Part 1 - Direct Taxes

1.179 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication XXII. Accountant’s reports under the Income-Tax Act Section Rule For Whom In Form No. 9A 10V(7) Relating to arm’s length price in respect of the remuneration paid by an eligible investment fund to the fund manager 3CEJ 9A 10V(13) Regarding fulfillment of certain conditions by an eligible investment fund 3CEJA 10(23FE) 2DB Compliance to the provisions of section 10(23FE) by the notified Pension Fund 10BBC 10(23FF) 2DD(3) Computation of exempt income of specified fund 10-IJ 10A(1B) 16DD Assessees claiming deduction in respect of newly established undertakings in Free Trade Zones, EPZ, SEZ, STP, etc. 56FF 35(2AB) 6 Relating to in-house scientific research and development facility 3CLA 50B(3) 6H In case of slump sale, for computation of Net Worth of the Undertaking/Division 3CEA 80-IA(6) 18BBE Computation of profits of certain activities forming integral part of a highway project 10CCC 80LA 19AE Scheduled bank which owns an offshore banking unit in Special Economic Zone 10CCF 80JJAA(2) 19AB Assessees claiming deduction in respect of employment of new workmen 10DA 92E 10E Relating to International transactions or Specified Domestic Transactions and particulars thereof 3CEB 115JB 40B Company assessees to which provisions of section 115JB applies 29B 115JC 40BA For LLP (A.Y. 2012-13) and persons other than a company (from A.Y. 2013-14) to which provisions of S. 115JC applies 29C 195 37BB Furnishing of certificate for payment to non-resident 15CB 201/206C 31ACB/ 37J For resident who has failed to deduct/collect tax in accordance with provisions of Chapters XVIIB/XVIIBB 26A/ 27BA

Direct Taxes 1.180 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication XXIII. Rectifications Section Subject matter Who can rectify Time limit What can be rectified Remarks 154 a) Any order passed under the IT Act b) Intimation or deemed intimation u/s. 143(1) c) Intimation u/s. 200A(1) d) Intimation u/s. 206CB(1) An Income Tax Authority referred to in section 116. 4 years from the end of the financial year in which order/ intimation was passed Any mistake apparent from the record. 1. An appeal lies against rectification orders. 2. An appeal lies against refusal to rectify the mistake. 3. Rectification order having effect of enhancing liability or reducing refund could be passed only after giving notice and an opportunity of being heard to the assessee. 4. An application made on or after 1-6- 2001 shall be disposed of within six months from the end of the month in which the application is received by the Authority. 254(2) Any order passed by ITAT ITAT Six months from the end of the month in which the order was passed — do — 1, 2, & 3 stated above are not applicable. 4 Is same as stated above. 5 Application filed shall be accompanied by a fee of ` 50.

Appeals 1.181 R 7ima 5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication XXIV. Appeals Section Appeal to Filing Time Limit Fees Form No. Documents Remarks 246 Joint Commissioner (A) / JCIT (A) 30 days a) ` 250/- i) Where assessed total income is ` 1 lakh or less; ii) Where appeals are filed on issues such as TDS defaults, nonfiling of returns, etc. which cannot be linked with the assessed income b) ` 500, where assessed total income is more than ` 1 lakh but less than ` 2 lakh c) ` 1,000, where assessed total income is more than ` 2 lakh 35 1. Form No. 35 2. Order appealed against – 1 certified copy 3. Grounds of Appeal and Statement of Facts 4. Notice of demand 5. In case of appeal against penalty order copy of relevant assessment order 6. Counterfoil of challan of appeal fees 1. Applicable from 1st April, 2023 2. Board or Income-tax authority as authorized may transfer any appeal pending before CIT(A) to JCIT(A) 3. e-Appeal Scheme 2023 has been notified by CBDT on 29th May 2023, for facilitation the Faceless Assessment under Section 246. Scheme laid down the procedure to be followed in faceless assessment. 4. Appeal against the order passed by JCIT(A) will lie before the ITAT having jurisdiction. 5. Following orders of an Assessing Officer (below the rank of Joint Commissioner) may appeal to the Joint Commissioner (Appeals) : a. intimation u/s section 143(1) , 143(3) or 144 b. order u/s 147, c. order u/s 200A(1), 201, 206C(6A), d. penalty order under chapter XXI

Direct Taxes 1.182 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Appeal to Filing Time Limit Fees Form No. Documents Remarks e. order u/s 154 or 155, amending above orders. 6. Points 1 to 6 stated below in appeal u/s 246A. 246A CIT (A) 30 days a) ` 250/- i) Where assessed total income is ` 1 lakh or less; ii) Where appeals are filed on issues such as TDS defaults, nonfiling of returns, etc. which cannot be linked with the assessed income b) ` 500, where assessed total income is more than ` 1 lakh but less than ` 2 lakh c) ` 1,000, where assessed total income is more than ` 2 lakh 35 1. Form No. 35 2. Order appealed against – 1 certified copy 3. Grounds of Appeal and Statement of Facts 4. Notice of demand 5. In case of appeal against penalty order copy of relevant assessment order 6. Counterfoil of challan of appeal fees 1. Appeal is to be filed electronically by persons who are required to file their return of income electronically From AY 2019-20 assessees above 80 years of age can file appeal in paper form physically. 2. Person authorised to sign return of income u/s. 140, must sign the appeal form. All assessee who file the return using DSC, need to file appeal also through DSC. 4. Tax on returned income should be paid before filing the appeal. 5. Where the assessee has not filed ROI the amount of advance-tax payable should be paid before filing the appeal. Commissioner (Appeals) may for any good and sufficient reason, to be recorded in writing, exempt the assessee from operation of this condition

Appeals 1.183 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Appeal to Filing Time Limit Fees Form No. Documents Remarks 6. If the delay in presenting the appeal is for a sufficient cause, CIT(A) has a power to condone the delay and admit the appeal 7. Faceless Appeal Scheme 2021 has been updated by CBDT on 28 December 2021. As per this scheme, National Faceless Appeal Centre (NFAC) and Appeal units have been set up to facilitate the conduct of e-appeal proceedings. All communication between the Commissioner (Appeals) and the appellant shall be through NFAC. 253 ITAT 60 days Appeal filing fees : A. ` 500 - a) Where total income assessed is ` 1 lakh or less. b) Where appeals are filed on issues such as TDS defaults, nonfiling of returns, etc. which cannot be linked with the assessed income. c) An application for stay of demand. 36 1. Form No. 36 — in triplicate 2. Order appealed against — 2 copies (including one certified copy) 3. Order of Assessing Officer — 2 copies 4. Grounds of appeal before First Appellate Authority —2 copies 5. Statement of facts filed before First 1. Person authorised to sign return of income u/s. 140, must sign the appeal form. 2. As per CBDT Cir No.17/2019 dt 8-8-2019, department can file appeal only if tax effect exceeds ` 50,00,000/- 3. w.e.f. 1-4-2023, Appeal to ITAT can be filed against order passed by ; a. Principal Commissioner or Commissioner under section 12AA, 12AB,

Direct Taxes 1.184 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Appeal to Filing Time Limit Fees Form No. Documents Remarks B. ` 1,500, if income assessed is above ` 1 lakh but less than ` 2 lakh. C. 1% of the income assessed subject to maximum of ` 10,000 where assessed income is more than ` 2 lakh. D. For appeals against penalty orders, see Bidyut Kumar Sett vs. ITD 92 ITD 148 (SB). No such fees shall be payable in case Appeal is filed by commissioner. Appellate Authority — 2 copies 6. In case of appeal against penalty order — 2 copies of relevant assessment order 7. In case of appeal against the Final order after directions of DRP, - 2 copies of order of DRP. 8. In case of appeal against order u/s. 143(3) read with S. 144A — 2 copies of the directions of the Deputy Commissioner u/s. 144A 9. In case of appeal against order u/s. 143 read with S. 147 – 2 copies of original assessment order, if any 10. Self certified challan for payment of appeal fees 80G(5)(vi), 270A, 271 or 272A or an order passed by him under section 154 amending any such order, b. Principal Chief Commissioner or Chief Commissioner or a Principal Director General or Director General or a Principal Director or Director under section 263 or 272A or an order passed by him under section 154 amending any such order Points to be noted for computing tax effect: 1. Tax will not include any interest thereon, except where chargeability of interest itself is the issue under dispute. 2. In cases where returned loss is reduced or assessed as income, the tax effect would include notional tax on disputed additions. 3. In case of penalty orders, the tax effect will mean quantum of penalty appealed against. 4. Tax effect shall be calculated separately for every assessment year.

Revision 1.185 R 7ima 5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Appeal to Filing Time Limit Fees Form No. Documents Remarks B. ` 1,500, if income assessed is above ` 1 lakh but less than ` 2 lakh. C. 1% of the income assessed subject to maximum of ` 10,000 where assessed income is more than ` 2 lakh. D. For appeals against penalty orders, see Bidyut Kumar Sett vs. ITD 92 ITD 148 (SB). No such fees shall be payable in case Appeal is filed by commissioner. Appellate Authority — 2 copies 6. In case of appeal against penalty order — 2 copies of relevant assessment order 7. In case of appeal against the Final order after directions of DRP, - 2 copies of order of DRP. 8. In case of appeal against order u/s. 143(3) read with S. 144A — 2 copies of the directions of the Deputy Commissioner u/s. 144A 9. In case of appeal against order u/s. 143 read with S. 147 – 2 copies of original assessment order, if any 10. Self certified challan for payment of appeal fees 80G(5)(vi), 270A, 271 or 272A or an order passed by him under section 154 amending any such order, b. Principal Chief Commissioner or Chief Commissioner or a Principal Director General or Director General or a Principal Director or Director under section 263 or 272A or an order passed by him under section 154 amending any such order Points to be noted for computing tax effect: 1. Tax will not include any interest thereon, except where chargeability of interest itself is the issue under dispute. 2. In cases where returned loss is reduced or assessed as income, the tax effect would include notional tax on disputed additions. 3. In case of penalty orders, the tax effect will mean quantum of penalty appealed against. 4. Tax effect shall be calculated separately for every assessment year. Section Appeal to Filing Time Limit Fees Form No. Documents Remarks 5. In case of a composite order of any High Court or appellate authority, which involves more than one assessment year and common issues in more than one assessment year, no appeal shall be filed in respect of an assessment year or years if the ‘tax effect’ is less than the prescribed monetary limits in any of the year(s). 6. Monetary limits stated above do not apply to writ matters and direct tax matters other than Income-tax. 7. Cases where the tax effect is not quantifiable or not involved, such as the case of registration of trusts or institutions under section 12A of the Income-tax Act, 1961, shall not be governed by the limits specified above. [F. No. 279/Misc/142/2007-ITJ(Pt)] Circular No. 21/2015 dated 10- 12-2015. 253(4) ITAT (Cross objection) 30 days NIL No fees payable. 36A Same as above (Except instead of Form 36, Form 36A). The assessee/A.O. (who may or may not have filed an appeal) may file the cross objections.

Direct Taxes 1.186 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Appeal to Filing Time Limit Fees Form No. Documents Remarks 254(2A) ITAT Fees for stay application is ` 500/- — 1. Stay application in triplicate. 2. Copy of demand notice. 3. Copies of correspondence with revenue authorities. 4. Copy of letter refusing stay of demand. 5. Application shall be supported by an affidavit duly sworn in by the applicant or his authorsed agent. 1. The Appellate Tribunal may pass an order of stay in proceedings subject to the condition that the assessee deposits not less than 20% of the amount of tax, interest, fee, penalty or any other sum payable under the provisions of the Act or furnishes security of equal amount in respect thereof. 2. The stay granted by the Tribunal shall be valid only for 180 days from the date of such order and the Tribunal shall dispose of the appeal within the said period of stay. The period of stay can be extended on an application. 6. Self certified challan for payment of fee. by the assessee, if ITAT is satisfied that the delay in disposing of the appeal is not attributable to the assessee and the assessee has complied with the condition mentioned above in point 1. However, the total period of stay will not exceed 365 days. After the expiry of 365 days, the stay shall stand vacated even if the delay in disposing of the appeal is not attributable to the assessee.

Revision 1.187 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Appeal to Filing Time Limit Fees Form No. Documents Remarks 260A High Court 120 days As per the provisions of Code of Civil Procedure, 1908. The amount of fees will depend upon the statute of the State in which the appeal is being filed. The fees are to be paid by way of purchase of judicial stamp papers of the respective State in which the appeal is to be filed. Memorandum of Appeal 1. Appeal Memo stating the s u b s t a n t i a l question of law. 2. Order of ITAT. 3. Grounds of Appeal filed before ITAT. 4. Order of CIT (A). 5. Grounds of Appeal and Statement of facts filed before CIT (A). 6. Order of Assessing Officer. 1. Appeal can be filed by the CCIT or CIT or an assessee who is aggrieved by any order passed by ITAT. 2. Appeal lies only if HC is satisfied that the case involves a substantial question of law. 3. As per CBDT Cir No.17/2019 dt 8-8-2019, department can file appeal only if tax effect exceeds Rs.1,00,00,000/- 4. Appeal shall be heard on substantial question of law formulated by the High Court. The High Court may, if it is satisfied, for reasons to be recorded, hear the appeal on any other substantial question of law not formulated by it. 5. Provisions of Code of Civil Procedure, 1908 relating to appeals to High Court shall, as far as the case may be, apply in case of appeals under this section. 6. High Court may admit an appeal after expiry of period of 120 days if it is satisfied that there was sufficient cause for not filing the same within that period.

Direct Taxes 1.188 R 7ima 5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Appeal to Filing Time Limit Fees Form No. Documents Remarks 261 Supreme Court As per the provisions of Code of Civil Procedure, 1908. The amount of fees will depend upon the statute of the State in which the appeal is being filed. The fees are to be paid by way of purchase of judicial stamp papers of the respective State in which the appeal is to be filed. Memorandum of Appeal 1. Certificate of high Court is required stating the case is fit one for appeal to the Supreme Court. 2. Monetary of department filing an appeal to SC is Rs.2,00,00,000/ Filing of appeal or application for reference by Income-tax authority: Section 268A 1. Where, in pursuance of the orders, instructions or directions issued under sub-section (1), an Income-tax authority has not filed any appeal or application for reference on any issue in the case of an assessee for any assessment year, it shall not preclude such authority from filing an appeal or application for reference on the same issue in the case of– a) The same assessee for any other assessment year; or b) Any other assessee for the same or any other assessment year. 2. Notwithstanding that no appeal or application for reference has been filed by an Income-tax authority pursuant to the orders or instructions or directions issued under sub-section (1), it shall not be lawful for an assessee, being a party in any appeal or reference, to contend that the Income-tax authority has acquiesced in the decision on the disputed issue by not filing an appeal or application for reference in any case. 3. The Appellate Tribunal or Court, hearing such appeal or reference, shall have regard to the orders, instructions or directions issued under sub-section (1) and the circumstances under which such appeal or application for reference was filed or not filed in respect of any case. 4. Every order, instruction or direction which has been issued by the Board fixing monetary limits for filing an appeal or application for reference shall be deemed to have been issued under sub-section (1) and the provisions of sub-sections (2), (3) and (4) shall apply accordingly.

Revision 1.189 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication XXV. Revision Section Subject matter of Revision Who can revise Time Limit Remarks 263 Any order (including order passed u/s 92CA) passed by the Assessing Officer which is erroneous and prejudicial to the interests of the revenue. Explanation 2 provides that an order passed by the Assessing Officer shall be deemed to be erroneous and prejudicial to the interest of revenue if in the opinion of the Pr. Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner: i) The order is passed without making inquiries or verification which should have been made; ii) The order is passed allowing any relief without inquiring into the claim; iii) The order has not been made in accordance with any order, direction or instruction issued by the Board under section 119; or iv) The order has not been passed in accordance with any decision which is prejudicial to the assessee, rendered by the jurisdictional High Court or Supreme Court in the case of assessee or any other person. Pr. CCIT or CCIT or Principal CIT or CIT 2 years from the end of the financial year in which order sought to be revised was passed (For exception, refer subsection (3)). 1. Assessee to get opportunity to be heard before an order u/s. 263 is passed. 2. CIT has the power to call for and examine the record of any proceeding under the Act. 3. ITAT has power to grant stay against AO passing an order giving effect to directions contained in order passed u/s. 263 of the Act. 4. Section 264A, provides for the faceless revision of order and Section 264B, provide for giving effect of faceless orders. 5. w.e.f 01.04.2023, appeal to ITAT can be filed against order passed under section 263 a Principal Commissioner or Commissioner or a Principal Chief Commissioner or

Direct Taxes 1.190 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Subject matter of Revision Who can revise Time Limit Remarks Chief Commissioner or a Principal Director General or Director General or a Principal Director or Director. 264 Any order passed by the Assessing Officer subject to the following exceptions: 1 An order to which S. 263 applies. 2 An order against which an appeal lies to CIT(A) / JCIT(A) / ITAT and the time limit for filing the appeal has not expired. 3 An order which is subjected to an appeal before the CIT(A) / JCIT(A) / ITAT. Pr. CCIT or CCIT or Principal CIT or CIT a) If the tax a u t h o r i t y revises on his own motion — 1 year. b) If assessee makes an a p p l i c a t i o n — 1 year from date of communication/ knowledge of the order (the tax authority has powers to condone delay), order to be passed within one year from the end of the F.Y. in which application is made. 1. Application by assessee to be accompanied by a fee of ` 500. 2. An order cannot be said to have been made subject to an appeal if the appeal has been disposed of by the CIT(A) or ITAT without passing an order on merits. 2. An order cannot be said to have been made subject to an appeal if the appeal has been disposed of by the CIT(A) or ITAT or JCIT(A) without passing an order on merits. 3. Section 264A, provides for the faceless revision of order and Section 264B, provide for giving effect of faceless orders.

TDS Chart 1.191 R 7ima 5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication XXVI. TDS Chart Section Applicable Rules Nature of Payment Exemption & Limit Rate of Deduction for F. Y. 2023-24 (Ref. Note 1 & Note 5) Procedure for Nil/ Lower Deduction Section 200 Return Statement Form No./Due Date TDS Certificate Form No./Due Date 192 Refer Note 3 26, 26A, 26B, 26C, 28, 28AA, 28AB 30, 31, 31A 31AB, 33, 37BA & 37BB Salary to any person a. ` 3,00,000 for all assessees after considering deductions under Section 16 (standard deduction of 50,000), 80CCD(2), 80CCH(2), and loss under the head ‘Income from House Property’ b. The employer has an option not to deduct tax on nonmonetary perquisites provided to employee and instead, pay it himself 1. As per section 115BAC since it is the default tax regime w.e.f. FY 2023-24 or 2. As applicable to individuals - refer Part I of 1st Schedule of Finance Act, 2023 Employee can apply to the AO in Form 13. Quarterly statement in Form No. 24Q/31 July, 31 Oct., 31 Jan., 31 May (for quarter ending 30/6, 30/9, 31/12 and 31/3 respectively) Form 16 and Form 12BA by 15 June from the close of the financial year 192A 29BA, 29C, 30, 31, 31A, 31AB, 37BA and 114-I Payment of accumulated balance due of Employee Provident Fund ` 50,000 10% 1. Senior Citizen can furnish d e c l a r a t i o n in duplicate in Form 15H if the tax on the estimated income is Nil. Refer Note 2. 2. A person other than a company or a firm can furnish d e c l a r a t i o n in duplicate in Form 15G where the a g g r e g a t e income does not exceed the maximum amount not liable to tax. Refer Note 2. Quarterly statement in Form No. 26Q on 31 July, 31 Oct., 31 Jan., 31 May (for quarter ending 30/6, 30/9, 31/12 and 31/3 respectively Form 16A by 15/8, 15/11, 15/2 and 15/6, for the quarters ending 30/6, 30/9, 31/12 and 31/3 respectively

Direct Taxes 1.192 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Applicable Rules Nature of Payment Exemption & Limit Rate of Deduction for F. Y. 2023-24 (Ref. Note 1 & Note 5) Procedure for Nil/ Lower Deduction Section 200 Return Statement Form No./Due Date TDS Certificate Form No./Due Date 3. Payee can apply to the A.O. in Form 13 193 Refer Note 3 28, 28AA, 28AB, 29C, 30, 31, 31A Interest on Securities to any resident a. ` 5,000 for interest on debentures (to a resident individual and HUF). b. No tax is to be deducted on interest payable • By the Government on any security • To LIC, GIC or any other similar insurer • To a corporation established by or under a Central Act which exempt from Income Tax by virtue of any law • On 7 year NSC c. ` 10,000 for 8% savings (Taxable) Bonds, 2003 or 7.75% Savings (Taxable) Bonds, 2018 10% 1. Senior Citizen can furnish declaration in duplicate in Form 15H if the tax on the estimated income is Nil. Refer Note 2. 2. A person other than a company or a firm can furnish declaration in duplicate in Form 15G where the aggregate income does not exceed the maximum amount not liable to tax. Refer Note 2. 3. Payee can apply to the A.O. in Form 13. Quarterly statement in Form No. 26Q on 31 July, 31 Oct., 31 Jan., 31 May (for quarter ending 30/6, 30/9, 31/12 and 31/3 respectively Form 16A by 15/8, 15/11, 15/2 and 15/6, for the quarters ending 30/6, 30/9, 31/12 and 31/3 respectively 194 27, 28, 28AB, 29, 29C, 30,31, 31A, 31AB & 37BA Payment to shareholder, resident in India of any dividend No TDS if • Dividend is paid by any mode other than cash AND Amount does not exceed ` 5,000 p.a. • No TDS on payments of dividends to a business trust 10% — As per procedure mentioned for section 193 above As per procedure mentioned for section 193 above

TDS Chart 1.193 R 7ima 5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Applicable Rules Nature of Payment Exemption & Limit Rate of Deduction for F. Y. 2023-24 (Ref. Note 1 & Note 5) Procedure for Nil/ Lower Deduction Section 200 Return Statement Form No./Due Date TDS Certificate Form No./Due Date 194A Refer Notes 3, 4 28, 28AA, 28AB, 29C, 30, 31, 31A, 31AB, 31AC, 31ACA, 37AB Interest (other than Interest on Securities) to resident a. ` 40,000/50,000 in case of a senior citizen where payer is a banking co. or co-operative society engaged in banking business, or in case of time deposits (including recurring deposits) with PO under a scheme notified by Central Govt. ` 5,000 in any other case 10% Same as S. 193 above As per procedure mentioned for section 193 above As per procedure mentioned for section 193 above b. No deduction required on following interest payments: i. By a firm to a partner ii. On deposits under notified schemes of the Central Government iii. By a co-operative society (other than a co-operative bank) to a member thereof or to such income credited/ paid by a co-operative society subject to: – Total sales, gross receipts or turnover does not exceed ` 50 crore AND – Amount of interest does not exceed ` 40,000/ ` 50,000 in case of a senior citizen p.a.

Direct Taxes 1.194 R 7ima 5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Applicable Rules Nature of Payment Exemption & Limit Rate of Deduction for F. Y. 2023-24 (Ref. Note 1 & Note 5) Procedure for Nil/ Lower Deduction Section 200 Return Statement Form No./Due Date TDS Certificate Form No./Due Date iv. Payment to LIC or any other company or co-operative society carrying on insurance business. v. Payment to banking company or cooperative society carrying on banking business. vi. Payment to financial corporation established under any Central, State or Provincial Act. vii. Central Govt. to assessees on excess tax paid viii. Zero coupon bonds issued by scheduled bank, Infrastructure capital fund/Company/ PSU, Infrastructure Debt Fund. ix. To any Business Trust referred to in Section 10(23FC), etc. x. Paid on compensation amount awarded by Motor Accidents Claims Tribunal up to ` 50,000 p.a.

TDS Chart 1.195 R 7ima 5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Applicable Rules Nature of Payment Exemption & Limit Rate of Deduction for F. Y. 2023-24 (Ref. Note 1 & Note 5) Procedure for Nil/ Lower Deduction Section 200 Return Statement Form No./Due Date TDS Certificate Form No./Due Date 194B 30, 31, 31A, 31AB, 37BA & 37BB Winnings from lottery or crossword puzzles, etc including card game or other game of any sort or gambling or betting of any form to any person (including winning in kind) ` 10,000 W.e.f. 1 July, 2023, no TDS to be deducted on winnings from any online game on or after 1 July, 2023 30% All assessees Not Applicable As per procedure mentioned for section 193 above As per procedure mentioned for section 193 above 194BA (w.e.f. 1 July. 2023) Winnings from any online game in cash or kind or partly in cash and partly in kind i. No Limit ii. TDS to be deducted on net winnings of the user account 30% All assessee Not Applicable As per procedure mentioned for section 193 above As per procedure mentioned for section 193 above 194BB 30, 31, 31A, 31AB, 37BA & 37BB Winnings from horse races to any person ` 10,000 30% All assessee Not Applicable As per procedure mentioned for section 193 above As per procedure mentioned for section 193 above 194C Refer Notes 3, 4 & 6 28, 28AA, 28AB 29C, 30, 31, 31A, 31AB, 37BA Payment to Resident Contractors/ SubContractors by persons other than individual and HUF i. ` 30,000 per credit/payment and ii. ` 1,00,000 p.a. 2% in case of Cos/ Firms/Co-op. Soc./ AOP/BOI 1% in case of Individual/HUF Payee to apply in Form 13 to the A.O. to obtain certificate As per procedure mentioned for section 193 above As per procedure mentioned for section 193 above

Direct Taxes 1.196 R 7ima 5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Applicable Rules Nature of Payment Exemption & Limit Rate of Deduction for F. Y. 2023-24 (Ref. Note 1 & Note 5) Procedure for Nil/ Lower Deduction Section 200 Return Statement Form No./Due Date TDS Certificate Form No./Due Date 194D 28, 28AA, 30, 31, 31A, 31AB Insurance commission to Resident ` 15,000 5% if recipient is a resident (other than a company) 10% if recipient is a domestic company Payee to apply in Form 13 to the A.O. to obtain certificate (Form 15G-15H allowed, similar to Section 193) As per procedure mentioned for section 193 above As per procedure mentioned for section 193 above 194DA 29C, 31, 31A, 31AB & 37BA Payment to resident of any sum under life insurance policy (including bonus) other than the amount exempt under section 10(10D) i. ` 1,00,000 ii. With effect from 1st September 2019, TDS to be applicable only on income (i.e. sum assured minus insurance premiums paid) 5% — As per procedure mentioned for section 193 above As per procedure mentioned for section 193 above 194E 30, 31, 31A, 31AB, 37BA, 37BB Payments to Non-resident sportsmen (including an athlete)/ entertainer sports association or institution Any amount 20% Not Applicable As per procedure mentioned for section 193 above As per procedure mentioned for section 193 above 194EE 29C, 30, 31, 31A, 31AB & 37BA Payments of deposits under National Savings Scheme to any person Payments to heirs exempt. In any other case less than ` 2,500 10% If Form 15G/Form15H is furnished by a resident individual As per procedure mentioned for section 193 above As per procedure mentioned for section 193 above

TDS Chart 1.197 R 7ima 5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Applicable Rules Nature of Payment Exemption & Limit Rate of Deduction for F. Y. 2023-24 (Ref. Note 1 & Note 5) Procedure for Nil/ Lower Deduction Section 200 Return Statement Form No./Due Date TDS Certificate Form No./Due Date 194G 28, 28AA, 28AB, 30, 31, 31A, 31AB, 37BA Commission/ Remuneration or Prize on sale of lottery tickets to any person ` 15,000 5% Payee to apply in Form 13 to the A.O. to obtain certificate As per procedure mentioned for section 193 above As per procedure mentioned for section 193 above 194H Refer Notes 3 & 4 28, 28AA, 28AB, 30, 31, 31A, 31AB & 37BA Commission or Brokerage to a resident a. Individual & HUF – not required to deduct tax (Subject to Note 4) b. ` 15,000 p.a. c. No deduction for commission or brokerage payable by BSNL & MTNL to their PCO franchises d. No deduction for brokerage on securities or New Pension Scheme Trust [Section 197A read with section 10(44)] 5% Payee to apply in Form 13 to the A.O. to obtain certificate As per procedure mentioned for section 193 above As per procedure mentioned for section 193 above 194-I Refer Notes 3 & 4 28, 28AA 28AB, 30, 31, 31A, 31AB, 37BA Rent paid to any resident for Plant Machinery, Equipment, Rents paid to any resident for Land & Building a. Individual & HUF – not required to deduct tax (Subject to Note 4) b. ` 2,40,000 p.a. c. No tax deduction if payee is Government/Local Authority No deduction for rent paid/credited to a business trust being a REIT, in respect of any real estate asset referred to in clause 10(23FCA) owned directly by such business trust 2% (machinery, plant, equipment) 10% (land, building or furniture) Same as section 193 above As per procedure mentioned for section 193 above As per procedure mentioned for section 193 above

Direct Taxes 1.198 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Applicable Rules Nature of Payment Exemption & Limit Rate of Deduction for F. Y. 2023-24 (Ref. Note 1 & Note 5) Procedure for Nil/ Lower Deduction Section 200 Return Statement Form No./Due Date TDS Certificate Form No./Due Date 194-IA 30, 31, 31A 31AB & 37BA Payment on transfer of certain immovable properties other than agricultural land a. Any person to a resident transferor b. ` 50,00,000 or above c. Section 203A not applicable d. Consideration for immovable property includes charges in nature of club membership fee, car parking fee, electricity or water facility fee, maintenance fee, advance fees for any other charges of similar nature incidental to transfer of immovable property 1% of consideration or stamp duty value whichever is higher Not Applicable Form 26QB within 30 days from the end of the month — 194-IB 30, 31, 31A, 31AB & 37BA Rent Rent paid to any resident by any Individual & HUF (not falling under ambit of section 44AB) subject to limit of ` 50,000 per month Section 203A not applicable 5% To be deducted in last month of previous year or last month of tenancy 194-IC 30, 31, 31A, 31AB & 31BA Amount paid for Joint develop agreement Capital gain arising to individual or a HUF from joint development agreement 10% At the time of credit of such sum, or payment in cash or by issue of cheque or draft 194J Refer Notes 3 & 4 28, 28AA, 28AB, 30, 31, 31A, 31AB, 37BA Fees for professional or technical services, Remuneration/ Commission/ Fees, etc. to Directors (other than those covered under section 192), Royalty and sum referred to in section 28(va) a. Individuals & HUFs are not required to deduct tax (subject to Note 4) b. ` 30,000 2% (In case of fees for technical services not being a professional service or royalty where such royalty is in the nature of consideration for sale, distribution or exhibition of cinematographic films) 2% (If payee is engaged in the business of operation of Call Centre) Payee to apply in Form 13 to the A.O. to obtain certificate As per procedure mentioned for section 193 above As per procedure mentioned for section 193 above

TDS Chart 1.199 R 7ima 5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Applicable Rules Nature of Payment Exemption & Limit Rate of Deduction for F. Y. 2023-24 (Ref. Note 1 & Note 5) Procedure for Nil/ Lower Deduction Section 200 Return Statement Form No./Due Date TDS Certificate Form No./Due Date 194-IA 30, 31, 31A 31AB & 37BA Payment on transfer of certain immovable properties other than agricultural land a. Any person to a resident transferor b. ` 50,00,000 or above c. Section 203A not applicable d. Consideration for immovable property includes charges in nature of club membership fee, car parking fee, electricity or water facility fee, maintenance fee, advance fees for any other charges of similar nature incidental to transfer of immovable property 1% of consideration or stamp duty value whichever is higher Not Applicable Form 26QB within 30 days from the end of the month — 194-IB 30, 31, 31A, 31AB & 37BA Rent Rent paid to any resident by any Individual & HUF (not falling under ambit of section 44AB) subject to limit of ` 50,000 per month Section 203A not applicable 5% To be deducted in last month of previous year or last month of tenancy 194-IC 30, 31, 31A, 31AB & 31BA Amount paid for Joint develop agreement Capital gain arising to individual or a HUF from joint development agreement 10% At the time of credit of such sum, or payment in cash or by issue of cheque or draft 194J Refer Notes 3 & 4 28, 28AA, 28AB, 30, 31, 31A, 31AB, 37BA Fees for professional or technical services, Remuneration/ Commission/ Fees, etc. to Directors (other than those covered under section 192), Royalty and sum referred to in section 28(va) a. Individuals & HUFs are not required to deduct tax (subject to Note 4) b. ` 30,000 2% (In case of fees for technical services not being a professional service or royalty where such royalty is in the nature of consideration for sale, distribution or exhibition of cinematographic films) 2% (If payee is engaged in the business of operation of Call Centre) Payee to apply in Form 13 to the A.O. to obtain certificate As per procedure mentioned for section 193 above As per procedure mentioned for section 193 above Section Applicable Rules Nature of Payment Exemption & Limit Rate of Deduction for F. Y. 2023-24 (Ref. Note 1 & Note 5) Procedure for Nil/ Lower Deduction Section 200 Return Statement Form No./Due Date TDS Certificate Form No./Due Date (i.e., non-compete & confidentiality payments) paid to a resident 10% in all other cases. 194K Income in respect of units paid to a resident ` 5,000 p.a. 10% Payee to apply in Form 13 to the A.O. to obtain certificate 194LA 28, 28AA, 28AB, 30, 31, 31A, 31AB, 37BA Compensation to resident on acquisition of certain immovable property other than specified agricultural land ` 2,50,000 p.a. 10% Payee to apply in Form 13 to the A.O. to obtain certificate As per procedure mentioned for section 193 above As per procedure mentioned for section 193 above 194LC 30, 31, 31A, 31AB, 37BA & 37BB Borrowings in foreign currency is made under/ by a. Loan Agreement (between 1st July, 2012 and 1st July, 2023) TDS will be deducted at a concessional rate on interest payment to non-resident. 5% b. Long-term bonds issued (between 1st Oct, 2014 and 1st July, 2023) 5%

Direct Taxes 1.200 R 7ima 5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Applicable Rules Nature of Payment Exemption & Limit Rate of Deduction for F. Y. 2023-24 (Ref. Note 1 & Note 5) Procedure for Nil/ Lower Deduction Section 200 Return Statement Form No./Due Date TDS Certificate Form No./Due Date c. Issue of rupee denominated bonds (before 1st July, 2023) 5% d. Issue of rupee denominated bond listed only on a recognized stock exchange in an IFSC (between 1st April, 2020 and 1st July, 2023) 4% 194LD 30, 31, 31A, 31AB, 37BA & 37BB Interest payable at any time to FII and QFI (now known as FPI) ona. Government securities (issued between 1st June, 2013 and 1st July, 2023) b. Rupee denominated corporate bonds TDS will be charged at concessional rate (provided that the interest rate does not exceed the rate notified by central government) 5%

TDS Chart 1.201 R 7ima 5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Applicable Rules Nature of Payment Exemption & Limit Rate of Deduction for F. Y. 2023-24 (Ref. Note 1 & Note 5) Procedure for Nil/ Lower Deduction Section 200 Return Statement Form No./Due Date TDS Certificate Form No./Due Date (issued between 1st June, 2013 and 1st July, 2023) c. Municipal debt securities (issued between 1st April, 2020 and 1st July, 2023) 194M 30, 31, 31A, 31AB, 38BA & 37BB Payment by an Individual or HUF under a contract for work or professional fees a. Not applicable to Individuals and HUF covered under section 194C, and section 194H or section 194J b. Up to ` 50,00,000 c. Section 203A not applicable 5% Payee to apply in Form 13 to the A.O. to obtain certificate As per procedure mentioned for section 193 above (unless specifically carved out) As per procedure mentioned for section 193 above (unless specifically carved out) 194N 30, 31, 31A, 31AB, 38BA & 37BB Payment of certain amount in cash by banking company (including bank or banking institution), co-operative bank or post office a. Payment (cash withdrawal) to any person in excess of i. ` 3 crore from one or more accounts in case of a co-operative society ii. ` 1 crore from one or more accounts in all other cases. b Where the recipient/person has not filed returns of income for all three assessment years for which time limit to file return of income under section 139(1) has expired immediately preceding the previous year in which payment of sum is made AND 2% 2% Not applicable As per procedure mentioned for section 193 above As per procedure mentioned for section 193 above

Direct Taxes 1.202 R 7ima 5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Applicable Rules Nature of Payment Exemption & Limit Rate of Deduction for F. Y. 2023-24 (Ref. Note 1 & Note 5) Procedure for Nil/ Lower Deduction Section 200 Return Statement Form No./Due Date TDS Certificate Form No./Due Date • Amount or aggregate of amounts exceed ` 20 lakh but up to ` 1 crore • Amount or aggregate of amounts exceed ` 1 crore 2% 5% c. Not applicable to payment made to the Government, any banking company or cooperative society carrying on business of banking or post office and their banking correspondent and white label ATM operator, any other person to be notified. d. The Central Government may specify in consultation with the RBI, by notification in the Official Gazette, recipient in whose case the provision of this section or provision contained in clause (b) above, shall not apply or apply at a reduced rate, if such recipient satisfies the conditions specified in such notification. 194-O 28, 28AA, 28AB & 30 Payment of certain sums by e-commerce operator to e-commerce participant ` 5,00,000 p.a. (if the e-commerce participant is an individual or HUF and the PAN/Aadhaar number of the e-commerce participant has been furnished to the e-commerce operator) 1% Payee to apply in Form 13 to the A.O. to obtain certificate Quarterly statement in Form No. 26Q on 31 July, 31 Oct., 31 Jan., 31 May (for quarter ending 30/6, 30/9, 31/12 and 31/3 respectively Form 16A by 15/8, 15/11, 15/2 and 15/6, for the quarters ending 30/6, 30/9, 31/12 and 31/3 respectively

TDS Chart 1.203 R 7ima 5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Applicable Rules Nature of Payment Exemption & Limit Rate of Deduction for F. Y. 2023-24 (Ref. Note 1 & Note 5) Procedure for Nil/ Lower Deduction Section 200 Return Statement Form No./Due Date TDS Certificate Form No./Due Date 194P Deduction of tax in case of a senior citizen of the age of 75 or more A specified bank shall, after giving effect to the deductions under Chapter VI-A & rebate under section 87A, compute total income of specified senior citizen and deduct TDS on such total income. The senior citizen should have only pension income and interest income from the same specified bank in which he is receiving pension income which he is receiving pension income Rates in force (i.e. slab rates) OR As per section 115BAC if the senior citizen chooses to be governed by the new taxation regime 194Q Purchase of Goods Purchase of goods in excess of ` 50 lakh by a buyer whose total sales/turnover/gross receipts from business exceeds Rs. 10 crore during the previous FY TDS not to be deducted under this section where the transaction is subject to TDS/TCS under any other provisions of the Act. If the transaction is subject to provisions of TCS on sale of goods under section 206C(1H) and provisions of TDS under this section, only TDS under this section will be deducted 0.1% In case the seller does not have a PAN, TDS rate will be 5% Payee to apply in Form 13 to the A.O. to obtain certificate As per procedure mentioned for section 193 above As per procedure mentioned for section 193 above 194R Benefit or perquisite to a resident in cash or kind or partly in cash and partly in kind Benefit or perquisite to a resident (individual or HUF) whether convertible into money or not, arising from business or profession where sales, gross receipts or turnover of resident: a. In case of Business is equal to or exceeds ` 1 crore p.a. b. In case of Profession is equal to or exceeds fifty lakh p.a. AND Value of benefit or perquisite provided or likely to be provided is equal to or exceeds ` 20,000 p.a. 10% Payee to apply in Form 13 to the A.O. to obtain certificate

Direct Taxes 1.204 R 7ima 5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Applicable Rules Nature of Payment Exemption & Limit Rate of Deduction for F. Y. 2023-24 (Ref. Note 1 & Note 5) Procedure for Nil/ Lower Deduction Section 200 Return Statement Form No./Due Date TDS Certificate Form No./Due Date 194S Payment on transfer of virtual digital asset ` 50,000 p.a. or 10,000 p.a where consideration is payable by a person other than specified person. ‘Specified person ‘means a person being an individual or HUF a. Whose sales, gross receipts or turnover from business does not exceed ` 1 crore and in case of profession does not exceed ` 50 lakh in the financial year immediately preceding the financial year in which the virtual digital asset is transferred or; b. Not having income under the head ‘Profits and gains of business or profession’ 1% Payee to apply in Form 13 to the A.O. to obtain certificate 195 Refer Note 3 26, 28, 28AA, 28AB, 29B, 30, 31A, 31AB, 37BA, 37BB Interest or other sums (other than salary) paid to Nonresidents or to foreign companies Any sum chargeable under Income Tax As per double taxation avoidance treaty or as per Schedule 1, Part II to the Finance Act, 2019 whichever is beneficial to the assessee 1. Payee to apply in Form 13 to the AO to obtain certificate 2. Payee to apply in Form 15C/15D to the A.O. to obtain certificate 3. Payer may apply to A.O. to determine income component in payment for lower deduction Quarterly statement in Form No. 27Q on 15 July, 15 Oct., 15 Jan., 15 May As per procedure mentioned for section 193 above

TDS Chart 1.205 R 7ima 5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Notes: 1. Surcharge is applicable at the following rates in case of: Individual, HUF, AOP or BOI being non-resident: Total income (`) Surcharge rate (Old Regime) Surcharge rate (New Regime) Exceeds ` 50 lakhs 10% 10% Exceeds ` 1 crore 15% 15% Exceeds ` 2 crore 25% 25% Exceeds ` 5 crore 37% 25% Foreign company @ 2% where such sum exceeds ` 1 crore but does not exceed ` 10 crore and 5% where such sum exceeds ` 10 crore. Health and Education Cess @ 4% is applicable to Non-Residents and Foreign Companies. Nature of Activity Salary Other than Salary i.e.; Ss. 193, 194, 194A, 194B, 194BA, 194BB, 194C, 194D, 194E, 194EE, 194G, 194H, 194-I, 194J, 194K, 194LA, 194LBA, 194LC, 194LD, 194M, 194N, 194O, 194P, 194Q, 194R and 194S (a) Time of Deduction When salary is paid When income paid or credited to the account including interest “payable” or “suspense” account whichever is earlier. (b) Time of deposit of tax (where deduction is made for or on behalf of the Government) On same day On same day (c) Time of deposit of tax (where deduction is other than for or on behalf of Government) Within 7 days from the last day of the month in which the deduction is made. Quarterly deduction from salary on July 7, October 7, January 7 and 30 April with prior approval of AO. If credited or paid in the month of March on which accounts are made, on 30 April. Any other case, within 7 days from the end of the month in which deduction is made. Quarterly deduction from other interest, insurance commission or other commission or brokerage on July 7, October 7, January 7 and April 30 with prior approval from JC. Note: For Section 194-IA and Section 194-IB refer chart above

Direct Taxes 1.206 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication 2. Copies of Form Nos. 15G & 15H received by the payer have to be filed online on Income Tax Website within 7 days of the succeeding month. A declaration for non-deduction of tax under Section 197A can be furnished by the assessee only if his aggregate income is less than threshold limit. Senior Citizens can file declaration if tax on their estimated total income is likely to be NIL. It can also be furnished in paper form with Principal Chief Commissioner/Chief commissioner/ Commissioner. 3. Consequences of delay in payment of TDS • If the person responsible for deducting and paying tax fails to do so, he shall be considered an assessee in default, liable to pay interest @ 1% p.m. or part thereof on the amount of such tax from the date on which such tax was deductible to the date of deduction and @ 1.50% p.m. or part thereof on the amount of such tax from the date of deduction to the date of actual payment, rigorous imprisonment ranging from 3 months to 7 years and fine. The interest payment needs to be made before filing of the Quarterly Return. For penalty please refer page 1.172. • Disallowance due to non-deduction: If tax deductible under Chapter XVII-B is not deducted during the previous year or deducted and not paid before the due date of filing the return of income than the relevant expenditure/30% of relevant expenditure otherwise allowable in computing total income of the payer would be liable for disallowance under Section 40(a)(i)/(ia) for non-resident and resident respectively. However, wherever the deduction is made in a subsequent year or the payment is made after the due date of filing the return of income, the deduction will be allowed in the year in which TDS is paid. For details see section 40(a). 4. Applicable to individuals or a HUF, who was liable to tax audit in the immediately preceding financial year shall be liable to deduct incometax under Sections 194A, 194C, 194H, 194-I & 194J. Payments made by way of fees which are exclusively for personal purposes will not attract provisions of Sections 194C and 194J. 5. i. In case where deductee does not furnish PAN to the deductor, tax will be deducted at the higher of rate specified in the relevant provisions, or rate in force or twenty per cent. However, with effect from 1 June 2016, the above provisions shall not apply to a foreign company or to a non-resident subject to prescribed conditions. ii. Declaration under Section 197A; i.e., declaration in Form 15G or 15H as the case may be are not valid iii. Certificate of lower/nil deduction will not be issued in case of such deductee. 6. No TDS under Section 194C on Transport if the Contractors provides PAN and contractor owns ten or less goods carriages at any time during the previous year and furnishes a declaration to that effect. 7. As per newly introduced Rule 26C, employee has to furnish Form 12BB, being evidence of claims for deduction under Section 192. 8. Refer Circular No 18 of 2022 for Additional Guidelines for removal of difficulties under sub-section 2 of Section 194R 2

Important due dates under Direct Taxes 1.207 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication XXVII. Important Due Dates under Direct Taxes Sr. No. Nature Details April May June July Sept. Oct. Nov. Dec. Jan. Mar. A TDS STATEMENTS FORM NO. 1. Salaries Quarterly 24Q 2. Other than salaries Quarterly 26Q 3. Payments other than salary to Non- Residents/NORs Quarterly 27Q Quarter ending (For 1, 2 & 3) June 31 September 31 December 31 March 31 4. Purchase of immovable property (See Note 1) One time 26QB 5. Rent on property (See Note 1) Yearly 26QC 30 6. Payments to Resident Contractors and Professionals (See Note 1) Yearly 26QD 30 B RETURN FOR NONDEDUCTION OF TAX FORM NO. Interest other than interest on Securities not exceeding ` 10,000/- by every branch of a banking company without deducting tax 26QAA Quarterly 30 31 31 31 C RETURNS OF TAX COLLECTION AT SOURCE (See Note 6) FORM NO. Quarterly returns 27EQ 15 15 15 15 D RETURNS OF INCOME FORM NO. ROI (Refer Note 9) 1 i) Companies other than those claiming exemption under Section 11 or required to file a report in Section 92E 6 31 ii) Company required to furnish report under Section 92E 6 30

Direct Taxes 1.208 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Sr. No. Nature Details April May June July Sept. Oct. Nov. Dec. Jan. Mar. 2 Non-corporate assessees i) Having Business Income a) Required to get their accounts audited under Income Tax law or any other law 3 or 5 31 b) Partner of a firm and spouse of such partner whose accounts are required to be audited under section 44AB of the Act or any other law [also see Note (11) below] (w.e.f. 1st April, 2021) 3 31 c) Partner of a firm and spouse of such partner whose accounts are required to be audited under section 92E of the Act [also see Note (11) below] (w.e.f. 1st April, 2021) 3 30 d) Any other assessees 3, 4 Sugam or 5 31 ii) Having no Business Income 1 Sahaj or 2 31 iii) Charitable Trusts or societies or companies under Section 8 of the Companies Act, 2013 claiming exemption under Section 11 7 31 E ADVANCE TAX PAYMENTS FOR INCOME TAX AGGREGATE TAX PAYABLE UP TO DUE DATE All assessees 1. First Instalment 15% 15 2. Second Instalment 45% 15 3. Third Instalment 75% 15 4. Final Instalment 100% 15 F Specified Financial Transaction (SFT) 31 G TIME BARRING ASSESSMENTS U/S 143(3) i. Assessment Year 2020-21 30 ii. Assessment Year 2021-22 31

Important due dates under Direct Taxes 1.209 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication NOTES : 1. Due dates for Form 26QB, 26QC and 26QD. Form Due date Form 26QB • Within 30 days from the end of the month in which TDS was deducted Form 26QC • Within 30 days of the end of the financial year; • Within 30 days of when the premise is vacated/termination of agreement Form 26QD • Within 30 days of the end of the financial year; • Within 30days of the end of ‘Termination of contract/services’; • Both cases or at the time of payment/credit 2. Recipient of Form Nos. 15G & 15H must file a copy with C.I.T. by the 7th day of the month following the month in which it is received. 3. TDS must be deposited in bank by the 7th day of the month following the month in which tax was deducted. If the amount is credited/paid to the Payee’s A/c for the month of March, then TDS must be deposited by 30 April. (For section 80-IA 7th day from the end of the month) 4. TDS is required to be deducted either at the time of making payment or credit whichever is earlier except for salaries where TDS is deducted on payment basis. For rates and compliance. Refer TDS Chart. 5. The aforesaid TDS Returns and the Returns for tax collected at source have to be filed on the computer media; i.e., prescribed CD-ROM, DAT cartridge or USB drive by filing Forms 27A/Form 27B along with the certificate by the assessees regarding clean and virus free data. 6. If on the due date of installment payable the bank is closed due to holiday, payment can be made on next working day. Under such circumstances, interest under Sections 234B and 234C is not chargeable. (Circular No. 676 dated 14 Jan 1994). 7. Interest payable for failure to deduct/collect or pay the tax, shall be paid before submission of quarterly return. 8. For Returns of Income please see Rule 12. 9. Even though the due date for filing return of income for assessees required to get their books of account audited under section 44AB is extended to 31st October, the due date for filing the tax audit report remains 30th September. The due date for filing the return of income was changed with the intention of facilitating pre filling of the relevant data from the tax audit report into the ITR form. 10. The due date for filing transfer pricing report under section 92E is 31st October. 11. Spouse of such partner only if the provisions of section 5A apply to such spouse. 2

Direct Taxes 1.210 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication XXVIII. Tax Deduction and Collection Account Number (TDCAN) • Applicable Section/Rules/Forms o Section 203A, o Rules: Rule 114A, (Rule 114AA has been redundant w.e.f. 8-12-2004 upon introduction of substituted Rule 114A for TDCAN.) o Form: Form No. 49B or E-Form SPICe (INC 32) (Under Companies Act 2013). • Common 10 digit Alphanumeric Number is allotted for both Tax Deduction and / or Collection. • Application to be made within one month from the end of the month in which tax is deducted or collected. Tax deducted or collected cannot be deposited without TDCAN. Hence TDCAN needs to be obtained before latest date by which tax deducted or collected is required to be deposited. • Persons who have been earlier allotted TAN/ TCS (ten digits) are not again required to apply for TDCAN. • Every deductor/ collector (including DDO from Government Departments) are required to obtain TDCAN. • Every deductor/ collector can have only one TDCAN, but different branches/divisions of a deductor/ collector may apply for separate TDCAN for each branch/ division. TDCAN Allotment process • Allotment of TDCAN is partly outsourced. • Application is to be made to the undermentioned authorities through TIN facilitation centres: o Assessing Officer as may be assigned by the Principal Chief Commissioner/ Principal Commissioner/ Chief Commissioner/ Commissioner, with the function for allotment of TDCAN, or o Jurisdictional Assessing Officer • On receipt of application, NSDL would forward it to Income Tax Department (ITD) in digitized form. • Income Tax Department (ITD) would then allot TDCAN and intimate to NSDL electronically. • Post receipt of information, NSDL issues the TDCAN letter to the applicant. • Deductors can search for the TDCAN on https://www.incometax.gov.in/iec/foportal under the tab “Know your TAN”. Application • Application for the allotment of TDCAN, to be made in Form No. 49B. • Application can be either submitted online or through NSDL to the designated Assessing Officer (TDS/TCS) having jurisdiction to assess the applicant. • New Companies at the time of registration can apply for TAN in Form SPICe (INC-32). However, in such case, the Form SPICe needs to be uploaded at website of Ministry of Corporate Affairs at www.mca.gov.in. This facility is applicable only in case of TAN of head office. • Online application can be made at www.tinnsdl.com. • In case change in any of the particulars submitted at the time of furnishing original application, amendment application is required to be made in "Application for Changes or Correction in TAN Data for TAN allotted". However, in case the applicant's address changes to a different city and the new address falls under different Regional Computer Centre of ITD, applicant needs to apply for a new TDCAN and can apply for cancellation of old TDCAN.

Tax Deduction and Collection Account Number (TDCAN) 1.211 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Requirements • Physical application o Physical copy of application can be submitted at any of the TIN facilitation centers. • Online application o Where application is submitted online, duly signed printed copy of the acknowledgment generated online is required to be submitted to NSDL within 15 days from the date of online application. o The printed acknowledgment is required to be submitted at NSDL e-Governance Infrastructure Limited, 5th floor, Mantri Sterling, Plot No. 341, Survey No. 997/8, Model Colony, Near Deep Bungalow Chowk, Pune – 411016. Envelope is required to be superscribed as ‘APPLICATION FOR TAN – Acknowledgment Number’ e.g. ‘APPLICATION TAN - 88301020000260’. o On-line filed application would be processed only on receipt of signed acknowledgment and realization of payment. • Other o Application should be complete in all respects, including details of AO (TDS/ TCS). o Address of the applicant has to be Indian address only. o Signature/left thumb impression should only be within the box provided in the acknowledgment. In case of applicants other than 'individuals', the authorized signatory shall sign the acknowledgment and affix the appropriate seal or stamp. In case application is signed using a left-hand thumb impression, it should be attested by a Magistrate or a Notary Public or a Gazetted Officer, under official seal and stamp. o No documents are required to be attached along with TDCAN. However, in case of "Application for Changes or Correction in TAN Data for TAN allotted" outsource agency insists for copy of existing TDCAN (copy of TDCAN allotment letter or in absence of TDCAN letter, applicant can submit a printout of TDCAN details using TAN search facility provided at www.tin-nsdl. com or www.incometaxindiaefiling.gov. in), documentary evidence in respect to changes or corrections. o On submission of the application, acknowledgment containing a 14-digit unique number is issued. o Application can be tracked online or through mobile using unique number. (SMS NSDLTAN < space > acknowledgment no. & send to 57575). Processing Fees • ₹ 65 (₹ 55 application charge+18% GST is charged towards processing of all types of application. • Additional surcharge of ₹ 4 (plus GST) is charged where payment is through Net Banking facility. • Additional surcharge of 2% (plus applicable taxes) is charged where payment is made by debit card/ credit card. • Online application payment can be made by: o Demand draft or o Cheque or o Credit /debit card or o Net banking • Demand draft/cheque shall be in favour of ‘NSDL-TIN’ and payable at Mumbai.

Direct Taxes 1.212 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication • Payment by cheque shall deposit a local cheque (drawn on any bank) with any HDFC Bank branch across the country (except Dahej). The applicant shall mention TANNSDL on the deposit slip. • Applicant’s name and the acknowledgment number should be mentioned on the reverse of the demand draft/ cheque. • Persons other than Central Government, State Government and Statutory, Autonomous Bodies are allowed to make payment by credit card/ debit card/ net banking. But such card or account of authorised persons only as under: Applicant Card/account to be held by Individual (including Sole Proprietorship)/ Branch of individual business Individual himself Hindu Undivided Family (HUF) Karta of HUF Firm/ Branch of firm Any partner of firm Company/ Branch/ Division of a company Any Director of the Company Association of Persons/ Body of Individuals/ Association of Persons (Trusts)/ Artificial Juridical Person Authorised signatory under Section 140 in respect of application Cancellation of TDCAN Cancellation of TDCAN can happen in two circumstances: • Duplicate TDCAN • TDCAN no more required Process of cancellation • For cancellation of duplicate & unused TDCAN, application to be made to ITD through NSDL in "Application for Changes or Correction in TAN Data for TAN allotted". • For cancellation of "TDCAN if no more required" application to be made on plain paper before jurisdictional Assessing Officer (TDS), along with the reasons for such request. However, A.O. to proceed only after verifying genuineness of the application and authenticity of the person making application. Responsibility of person deducting/collecting tax TDCAN to be quoted in all • Challans • TDS/ TCS certificates • Return or statements of TDS/ TCS • All such other documents pertaining to such transactions as may be prescribed. (No documents have been prescribed till now). Penalty Penalty under Section 272BB of ₹10,000 may be levied in case of each default of: • Not applying or applying belatedly for allotment of TDCAN, • Non-quoting of TDCAN, or • Quoting TDCAN which person believes to be incorrect. 2

Deductions and Rebates 1.213 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication XXIX. Deductions and Rebates Section Assessee Qualifying Payments/ Income Conditions/Incidents Qualifying Amt. Quantum 1 2 3 4 5 6 A. Important Deductions from Gross Total Income 80AC Assessee — Following Deduction shall be allowed only if return is filed within the due date as per section 139(1) : For assessment year commencing on or after 1stApril 2006 to 1st April 2018 Deduction u/s. 80-IA/80- IAB/80-IB/80-IC /80-ID Or 80IE shall be allowed For assessment year commencing on or after 1stApril 2018 any deduction under any provision of Chapter VI –C : Deductions in respect of certain income. 80C Individual/HUF 1. LIC; (restricted to 20% of actual capital sum assured for policies taken before 1.4.2012 and for policies taken on or after 1.4.2012 restricted to 10% of actual capital sum a s s u r e d . However, in case of policy issued on or after 1.4.2013 for insuring the life of any person who is – (a) a person with disability or a person with severe disability as referred to in Sec. 80U; or (b) suffering from disease or ailment 1. LIC/PPF/ULIP of self, spouse, children (including minors) or members of HUF. 2. In calculating the actual capital sum assured the following shall not be considered1. Value of any premiums agreed to be returned; 2. Bonus or otherwise which is to be or may be received under the policy by any person. 3. PF contribution not to exceed 1/5th of salary. 3. Land cost for residential house also qualifies. 4. Stamp duty, registration fee and other expenses for the purpose of transfer of such house property to the assessee qualify for deduction under this section. P a y m e n t s m e n t i o n e d in column 3 subject to limits and conditions mentioned in columns 3 and 4. 100% of the amount invested / paid or ₹1,50,000 whichever is less (prior to AY 2015-16 it was ₹ 1,00,000) Note : The total deduction that an assessee can claim under sections 80C, 80CCC and 80CCD(1) would be restricted to ₹ 150,000 per annum (prior to AY 2015- 16 it was ₹ 1,00,000) as per the provisions of section 80CCE. W.e.f. 1st April, 2012 c o n t r i b u t i o n made by C e n t r a l G o v e r n m e n t or any other

Direct Taxes 1.214 R 7ima 5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Assessee Qualifying Payments/ Income Conditions/Incidents Qualifying Amt. Quantum s p e c i f i e d in the rules made u/s. 80DDB, the p r e m i u m can be up to 15% of the sum assured instead of 10%). 2. A s s e s s e e ’s own contribu - tion to - (a) PF, (b) Su - perannuation Fund, (c) PPF; (d) RPF. 3. Contribution by a Government e m p l o y e e for securing d e f e r r e d a n n u i t y or making provision for his spouse and children. 4. Contribution to ULIP of UTI or LIC Mutual Fund’s Dhanraksha 1989. 5. Subscription to NSC VIII Issue. 6. D e p o s i t s under noti - fied deposit scheme or notified pen - sion fund set up by National Housing Bank. 5. House should not be transferred for 5 years. 6. Term Deposit mentioned at Point 15 would be for a fixed period of not less than five years and as per scheme to be notified by Central Government. 7. Shares and Debentures mentioned at Point No. 13 in previous column will have lock-in-period of three years. 8. No exemption should be claimed in respect of same investment under section 54EA/54EB/54EC. 9. Sum paid/invested need not be out of current year’s chargeable income. 10. Payments referred to in Clauses (i) to (vii), Clauses (xii) to (xiii), Clauses (xiiic) to (xiva) & Clause (xv) of sub-section (2) of section 88 shall be eligible for deduction under corresponding provision of this section. 11. Where in any previous year an assessee - 1. T e r m i n a t e s insurance contract by notice to this effect or where contract ceases due to failure to pay premium by not reviving insurance contract - 1. in case of single premium policy within 2 years. after the employer to a pension scheme u/s 80CCD(2) shall not be included in the limit of deduction of ₹ 1,50,000.

Deductions and Rebates 1.215 R 7ima 5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Assessee Qualifying Payments/ Income Conditions/Incidents Qualifying Amt. Quantum 7. Housing Loan repayments and certain payments for purchase / construction of a residential house proper - ty. 8. Subscription to notified schemes of- (a) public sec - tor companies engaged in providing longterm finance for purchase/ construction of houses in India for res - idential pur - poses; (b) authority con - stituted un - der any law for satisfying need for hous - ing accom - modation or for planning, development or improve - ment of cities, towns and vil - lages, or for both. 9. P a y m e n t to effect or keep in force a contract for notified annuity plan of LIC or of any other a p p r o v e d insurer. date of com - mencement of insurance; 2. in any other case before premium has been paid for 2 years.; OR 1. Terminates his participation in any ULIP referred in Clauses (x) & (xi) of sub-sec - tion (2), by notice to that effect or where he ceases to participate by reason of fail - ure to pay any contribution, by not reviving his participation, before contribu - tion in respect of such partic - ipation have been paid for 5 yrs.; OR 2. Transfers the house re - ferred to in Clause (xviii) of sub-section (2) before the ex - piry of 5 years from the end of the financial year in which possession of such property is obtained by him or receives

Direct Taxes 1.216 R 7ima 5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Assessee Qualifying Payments/ Income Conditions/Incidents Qualifying Amt. Quantum 10. Units of Mutual Fund or UTI. 11. Contribution to notified Pension Fund set up by Mutual Fund. 12. T u i t i o n Fees (not donation or development fees) towards full time e d u c a t i o n of any 2 children of an individual paid to university, c o l l e g e , s c h o o l or other educational i n s t i t u t i o n situated in India. 13. Investments in shares or d e b e n t u r e s of approved p u b l i c c o m p a n y e x c l u s i v e l y engaged in infrastructure facility or power sector. 14. Investments in units of notified mutual fund investing in approved p u b l i c companiesas mentioned in 13 above. back, whether by way of refund or otherwise, any sum specified in that Clause; then - (I) No deduction shall be allowed to the assessee - (1) with reference to any sum referred in Clauses (i), (x), (xi) & (xviii) of subsection (2), paid in such P.Y. (II) the aggregate amt. of the deduction of the income so allowed in respect of P.Y. or yrs. preceding such P.Y. shall be deemed to be the income of the assessee in the P.Y. and shall be liable to tax in the A.Y. relevant to such P.Y. 3. If the assessee withdraws any amount including interest accrued thereon from an account under Senior Citizen’s Savings Scheme or under Post Office Time Deposit Rules within expiry of 5 years from the date of its deposit, the amount withdrawn shall be deemed to be the income of the assessee in the previous year in which the amount is withdrawn except in the case of death when the said

Deductions and Rebates 1.217 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Assessee Qualifying Payments/ Income Conditions/Incidents Qualifying Amt. Quantum 15. T e r m Deposit with s c h e d u l e d bank. 16. Deposit in Senior Citizen S a v i n g s Scheme 2004. 17. Five year time deposit in an account under Post Office Time Deposit Rules, 1981. 18. Subscription to notified bonds issued by NABARD. 19. Subscription to any notified s e c u r i t y or notified d e p o s i t scheme of the Central Government. 20. S u k a n y a S a m r i d d h i Scheme has been notified, under this clause, w.e.f. AY 2015-16. 1. Contribution by a C e n t r a l Govern - ment Employee to specified P e n s i o n S c h e m e referred to in Section 80CCD for a period amount is received by the nominee or the legal heirs.W.e.f. from A.Y. 2008- 09 the amount of interest withdrawn will not be taxable in the year of withdrawal if the same has been included in the total income of the assessee of an earlier year. 4. Subscription to any notified scheme or notified deposit of Central Government can be in the name of the individual, or any girl child of that individual or any girl child for whom such person is the legal guardian.

Direct Taxes 1.218 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Assessee Qualifying Payments/ Income Conditions/Incidents Qualifying Amt. Quantum not less than three years (w. e. f. A. Y. 2020-21) 80CCA Individual HUF Withdrawal of principal and/or interest on NSS Account. – Bonus received on annuity plans of LIC notified u/s. 80CCA -– Annuity or surrender value received in respect of such notified annuities. P.Y. in which withdrawn. ---- Do ---- ---- Do ---- Whole of the amount withdrawn / received. ---- Do ---- ---- Do ---- Amount paid after the death of an individual to the legal heirs is not taxable. (Cir. No. 532 - dt. 17.3.1989). Repayment of NSS is subject to TDS u/s. 194EE except when made to the heirs of the assessee. ---- Do ---- 80CCB Individual HUF – Receipt of whole or part of amount invested either on repurchase of notified units or on termination of the plan. P.Y. in which amount is so received. To the extent of original investment. 1 D e d u c t i o n amount not e x c e e d i n g ₹ 1 0 , 0 0 0 / - A m o u n t r e c e i v e d in excess of original investment is taxable as capital gains u/s. 45(6). 2 Amount is subject to TDS u/s. 194F @ 20%.

Deductions and Rebates 1.219 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Assessee Qualifying Payments/ Income Conditions/Incidents Qualifying Amt. Quantum 80CCC Individual Payment made out of taxable income to LIC or to any other approved insurer under approved Pension Plan. 1. Where amount paid or deposited has been taken into account for the purposes of this section then with reference to such amount – 1. Rebate shall not be allowed under section 88 up to A.Y. 2005-06; and 2. Deduction shall not be allowed under section 80C w.e.f. AY 2006-07. 1. Pension received or amount withdrawn by the assessee or his nominee is taxable in the year of receipt. 2. The plan should be for receiving pension from a fund referred to in section10(23AAB). 3. The amount of interest or bonus accrued or credited to the assesses account is not to be regarded as amount paid. Amount paid for the purpose mentioned in column 3. Lower of - 1. Amount paid; or 2. ₹ 1,50,000 (w.e.f. AY 2016-17) ₹ 1,00,000 (AY 2007-08 to AY 2015- 16). (Refer note in 80C above) 80CCD Individual who is an employee employed by the Central Government on or after 1stJanuary, 2004, or any other employer, or is self-employed (w.e.f. A.Y. 2009- 10) Amount paid or deposited in his account under a pension scheme notified by the Government. 1. Rebate is allowable under section. 88 up to A.Y. 2005-06. 2. Deduction is allowable under section 80C w.e.f. A.Y. 2006-07. 3. Pension received or amount withdrawn by the assessee or his nominee is taxable in the year of receipt except when the nominee receives money upon death of the assessee who has either closed his account or opted out of the pension scheme. 4. Contribution by the employer to the notified pension scheme is deductible in the hands of the concerned employee In case of an assessee who is employed Lower of – 1. amounts paid or deposited in his account as mentioned in column (3); or 1. 10% of salary. In case of an assessee who is not e m p l o y e d , Lower of –1. amounts paid or deposited in his 100% of the q u a l i f y i n g amount; subject to overall limit of ₹ 1,50,000 mentioned in note under section 80C. In addition, a deduction of ₹ 50,000 will be available, under subsection (1B), in respect of assesses own c o n t r i b u t i o n . However, for the same c o n t r i b u t i o n d o u b l e deduction under sub-section (1)

Direct Taxes 1.220 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Assessee Qualifying Payments/ Income Conditions/Incidents Qualifying Amt. Quantum in the year in which contribution is made. However, no deduction is available in respect of employer’s contribution which is in excess of 10% of the salary. 5. If deduction is claimed under section. 80C, in respect of the same investment deduction is not available under section. 80CCD. 6. For the purpose of point 4 mentioned above, salary includes dearness allowance, if the terms of employment so provide, but excludes all other allowances and perquisites. account as mentioned in column (3); or 2. 10% of his GTI (up to AY 2017-18) 3. 20% of his GTI (w.e.f. A.Y. 2018-19) and sub-section (1B) is not available. 80CCF Individual/HUF (no deduction is available from AY 2013-14) Amount paid or deposited, during the previous year, as subscription to notified long term infrastructure bonds. Deduction under this section is available w.e.f. AY 2011-12. Amount paid or deposited, during the previous year, as subscription to notified long term infrastructure bonds. Lower of – 1. Amount paid or deposited, during the p r e v i o u s year, for the purpose mentioned in column 3; OR 2. ₹ 20,000. 80CCG R e s i d e n t Individual Amount invested in 1. acquiring listed equity shares, or 2. acquiring listed units of an equity oriented fund (w.e.f. 1.4.2013) as may be specified, under a scheme to be notified by the Central G o v e r n m e n t . Equity Oriented Fund shall have the meaning 1. GTI of the assessee for the relevant asst year shall not exceed ₹ 12,00,000 (upto AY 2013-14 it is ₹ 10,00,000 ); 2. Assessee is a new retail investor as may be specified under the scheme referred to in subsection (1); 3. Investment is made in such equity shares or such units (w.e.f. 1.4.2013) as may be specified under the scheme; 4. Investment is locked-in for a period of 3 years from the date of acquisition A m o u n t i n v e s t e d , during the previous year, in acquiring shares or units mentioned in column (3). LOWER OF : 1. 50% of the a m o u n t invested in a c q u i r i n g s h a r e s or units mentioned in column (3); OR 2. ₹ 25,000. Note : Up to AY 2013-14 where assessee has claimed and allowed a deduction

Deductions and Rebates 1.221 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Assessee Qualifying Payments/ Income Conditions/Incidents Qualifying Amt. Quantum assigned to it in Explanation to section 10(38). in accordance with the scheme; 5. Such other conditions as may be prescribed. under this section for any a s s e s s m e n t year in respect of any amount, he shall not be allowed any deduction under this section for any subsequent a s s e s s m e n t year. W.e.f. AY 2014-15, the deduction shall be allowed for 3 consecutive a s s e s s m e n t years, beginning with the AY in which the equity shares or units referred to in column 3 were first acquired. D e d u c t i o n is allowed only up to AY 2017-18,however, an assessee who has claimed deduction under this section for assessment year 2017-18 and earlier assessment years shall be allowed deduction under this section till the assessment year 2019-2020 if he is otherwise eligible to claim the deduction as per the provision of this section.

Direct Taxes 1.222 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Assessee Qualifying Payments/ Income Conditions/Incidents Qualifying Amt. Quantum 80D Individual/HUF In case of an Individual - 1 Aggregate of - 1. Premium paid out of taxable income to a p p r o v e d scheme of GIC ( M e d i c l a i m , B h a v i s h y a Arogya) or any other approved insurer to insure the health of assessee or his family; and 2. C o n t r i b u t i o n made to C e n t r a l G o v e r n m e n t Health Scheme (w.e.f. AY 2011- 12); 3. C o n t r i b u t i o n made to such other notified scheme (w.e.f. AY 2014-15); 4. P a y m e n t s made (subject to a maximum of ₹ 5,000) on account of preventive health check -up of the assessee or his family (w.e.f. AY 2013-14) 5. Amount paid on account of medical e x p e n d i t u r e incurred on the health of the 1. Any sum paid on account of preventive health check-up may be paid by any mode including cash. However, sums paid as premia to insure health or contribution to CGHS can be made by any mode other than cash. 2. Medical expenditure up to ₹ 50,000 ( ₹ 30,000/- up to AY 2018-19) incurred on the health of the assessee or any member of his family or any parent of the assessee shall qualify for deduction if both the following conditions are satisfied – 1. The expenditure has been paid in respect of a senior citizen (very senior citizen up to AY 2018-19); and 2. No amount has been paid to effect or keep in force an insurance on the health of such person. 3. ‘Family’ means the spouse and dependent children of the assessee. 4. Senior Citizen means an Individual Resident in India of the age of 60 years or above (65 years up to AY 2013-14) 5. Very Senior Citizen means an Individual Resident in India of the age of 80 years or above (w.e.f AY 2016-17) Amounts paid for the purposes mentioned in column 3. W.e.f. AY 2019- 20 Individuals : ₹ 25,000/- Senior citizen : ₹ 50,000/- ( ₹ 30,000/- up to AY 2018-19) E x p e n s e s incurred for p r e v e n t i v e health checkup : ₹ 5,000/- HUF : Amount paid for Member below the age of 60 years : ₹ 25,000/- Amount paid for Member above the age of 60 years :₹ 50,000/- Note: w.e.f. AY 2019-20 6. M a x i m u m deduction, if individual or any member of his family or any of his parent is not senior or very seniorcitizen : ₹ 50,000. 7. M a x i m u m deduction if individual or any member of his family is not senior citizen but any of his parent is

Deductions and Rebates 1.223 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Assessee Qualifying Payments/ Income Conditions/Incidents Qualifying Amt. Quantum assessee or any member of his family if the following two conditions are satisfied – 1. T h e e x p e n d i t u r e has been paid in respect of a senior citizen (very senior citizen up to AY 2018-19); and 2. No amount has been paid to effect or keep in force an insurance on the health of such person. 1. Premia paid to insure health of the parents of the assessee. 2. Amount paid on account of medical e x p e n d i t u r e incurred on the health of any parent of the assessee if the following two conditions are satisfied – 1. T h e e x p e n d i t u r e has been paid in respect of a senior citizen (very senior citizen up to AY 2018-19); and 2. No amount has been paid to a senior citizen: ₹ 75,000. M a x i m u m deduction if individual or any member of his family and any of his parent is senior c i t i z e n : ` 1,00,000

Direct Taxes 1.224 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Assessee Qualifying Payments/ Income Conditions/Incidents Qualifying Amt. Quantum effect or keep in force an insurance on the health of such person. 1. P a y m e n t s made (subject to a maximum of ₹ 5,000) on account of preventive health check up of the parent or parents of the assessee. In case of HUF – Premia paid out of taxable income to approved scheme of GIC ( M e d i c l a i m , B h a v i s h y a Arogya) or any other approved insurer to insure the health of any member of the HUF. 80DD Individual/HUF (Resident 1. E x p e n s e s i n c u r r e d for Medical T r e a t m e n t ( i n c l u d i n g N u r s i n g ) , Training & Rehabilitation of a dependent with disability). 2. Amount paid/ deposited under any scheme framed by LIC/ UTI / approved insurer/ administrator (now known as Specified Company), for payment of 1. For meaning of the word ‘disability’ reference is to be made to Sec 2(i) of the Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995 (PDEOPRFP), and sections 2(a), (c) and (h) of the National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation & Multiple Disabilities Act, 1999 (NTWPACPMR MD Act). Disabilities covered are blindness, low vision, leprosy- — ₹ 75,000 for ordinary disability w.e.f. AY 2016-17 (prior thereto it was ₹ 50,000) - ₹ 1,25,000 for severe disability w.e.f. AY 2016- 17 (w.e.f. AY 2010-11 to 2015-16 it was ₹ 1,00,000 and prior to AY 2010—11 it was ₹ 75,000).

Deductions and Rebates 1.225 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Assessee Qualifying Payments/ Income Conditions/Incidents Qualifying Amt. Quantum annuity or lump sum amount for the benefit of dependent being a person with disability. cured, hearing impairment, locomotor disability, autism, cerebral palsy, multiple disability, mental retardation and mental illness. (Defined in Expln. (f) to section 80DD). 2. Under PDEOPRFP Act, a person with disability means a person suffering from not less than 40% of any disability and severe disability means 80% of one or more of such disability. 3. A certificate in prescribed form and manner from medical authority as defined in Expln. (e) to section 80DD, stating the extent of disability and the validity of period, is required to be submitted with the Return of Income. On expiry of the certificate a reassessment of the condition of disability is required to be done. 4. Nomination can be either in favour of disabled dependent or any other person or a trust in case of investment in scheme. 5. If the disabled dependent predeceases the individual or the member of HUF in whose name subscription is made then the entire amount paid/deposited in scheme will be treated as taxable income in the year of receipt. 6. Handicapped dependent has been defined in Expln. (b) to section 80DD. 7. “Person with disability” is defined in Expln. (f) and “Person with severe disability” is defined in Expln. (g) to section 80DD.

Direct Taxes 1.226 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Assessee Qualifying Payments/ Income Conditions/Incidents Qualifying Amt. Quantum 8. Medical authority is defined in Expln. (c) to section 80DD. 9. The dependent should not have claimed deduction under section. 80U. 80DDB Individual/HUF (Resident) Amount actually paid for medical treatment of such disease or ailments as may be specified. 1. In case of an individual deduction is available for expenses on self or dependent. In case of HUF deduction is available for expenses on a member of HUF. 2. With effect from AY 2016-17 the assessee is required to obtain a prescription for such medical treatment from a neurologist, an oncologist, a hematologist, an immunologist or such other specialist as may be prescribed. 3. For assessment years prior to AY 2016-17, assessee was required to furnish along with the return of income a certificate in prescribed form from a neurologist, an oncologist, a urologist, a hematologist, an immunologist or such other specialist as may be prescribed, working in a Government Hospital. 4. Refer to Explanation to Section 80DDB for definitions of relevant terms. 5. W.e.f. AY 2013-14, ‘Senior citizen’ means an individual resident in India who is the age of sixty years or more at any time during the relevant previous year. For earlier assessment years the age limit was sixty five years instead of sixty years. Amount actually paid for medical t r e a t m e n t of specified disease or ailments on assessee or dependent or member of HUF. 1. Lower of amount paid or ₹ 40,000 (₹ 1,00,000 w h e r e amount paid is in respect of a senior c i t i z e n , ₹ 6 0 , 0 0 0 / - upto AY 2 0 1 8 - 1 9 ₹ 80,000 w h e r e a m o u n t paid is in respect of a very senior citizen up to AY 2018-19). 2. The amount of deduction is to be reduced by the amount r e c e i v e d from an insurer of reimbursed by employer for the m e d i c a l treatment.

Deductions and Rebates 1.227 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Assessee Qualifying Payments/ Income Conditions/Incidents Qualifying Amt. Quantum 6. W.e.f. AY 2016-17, ‘very senior citizen’ means an individual resident in India who is of the age of 80years or more at any time during the relevant previous year. 80E Individual Payment (out of taxable income) of interest on loan taken for pursuing his own higher education or higher education of his relative (w.e.f. A.Y. 2008-09). 1. The loan should be from an approved charitable institution notified under section 10(23C)/referred to in Section 80G(2) (a)/a banking co./notified financial institution. 2. Higher education includes any course pursued after passing Senior Secondary Examination or recognized equivalent examination. 3. Deduction is available in the initial assessment year and seven assessment years immediately succeeding the initial assessment year or until the interest is paid in full whichever is earlier. 4. Initial assessment year is the assessment year relevant to the previous year in which the assessee starts paying interest on the loan. 5. Relative in relation to an individual means the spouse and children of that individual. Payment of interest on loan taken for pursuing higher education. The entire amount of interest is d e d u c t i b l e without any limit. 80EE An Individual Interest payable on loan taken by the assessee from any financial institution for residential house property. 1. The loan should be taken for the purpose of acquisition of a residential property. 2. The loan should be sanctioned by the financial institution during the financial year 2016-17. 3. The sanctioned amount of such loan is up to ₹ 35,00,000 . Lower of – 1. A m o u n t of interest referred to in column 3; or 2. ₹ 50,000. ₹ 50,000 for AY 2017-18 and s u b s e q u e n t years. Note : Interest allowed as a deduction under this section will not be allowed under any other provisions of the Act for the

Direct Taxes 1.228 R7ima5ine Celebrating 1949 - 2023 BCAS REFERENCER 2023-24 61 Years of Continuous Publication Section Assessee Qualifying Payments/ Income Conditions/Incidents Qualifying Amt. Quantum 4. The value of the residential house property is up to ₹ 50,00,000. 5. The assessee does not own any residential house property on the date of sanction of the loan. same or any other a s s e s s m e n t year. The terms “financial institution” and “housing finance company” are defined in subsection (5) of section 80EE. 80EEA Individual Interest payable on loan taken from any financial institution for the purpose of acquisition of a residential house property. (w.e.f. AY 2020-21) 1. Loan sanctioned by the financial institution during the period 1st April, 2019 to 31st March, 2021. 2. Stamp duty value of the property <= ₹45,00,000 3. The assessee does not own any residential house property on the date of sanction of loan. Interest paid Up to ₹ 1,50,000/- 80EEB Individual Interest payable on loan taken from any financial institution for the purpose of purchase of an Electric Vehicle (w.e.f. AY 2020-21) 1. Loan sanctioned during the period 1st April, 2019 to 31st March, 2023 2. No deduction will be allowed under any other provisions Interest paid Up to ₹ 1,50,000/- 80G Any Assessee [except under section 80G (2) (c)]. D o n a t i o n s for charitable purposes specified in Section 80G(2). 1. Donations should not be in kind. 2. If paid out of another year’s income or out of income not includible in the assessment of the current year the deduction still available [Lt. F. No. 45/313/66-ITJ(61) dt. 2-12- 1966]. 3. W.e.f. AY 2018-19, donations exceeding ₹ 2,000 shall qualify for deduction only if such sum is paid by any mode other than cash.(earlier it was ₹ 10,000) 4. Donations made to Clean Ganga Fund will qualify for deduction only if the assesse is a resident. Amount of D o n a t i o n s , not exceeding 10% of GTI (As reduced by other deductions). In certain cases this limit does not apply. Please see Section80G(4). 1. 5 0 % g e n e r a l l y ; and 2. 100% in cases of PM’s Relief F u n d s , G u j a r a t Earthquake R e l i e f F u n d s , N a t i o n a l c h i l d r e n ’ s Fund, Chief M i n i s t e r ’s R e l i e f Fund or Lieutenant Governor’s Relief Fund