Home > Income Tax > Help Center > Threshold Limits & Due DatesLast Updated: Aug 30th 2022

Tax Threshold Limits & Due Dates for FY 2022-23

Payment of taxes and Filing of returns within due date is important for any taxpayer to avoid non-compliance, interest, and penalty. There is a certain threshold for every registration and compliance. The Following are the some of the threshold limits for various compliances in India.

Tax Due Dates & Threshold Limits

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


  1. 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
  2. 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
  3. GST Regular (Export of Services):  It's mandatory to have the GST registration if a business or 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.
  4. 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
  5. GST Composition: The below are the various threshold limits for registration under Composition Scheme
    1. For Trader, Manufacturer – Rs. 1.5 Crore
    2. For Restaurant Service – Rs. 1.5 Crore
    3. For Trader, Manufacturer – Rs. 1.5 Crore
    4. For Other Service Providers, subject to threshold limit of turnover in the preceding Financial Year Rs. 50 lakhs – Rs. 1.5 Crore

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

TurnoverGSTR 9GSTR 9C
upto 2 Cr.OptionalNot Applicable
2 - 5 Cr.MandatoryOptional
above 5 Cr.MandatoryMandatory

* 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

  1. Person carrying on Business: If the total sales, turnover or gross receipts in business exceeds Rs. 1 Crore (till AY 2020-21)
  2. Person carrying on Profession: If the Gross receipts from profession exceeds Rs. 50 Lakh
Per Budget 2020-21

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.



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

SectionNature of Income or ExpensesThreshold LimitTDS Rate
192Payment of Salary IncomeAs per the Income tax slab rate5 / 20 / 30 %
192 APremature withdrawal of EPFRs. 50,00010%
193Interest on Securities & Debentures

Securities - 10,000,

Debentures - 5,000

10%
(7.5% from 14th May 2020 to 31st March 2021)
194Dividend IncomeRs. 500010%
(7.5% from 14th May 2020 to 31st March 2021)
194AInterest other than ‘interest on securities.
  1. Rs. 40,000 in case the TDS payer is banking institution
  2. Rs. 5,000 in case of others
10%
(7.5% from 14th May 2020 to 31st March 2021)
194BPrize money, Winning from lottery, crossword puzzle etc.Rs. 10,00030%
194BBWinning from horse race/JackpotRs. 10,00030%
194CPayments to contractors and sub-contractorsRs. 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 DInsurance commissions paid by Insurance companies to its agentsRs. 15,0005%
(3.75% from 14th May 2020 to 31st March 2021)
194 HCommission or BrokerageRs. 15,0005%
(3.75% from 14th May 2020 to 31st March 2021)
194 IRenting of Land and building or furniture or fitting or Plant and MachineryRs. 2,40,000
  1. 10% for Land and Buildings, furniture or Fitting. (7.5% from 14th May 2020 to 31st March 2021)
  2. 2% for Plant and Machinery. (1.5% from 14th May 2020 to 31st March 2021)
194JRoyalty, professional or technical servicesRs. 30,00010%
( 7.5% from 14th May 2020 to 31st March 2021)
194IAPayment on transfer of certain immovable property other than agricultural landRs. 50,00,0001%
( 0.75% from 14th May 2020 to 31st March 2021)
194IBPayment of rent in respect of any land or building. Payment on transfer of certain immovable property other than agricultural landRs. 50,000 per month5%
(3.75% from 14th May 2020 to 31st March 2021)


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.NoType of ReturnFrequencyDue date
1Income Tax (Individuals, Firms and LLP without Audit)Yearly31st July of every year;
2Income tax (Audit Cases and Pvt Ltd Companies)Yearly30th Sep of Every year;
3Advance TaxQuarterlyApril to June - June 15
July to Sep - Sep 15
Oct to Dec - Jan 15
Jan to March - March 15


2B. GST Due Dates

S.NoType of ReturnFrequencyDue date
1GSTR 3B Monthly20th of next month
1GSTR 3B QuarterlyJan 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
2GSTR 1 (if turnover Exceed Rs 5 crore)Monthly11th of Next month
3GSTR 1 ( if Turnover is less than Rs 5 CroreQuarterlyJan to March- 13th of April
April to June-13th of July
July to Sep-13th of Oct
Oct to Dec-13th of Jan
4CMP-08 (Composition)QuarterlyApril to June -18th July
July to Sep -18th Oct
Oct to Dec -18th Jan
Jan to March - 18th April


2C. TDS Due Dates

S.NoType of ReturnFrequencyDue date
1Deposit of TDS to GovernmentMonthly7th of Next month
2Filing of TDS ReturnQuarterlyApril to June - 31st July
July to Sep - 31st Oct
Oct to Dec - 31st Jan
Jan to March - 31st Apr
Comprehensive Tax Compliance Calendar

Additionally, you may visit the latest Comprehensive Tax Compliance Calendar to know upto date due dates.



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