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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

Tax Audit Per Budget 2022

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.	Rs. 40,000 in case the TDS payer is banking institution Rs. 5,000 in case of others	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	5% (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	10% for Land and Buildings, furniture or Fitting. (7.5% from 14th May 2020 to 31st March 2021) 2% for Plant and Machinery. (1.5% from 14th May 2020 to 31st March 2021)
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	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	5% (3.75% from 14th May 2020 to 31st March 2021)

Learn 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
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 Apr