44AA 44AB 44AD

Compulsory Compulsory audit Profit & gains on

maintenance of BOA of BOA presumptive basis
Profession- gross receipt 1. Business- 8%*turnover/ Gross
if T/O > 1cr.
> 150,000 in all 3 yrs receipts 6%*
2. Profession-
preceding the previous yr gross receipts > 50 turnover/ Gross receipts
or likely to exceed if (if realised by A/c payee
lakhs during the
newly setup cheque, DD, or ECS)
P.Y.
 3. Assesee covered
under sec 44AD OR Eligibility-Individual /
SEC 44ADA & resident HUF / resident
claimed income < Firm (exc LLP) and
8%/6% or 50% & turnover / gross receipts
total income more
Business- PGBP > than basic upto 2 crore
120,000/- or total exemption limit
sales/gross receipts >
10,00,000/-in any of the
3 yrs preceding the
previous yr or likely to
exceed in case of newly
setup

4. Assessee covered
under sections Non eligible business -
44AE,44BB,44BBB & 44AE / Agency business /
Claimed income less commission & brokerage
than in those business
sections
Individual & HUF-
2,50,000 For total income Advance tax mandatory
of business or profession (installment i.e. 15th
& 25,00,000 for turnover march of FY)
or gross receipts

Penalty- (0.5% of
T/o or gross recipts
Penalty- 25,000 (271A) or 150,000)
whichever is lower
(271B)
 PRESUMPTIVE SECTIONS

44ADA 44AE 44B

PGBP on presumptive Presumptive taxation Shipping business

basis for professional for Transporters for Non-resident
 Heavy vehicle - 1,000
PGBP income = Gross per ton of gross vehicle
Other 7.5% of (freight+
receipts * 50% or weight , demurrage+
declared (whichever is vehicle-7,500
higher) (for every month or part handling charges)
of month)
 Applicable if engage in Freight- received in
business of Plying, hiring, india or outside india
Applicable if Gross leasing such goods & if for carriage from
receipts upto 50 lakhs assessee owns max 10 india + received in
india for carriage
vehicles from outside india
Advance tax now to pay
by 15th march of FY)
 44BB 44BBA 44BBB 44C

Foreign co.
NR engaged in business engaged in
of supplying services or NR engaged in business of civil Taxation of branches of
hiring P& M for aircraft construction or Foreign co.-Head office
extraction,production of business erection & expense
minerals, oil testing of power
plans

(Turnkey H.O expenses allowed as:

projects)
 i) 5% of adjusted total
10% of (amt recd in india income ,
or outside india for ii) Amount of expenses in
10% of amt recd the nature of H.O.
activity carried in india + 5% of freight in india or outside attributed to business or
amt recd in india for india
activity carried outside profession of assessee in
india) india (whichever
is lower)
Freight-
received in india
or outside india
for carriage Income of branches of
from india + foreign Co. - computed as
received in india per sec. 28 to 44D
for carriage
from outside
india
 44DB

Business reorganisation
of Co-operative Banks
Deduction u/s 32, 35D,
35DD & 35DDA on Time
proportion basis to
predecessor & successor
in year of change of
ownership.
 TDS CHART

SECTION 192 192-A 193 194 194-A 194-B

Dividend Winning
Accumulate Interest on other than Interest (other from
NATURE OF Salary d balance securities dividend as than securities) lotteries,
PAYMENT of PF refered puzzles
in Sec 115-O etc

RATE Slab rate 10 10 10 10 30

10000-bank/
5000-other
Basic 50,000 5000 for ind
LIMIT case/ 50000- 10,000
exemption / huf motor accident
claim tribunal

trustee of Any person

employee (other than ind /
DEDUCTOR any employer 'PF scheme' Any person domestic co. HUF not liable to any person
(any person) (any tax audit
person) preceding yr)

any
employee(res employee resident
resident
DEDUCTEE ident or non shareholder any resident any person
covered holder
resident) 2(22)e
under RPF

SECTION 194-G 194-H 194-I 194-IA 194-IB 194-IC

TDS on
transfer(purc TDS
hase0 of TDS on rent of payment
NATURE OF Commission
on sale of & Commission TDS on rent immovable immovable under
PAYMENT lottery ticket brokerage property(othe property w.e.f. 1 developme
r than rural june 17 nt
agriculture agreement
land)

2%-P & M /
10%- Land,
RATE 5 5 1 5 10
building,
furniture
 180,000
LIMIT 15,000 15,000 (Aggregate) 50 lakhs 50,000 pm nil

Any Any
person(othe person(othe anybeingperson any
r than r than ind/HUF,other
ind/huf not ind/huf not transferee(oth than in sec 194 I any person
DEDUCTOR any person liable er than
to tax liable to tax (i.e not liable to
person
audit audit tax audit in
referred in
preceding preceding sec.194LA) preceding yr)
yr) yr)

Resident
any person any resident any resident any resident
DEDUCTEE any resident (ind or
transferor HUF)

SECTION 194-LC 194-LD 195 196-A 196-B

Payment of or by way of
interest in issue of long- Payment of TDS on any
NATURE OF respect of term bonds interest on Income in
sum payable Income
money (including rupee respect of units from
PAYMENT borrowed in long-term denominat- to NR or of non-residents units
foreign co.
foreign infrastructur ed bond
currency e bond)

NO TDS as
DTAA rate or income from
RATE 5 5 10
Rate in force units is exempt
u/s 10(35)
LIMIT nil nil nil - nil
indian co. or
DEDUCTOR business any person any person - any person
trust

FII or
non resident qualified non resident offshore
DEDUCTEE or -
foreign co. foreign or foreign co. fund
investor
S CHART

194-BB 194-C 194-D 194-DA 194-E 194-EE

Maturity Payment to NR Payment for
Tds on proceeds
Winning sportmen / deposit under
TDS on insurance of life
from horse National
contract commissio insurance association /
race Savings
n entertainer
policy scheme

1%-
ind/HUF &
30 5 1 20% + cess 10
2%- any
other

30000-single
contract/
10,000 100000- 15,000 100,000 NIL 2,500
aggregate in
FY

Any person
(other than
ind / HUF
any person not liable to Insurance any any person any person
co. person
tax audit
preceding
yr)

NR sportmen or
any any NR entertainer
any person any resident any person
resident resident or NR sports
association

194-J 194-LA 194-LB 194-LBA 194-LBB 194-LBC

Compensatio income Income in

n for Interest on dist. by a Income in
TDS on respect of
compulsory infrastructu business respect of units
professional acquisition of re debt investment in
trust to its of investment
services securitization
immovable fund unit fund trust
property holder

10%- 25%-resident
resident/ 10%- resident/ indv& HUF /
Rate in 30%-any
Rate in force- other
10 10 5 force u/s non-resident / rate in
or
195- non- force- non
foreign co.
resident, resident or
foreign co. foreign co.
30000-each
payment/
no limit for 250,000 nil nil nil nil
director
fees

Any
person(othe
r than
ind/huf not any person infrastruct
ure debt business investment fund securitisation
liable to tax trust trust
fund
audit
preceding
yr)

resident
non- or NR
any resident any resident resident or (incl. unit holder investor
foreign co. foreign
co.)

196-C 196-D

Income from Income of (not being a

foreign Foreign dividend or
currency Institutional capital gain
bonds or Investors arising from
GDR of an from such
Indian co. securities securities)

10 20

nil nil

any person any person

non FII
resident
 DEDUCTIONS UNDER CHAPTER VI - A

Sections 80C 80CCC 80CCD 80CCD(1B) 80CCD(2) 80CCE 80CCG 80D 80DD 80DDB

Aggregate
Investment in listed
Contribution to Addition deduction u/s Medical insurance
Contribution to pension scheme of deduction upto Employer's 80C + 80CCC + equity shaes or premium, CG health Medical treatment
Nature of Specified pension fund of contribution to NPS listed units of equity & maintenance of Medical treatment of
CG / New pension 50,000 other than 80CCD(1) scheme, preventive
deduction investments LIC or other for benefit of oriented fund under handicapped specified disease
insurance co. scheme / atal contribution in employee restricted to health checkup &
rajiv gandhi equity medical treatment dependent relative
pension yojna 80CCD(1) maximum
savings scheme
150,000

Eligible Individual & Residential Residential individual &

Individual Individual Residential individual Individual & HUF
assessee HUF individual & HUF HUF

Salaried- Actual expenses or

1)employer's 1) 50% amount
1) employees maximum 40,000 /
contribution invested, 2) Normal disability =
Amount 150,000 max 150,000 max contribution , upto 50,000 2)10% of salary 25,000 (whichever Normal - 25,000 max 75,000 100,000 (whichever
2) 10% of salary lower) less insurance
(whichever lower) lower)
(whichever lower) claim

Other ind-
1) assessee's
Senior citizen- 50,000 Severe disability = Normal case- 40,000
contribution, max 125,000
2) 20% of GTI
(whichevr lower)

Aggregate for
preventive health Senior citizen patient -
checkup cannot exceed 1,00,000
5000/-

Sections 80E 80EE 80G 80GG 80GGA 80GGB 80GGC 80JJAA 80U

Interest on Rent paid of Donation for Donation to Donation to political

political parties or electoral Employment of new
Nature of loan for higher Interest on Donations house property scientific research Handicapped
parties or trust by any person
deduction education in housing loan (HRA not or rural electoral trust (other than indian employees assessee
india or abroad received) development
by indian co. co.)

All assessee (except any assessee engaged Residential

Eligible Any person (other
Individual Individual All assessee Individual assessee having Indian co. in business & to whom individual
assessee than indian co.)
incone u/h PGBP) sec 44AB applies

Interest amount 1) 5000 p.m.

for period of 8
2) 25% adj. GTI 30% additional
consecutive yrs
Amount starting from Max = 50,000 See notes 3) Rent paid - 10% 100% of donation 100% of 100% of donation employee cost (allowed Normal disability =
of adj. GTI donation for 3 consecutive 75,000
year in which
(Whichever is years)
assessee starts lower)
paying interest

(if donation exceed

10,000 then should Severe disability =
be mode other than 125,000
cash )
 Sections 80QQB 80RRB

Royalty from
books of literacy, Royalty from
Nature artistic, scientic patents
nature
Eligible assessee Resident individual Resident individual

Eligible royalty Royalty received or

received or max 300,000
Amount 300,000 (whichever is
(whichever is lower)
lower)
 Income based deductions
80TTA 80TTB 80JJA

Income from
Interest on deposits
Interest on collecting &
in case of senior
savings account processing Bio-
citizens degradable waste
 Resident senior citizen
whose GTI includes
Individual & HUF interest on deposit All assessee
with bank, co-op bank
or post office

100% of income for 5

Interest amount or Interest amount or consecutive A.Y. starting
10,000 (whichever 50,000 (whichever is from the year in which
is lower) lower) business is commenced
uctions
80LA 80IAC 80IBA

Offshore banking unit Developing and

(OBU) / International Deductions for New building housing
financial services start ups projects
centre (IFSC)
1.) schedule bank or
foreign bank an OBU in Company or LLP All assessee
SEZ or 2.)
Unit of IFSC

1.) 100% for first 5 A.Y. 100% for any 3

(beginning with yr in consecutive A.Y.'s out of
which sebi permission 7 years beginning from 100% of profit
obtained) 2.) 50% the year in which start
for next 5 A.Y. up is incorporated
 80PA

Certain income of
producer companies
Producer companies

100% of profits & gains

attributable to eligible
business for the PY
relevant to A.Y. 2019-20 to
A.Y. 2024-25
 PENALTY CHAR
Section 221(1) 270A 271A 271AA 271AAB 271AAC

Failure to Mis Failure to 1) Failure to Undisclosed

pay self
Nature assessment reporting / keep, keep & income Unaccounted
of under- maintain or maintain info income u/s
tax, demand found in
default reporting of retain BOA & documents 68-69C
of search
tax,TDS,TCS income (44AA) (92D), or

2) fails to
report such
transaction
which he is
required to do
so, or

3) maintains or
furnishes an
incorrect
information/
document

30% / 10% of tax on

Max- amt of Under-
25,000 2% of value of 60% of unaccounted
Penalty tax in reporting transaction undisclosed income
arrears income (115BBE)

50% of tax
on under
reported
income

Mis-
reporting
 200% of tax
on mis-
reported
income

Section 271FA 271FAA 271G 271GA 271GA 271GB

Failure to Failure to Failure to Failure to

furnish report
Failure to or furnishing
furnish SFT Inaccurate furnish any furnish info or furnish info inaccurate
or
Nature reportable info or
in SFT info or document u/s or report in
of document as 285A, by document respect of
a/cs within reportable required u/s
default indian u/s 285A, constituent
prescribed a/cs 92D concern- by indian entity of
time concern- international
grp

where
transaction has
effect of
directly or
indirectly
transferring other cases
the right of
mgt or control
in relation to
indian concern

500/- per 2% of value 2% of 5000/- per

day till of
Penalty period of 50,000 international transaction 500,000 day upto
value 1month
notice transaction
1000/- per 15000/- per
day of day
continuing thereafter
offence
PENALTY CHART
271B 271BA 271C 271CA 271D 271DA 271E
Failure to

Any loan / Any loan /

Failure to deposit/ Any deposit/
get a/cs specified transaction of
Failure to Failure to advance is 2 lacs or specified
audited furnish report deduct tax collect tax at advance is
upto due of CA u/s 92E at source taken in more in
source repaid in
date u/s contraven contravention contraventio
44AB tion of sec of 269ST n of sec 269T
269SS

0.50% of amt of
amt of the amt of tax amt of loan /
sales,turnov loan / sum equal to
100,000 tax not so amt received deposit so
er or gross deducted not collected deposit repaid
receipts taken

(subject to
maximum
1.50 lacs)
 271H 271J 272A 272AA 272B 272BB

Furnishing of
incorrect info
Failure to in any report Failure to Failure to Failure to Failure to
or certificate furnish info, comply comply with comply
furnish with
by CA/ answer with
statement question, notice u/s sec 139A sec 203A
Merchant
of TDS (PAN) (TAN)
Banker / returns,etc 133
registered
valuer

MIN-
10000/- 10,000/- per max-
MAX- failure 10000/- 1000/- 10000/- 10000/-
100000/-
 APPEALS

PARTICULARS CIT(A)

SECTION 246A to 251

FILED BY Assessee
First appeal
Within 30 days
from date of
TIME FOR APPEAL receipt of copy of
order
 delay can be
condoned

PRESCRIBED FORM Form 35

statement of facts,
grounds of appeal,
copy of order of
A.O., filing fees

(entire set called

Memorandum of
appeal)

NO. OF COPIES Duplicate

Within 1 yr from
end of year in
PASS ORDER which appeal is
filed
ORDERS CAN BE 143(3), 144, 147,
APPEALED 153A
143(1), 200A,
206CB
154

Other order of
A.O.

STAY OF DEMAND YES

 APPEALS

ITAT HIGH COURT

252 to 255 260A & 260B

heard by bench HC have power to

(panel of judges) review its order

2 members

if TI upto 50 lacs
then heard by
single member

Assessee

within 60 days Within 120 days

 (only if question of
law)

Form 36

statement of facts, Form, fees &

grounds of appeal, procedure governed
copy of order of by
A.O., filing fees

code of civil
procedure,1908

Triplicate

within 4 years
from end of yr in
which appeal
received
 if there is question of
CIT (A) law
DRP (144C)

263

Order of A.O.
Passed with
approval of
CIT/PCIT (144BA)

Any other order of

CIT/CCIT/DIT/DG
IT

YES
MAX- 180 days
SUPREME COURT Particulars

261 & 262 Section

SC have power to
review its order

When apply

Within 90 days
 Revision of order

Form, fees &

procedure governed
by

code of civil
procedure,1908

Appeal can be filed?

Merger
Appeal agnst HC
order
Orders can be revised?
 REVISION
Revision of orders
prejuicial to interest of
revenue
263

If Find the order-

1. Erroneous

2. Prejucial to interest of
revenue
2 yrs from end of FY in which
original order of A.O. was
passed

can be appealed at ITAT level

Partial merger applies

only orders can be revised u/s 263 & 264

intimation 143(1) cannot be revised

N

Revision of other order

264

may on his own motion or on

application by assessee call for
records

Assessee can apply only if-

Time limit to file CIT appeal

expired (30 days) or Assessee
waived his right of appeal in
writing.
 own motion-

within 1 yr from date of passing

of order by A.O.

Assessee applies- (make

application for revision within
1 yr from date of receiving
copy of order)

within 1 yr from end of FY in

which application made by
assessee

not appealable

Total merger
an be revised u/s 263 & 264

143(1) cannot be revised

 7. Equalisation Levy – Salie

Chargeability

[section 165(1) of Finance Act, 2016]

Specified services
[section 164 - clause (i)]

Payer

[section 165(1)]

Exclusions

[section 165(2)]

Payment due date [section 166(2)]

Requirement to furnish statement of specified service

[section 167]

Manner of processing of statements

[section 168]
Rectification of mistake apparent from record

[section 169]

Non-compliance

[section 170-172]

Appeal to CIT(A)

[section 174]

Appeal to Tribunal

[section 175]

Amendments made in the Incom

Exclusion from total income
Deductibility of expenses
qualisation Levy – Salient features

Equalisation levy is to be deducted @6% on amount paid to a non-resident, not

having a PE in India for "specified services"

Online advertisement; or
Any provision for digital advertising space; or
Any other facility or service for the purpose of online advertisement; or
Any other services as may be notified by the Central Government
Any person resident in India carrying on business or profession in India; or

A non-resident having a PE in India

Recipient, i.e., the non resident has a PE in India and such income is
effectively connected to the PE
Receipt does not exceed Rs. 1,00,000

Payment is not in respect of carrying on of business or profession

7th day of the immediately following month

Payer is required to furnish the statement of specified services with the

jurisdictional Assessing Officer or any other authority prescribed by CBDT in
this behalf
Revised / belated furnishing of statement permissible before the expiry of 2
years from the end of the financial year in which the specified service was
provided
EL shall be computed after making adjustment for any arithmetical error in the
statement
Interest, if any, to be computed
Any sum payable/ refundable would be determined
Intimation prepared and sent to the assessee specifying amount payable/
refundable
 Refund due in pursuance to intimation to be granted to the assessee
Time limit – 1 year from the end of the financial year in which the statement is
furnished
AO may amend any intimation within 1 year from the end of the financial year
in which such intimation was issued
Rectification may be suo-motu or mistake brought to notice by the payer.
Opportunity of being heard to be provided to the payer.
AO to pass an order where the sum payable is enhanced / refund already
made is reduced

Interest @1% for every month of part of the month for delayed payment of EL
Additionally, penalty of amount equivalent to EL for failure to deduct may be
imposed
Penalty of Rs. 1,000 for every day, or amount of EL, whichever is lower, may be
imposed in case of failure to pay the levy after deduction
Penalty of Rs. 100 for each day may be imposed for failure to furnish statement
until such failure continues
Appeal may be filed against the penalty order before the CIT(A) within 30 days
of receipt of such order
Provisions of section 249-251 of the Income tax Act relating to filing an appeal
with CIT(A) shall apply
Appeal may be filed against the order of the CIT(A) passed under section 174
within 60 days of receipt of such order
Provisions of section 253-255 of the Income tax Act relating to filing an appeal
with Tribunal shall apply
ments made in the Income tax Act, 1961
Income subject to EL shall not be included in total income of the payee in terms
of section 10(50) of the Income tax Act
New sub-clause (ib) has been inserted in section 40(a) of the Income tax Act as
per which the consideration paid for specified service on which EL was leviable
would not be deductible if EL has not been deducted or after deduction, not
been paid before the due date of filing the return of income. Deduction may,
however, be claimed in the year in which EL is deducted/ paid.

Particulars
Payment of EL
Furnishing of statement of
specified services/ annual
return
Processing of statement of
specified services
Filing appeal with the CIT(A)
Filing appeal with the ITAT
Equalisation Levy Rules, 2016
Section Rule Description
166 4 To be deposited by 7th day of the immediately
following month
ITNS 285 is to be used as challan
167 5&6 Form No. 1 to be furnished electronically by
the payer on or before 30th June of the next
year
AO is empowered to issue notice requiring the
payer to file the statement within 30 days of
receipt of notice
168 7 Form No. 2 (notice of demand) shall be
served upon the payer after determination of
any levy, interest or penalty payable
Intimation to be deemed as notice of demand in
other cases
174 8 Form No. 3 to be filed within 30 days of receipt
of penalty order
Filing fee – Rs. 1,000
Appeal to be filed electronically
175 9 Form No. 4 to be filed within 60 days of receipt
of the CIT(A) order
Filing fee – Rs. 1,000
Appeal to be filed electronically