immovable property other than agriculture land (wef from 01.June 2013)
194J	30000	Professional Fees
194J(1)(ba)	NA	Any remuneration or commission paid to director of the company (wef from 01.July.2012)
194LA	200000	Compensation on acquisition of immovable property
194LB	Na	Income by way of interestfrom infrastructure debt fund (non-resident)
194LC	NA	Income by way of interest by an Indian specified company to a non-resident / foreign company on foreign currencyapproved loan / long-term infrastructure bonds from outside India
194LD	NA	Interest on certain bonds and govt. Securities
196B	NA	Income from units
196C	NA	Income from foreign currency bonds or GDR (including long-term capital gains on transfer of such bonds) (not being dividend)
196D	NA	Income of FIIs from securities

The Central Board of Excise and Customs processes Excise, Customs along with Service Tax.

Service Tax Due Dates for filing for the Financial year 2015-16
Form		Period		Due Date
ST-3		Apr-Sept		25-10-2015
		Oct-Mar		25-04-2016
Penalty
As per rule 7 of service Tax Rules, 1994 penalty will be levied as follows for delay filing of ST-3.
Delay			Fee(InRs.)
Upto 15 Days			500
From 16 to 30 Days			1000
More than 30 Days			Rs. 1000 + Rs. 100 for each additional delay (Subject to  maximum of Rs.20,000)