Income Tax Act, 1961 and Compliances
The Income-tax Act, 1961 is the administrating Statute of Income Tax in India. It contains provision of levying, collecting and recovering Income Tax. The Government of India (GOI) has introduced a draft statute which is known as “Direct Taxes Code” with an intention to supercede the Income Tax Act, 1961 and the Wealth Tax Act, 1957. Here is the highlight of compliances to the Income-tax Act, 1961 for the year 2019.
Compliance Requirement Under Income Tax act, 1961
|Forms / (Filing mode)||Due Dates||Compliance Particulars|
|TDS & TCS||07.08.2019||Due date for deposit of Tax deducted/collected for the month of July, 2019.
However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan
|07.08.2019||Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of June, 2019|
|07.08.2019||Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of June, 2019|
|Form 24G||15.08.2019||Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of July, 2019 has been paid without the production of a challan|
|Form no. 3BB||15.08.2019||Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of July, 2019|
|Quarterly TDS certificate||15.08.2019||Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending June 30, 2019|
|Statement for tax deducted u/s 194-IA||30.08.2019||Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA for the month of July, 2019|
|Statement for tax deducted u/s 194-IB||30.08.2019||Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of July, 2019|
|ITR||31.08.2019||Due date for filing Income Tax Return (ITR) filing for AY 2019-20 has been extended to 31.08.2019|
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