Home > Income Tax > Help Center > Threshold Limits & Due DatesLast Updated: Aug 22nd 2024
Tax Threshold Limits & Due Dates
Learn the most recent GST, Income Tax, TDS, and Tax audit thresholds and due dates to avoid non-compliance, which can result in interest and penalties. Taxpayers also need to know when they must pay taxes and file tax returns.
This document covers
- Income Tax, GST, TDS Threshold Limits
- Due Dates for Filing Income Tax, GST, TDS Returns
1. Income Tax, GST, TDS Threshold Limits
1A. GST Registration Threshold Limits
The GST Council has enhanced the threshold limit for GST Registration w.e.f 01st Apr 2019. The below are the threshold limits for various types of GST registrations
- GST Regular (Goods): Threshold Limit for Registration in case of sale of goods (all over India) except persons engaged in making Supplies in the specified states is Rs. 40 lakhs
- GST Regular (Domestic Services): Threshold Limit for Registration in case of Services (all over India) except persons engaged in making Supplies in Specified states is Rs. 20 lakhs
- GST Regular (Export of Services): It's mandatory to have the GST registration if a business or a professional rendering the services to a person or business or entity outside of India irrespective of turnover limits in a financial year. Hence, before starting the export of services it's mandatory to have the GST Registration.
- GST Regular (Goods & Services - Specified States): Threshold Limit for Registration in case of sale of Goods & Services engaged in making Supplies in the Specified states is Rs. 10 lakhs
- GST Composition: The below are the various threshold limits for registration under Composition Scheme
- For Trader, Manufacturer – Rs. 1.5 Crore
- For Restaurant Service – Rs. 1.5 Crore
- For Trader, Manufacturer – Rs. 1.5 Crore
- For Other Service Providers, subject to threshold limit of turnover in the preceding Financial Year Rs. 50 lakhs – Rs. 1.5 Crore
Learn more on GST Registration thresholds
Additionally, learn more on GST Registration requirements and thresholds including state specific requirements at Detailed GST Registration Thresholds
1B. GST Tax Audit Threshold Limits
GST Tax Audit is required if the registered person turnover exceeds Rs. 5 crores during the Financial year (earlier it was 2 crores)
Per FY 2021-22 Budget proposal by hon'ble FM Nirmala Sitharaman, No mandatory GST Audit (GSTR-9C) by a Professional is required. Effective Feb 01st 2021, Filing GST Annual Return GSTR-9 with a Self Certification is enough. Refer Budget Update for more info
Table to check the GSTR 9/9c filing requirement matrix
| Turnover | GSTR 9 | GSTR 9C |
|---|---|---|
| upto 2 Cr. | Optional | Not Applicable |
| 2 - 5 Cr. | Mandatory | Optional |
| above 5 Cr. | Mandatory | Mandatory |
* if mandatory, can be filed through self-certification (no professional is required to sign)
1C. Income Tax Audit Threshold Limits
Income Tax Audit limits depends on the business and/or profession one is carrying. Below are various types of income and their thresholds
- Person carrying on Business: If the total sales, turnover or gross receipts in business exceeds Rs. 1 Crore (till AY 2020-21)
- Person carrying on Profession: If the Gross receipts from profession exceeds Rs. 50 Lakh
For AY 2021-22, the threshold limit for Audit for the business is Rs 5 Crores if the 95% of the aggregate cash receipts and cash payments are through digital mode.
For AY 2022-23 onwards, the threshold limit for Audit for the business is Rs 10 Crores if the 95% of the aggregate cash receipts and cash payments are through digital mode.
This means, majority of the businesses do not need a tax audit, unless there is a very specific reason.
1D. PF Registration Threshold Limits
Every establishment employing 20 or more employees is required to obtain registration under EPF, except states like Maharashtra where it's mandatory to have PF registration.
1E. TDS Threshold Limits
Any person making a payment is required to deduct Tax at the specified rates. However, there are certain thresholds for deducting TDS. The following table describes the threshold limits and rates of tax to be deducted
| Section | Nature of Income or Expenses | Threshold Limit | TDS Rate |
|---|---|---|---|
| 192 | Payment of Salary Income | As per the Income tax slab rate | 5 / 20 / 30 % |
| 192 A | Premature withdrawal of EPF | Rs. 50,000 | 10% |
| 193 | Interest on Securities & Debentures | Securities - 10,000, Debentures - 5,000 | 10% (7.5% from 14th May 2020 to 31st March 2021) |
| 194 | Dividend Income | Rs. 5000 | 10% (7.5% from 14th May 2020 to 31st March 2021) |
| 194A | Interest other than ‘interest on securities. |
| 10% (7.5% from 14th May 2020 to 31st March 2021) |
| 194B | Prize money, Winning from lottery, crossword puzzle etc. | Rs. 10,000 | 30% |
| 194BB | Winning from horse race/Jackpot | Rs. 10,000 | 30% |
| 194C | Payments to contractors and sub-contractors | Rs. 30,000 for single Payment and Rs 1,00,000 for Multiple Payments in an year | 1% for Individuals 2% for other deductees. (0.75% / 1.5% from 14th May 2020 to 31st March 2021) |
| 194 D | Insurance commissions paid by Insurance companies to its agents | Rs. 15,000 | 5% (3.75% from 14th May 2020 to 31st March 2021) |
| 194 H | Commission or Brokerage | Rs. 15,000 |
(3.75% from 14th May 2020 to 31st March 2021) |
| 194 I | Renting of Land and building or furniture or fitting or Plant and Machinery | Rs. 2,40,000 |
|
| 194J | Royalty, professional or technical services | Rs. 30,000 | 10% ( 7.5% from 14th May 2020 to 31st March 2021) |
| 194IA | Payment on transfer of certain immovable property other than agricultural land | Rs. 50,00,000 (If the Total value of property exceeds Rs 50 lakhs irrespective of number of buyers and sellers) | 1% ( 0.75% from 14th May 2020 to 31st March 2021) |
| 194IB | Payment of rent in respect of any land or building. Payment on transfer of certain immovable property other than agricultural land | Rs. 50,000 per month |
(3.75% from 14th May 2020 to 31st March 2021) |
More on complete list of TDS Rates
Additionally, visit complete list of latest TDS rates and their thresholds at Section-wise TDS thresholds and Rates
1F. High Value Transaction thresholds
Income Tax department started monitoring high value transactions (aka SFT, specified financial transactions) associated with every PAN in India from various sources like regulators and financial institutions in India.
Based on the severity of the transactions the department started alerting and sending notices if such transactions were not included in the IT Returns.
A Comprehensive article can be found on the history, importance, SFT thresholds @ What are high value transaction limits for Income Tax Compliance?
2. Due Dates for Filing Income Tax, GST, TDS Returns
2A. Income Tax Due Dates
| S.No | Type of Return | Frequency | Due date |
|---|---|---|---|
| 1 | Income Tax (Individuals, Firms and LLP without Audit) | Yearly | 31st July of every year; |
| 2 | Income tax (Audit Cases and Pvt Ltd Companies) – ITR | Yearly | 31st Oct of Every year |
| 3 | Income tax (Audit Cases and Pvt Ltd Companies) – Tax Audit | Yearly | 30th Sep of Every year; |
| 4 | Advance Tax | Quarterly | April to June – June 15 July to Sep – Sep 15 Oct to Dec – Jan 15 Jan to March – March 15 |
2B. GST Due Dates
| S.No | Type of Return | Frequency | Due date |
|---|---|---|---|
| 1 | GSTR 3B | Monthly | 20th of next month |
| 1 | GSTR 3B | Quarterly | Jan to March – 22/24th of April April to June – 22/24th of July July to Sep – 22/24th of Oct Oct to Dec – 22/24th of Jan |
| 2 | GSTR 1 (if turnover Exceed Rs 5 crore) | Monthly | 11th of Next month |
| 3 | GSTR 1 ( if Turnover is less than Rs 5 Crore | Quarterly | Jan to March – 13th of April April to June – 13th of July July to Sep – 13th of Oct Oct to Dec – 13th of Jan |
| 4 | CMP-08 (Composition) | Quarterly | April to June – 18th July July to Sep – 18th Oct Oct to Dec – 18th Jan Jan to March – 18th April |
2C. TDS Due Dates
| S.No | Type of Return | Frequency | Due date |
|---|---|---|---|
| 1 | Deposit of TDS to Government | Monthly | 7th of Next month For March Month – April 30 |
| 2 | Filing of TDS Return | Quarterly | April to June – 31st July July to Sep – 31st Oct Oct to Dec – 31st Jan Jan to March – 31st May |
2D. TCS Due Dates
| S.No | Type of Return | Frequency | Due date |
|---|---|---|---|
| 1 | Deposit of TCS to Government | Monthly | 7th of Next month For March Month – April 30 |
| 2 | Filing of TCS Return | Quarterly | April to June – 15th July July to Sep – 15th Oct Oct to Dec – 15th Jan Jan to March – 15th May |
Additionally, you may visit the latest Comprehensive Tax Compliance Calendar to know upto date due dates.
