Due date | Period | Form to be filed |
10.10.2024 | September 2024 | GSTR 8 |
10.10.2024 | September 2024 | GSTR 7 |
11.10.2024 | September 2024 | GSTR 1 |
13.10.2024 | September 2024 | GSTR 6 (Input Service Distributors) |
13.10.2024 | July to September 2024 | GSTR 1 (QRMP) |
18.10.2024 | July to September 2024 | CMP- 08 (Composition) |
20.10.2024 | September 2024 | GSTR 3B |
20.10.2024 | September 2024 | GSTR 5 & 5A |
22.10.2024 | September 2024 | GSTR 3B |
Category: Uncategorized
Section 10AA Deduction
Section 10AA of the Income Tax Act, 1961, provides a tax deduction for businesses operating in Special Economic Zones (SEZs) in India. This incentive aims to encourage exports and boost foreign exchange earnings by offering a phased tax deduction based on the profits derived from export activities. Here’s a breakdown of how the deduction works:
Eligibility for Section 10AA Deduction
To qualify for the Section 10AA deduction, a business must:
- Operate in a Special Economic Zone (SEZ) and engage in the manufacture, production, or provision of services.
- Commence operations after April 1, 2006.
- Ensure the income is derived from export activities of goods or services.
- Maintain separate books of accounts for the SEZ unit to calculate the profit attributable to exports.
Deduction Phases
The deduction is available for a total of 15 consecutive years, divided into three phases:
- First 5 years: 100% deduction on the profits derived from exports.
- Next 5 years: 50% deduction on export profits.
- Last 5 years: 50% deduction is allowed, provided the business transfers an equivalent amount to the Special Economic Zone Re-investment Reserve Account and reinvests it in assets within the specified timeframe.
Conditions and Limitations
- Transfer of Goods to DTA: Profits from sales in the Domestic Tariff Area (DTA) are not eligible.
- SEZ Re-investment Reserve Account: For the third phase (last 5 years), reinvested funds must remain in the account for three years and be used to acquire plant or machinery for business use.
- Losses and Unabsorbed Depreciation: Losses can be carried forward, but the deduction is available only for the eligible SEZ profits.
Points to Note
- MAT and AMT Applicability: SEZ units are subject to Minimum Alternate Tax (MAT) under Section 115JB and Alternate Minimum Tax (AMT) under Section 115JC.
- Sunset Clause: Section 10AA benefits are gradually being phased out, and new SEZ units may have restricted eligibility based on recent tax amendments and government policies.
This deduction under Section 10AA is beneficial for businesses looking to reduce taxable income by leveraging their export profits, as long as they meet the eligibility and operational requirements.
GST Returns Due Dates in the Month of October -2024
Form to be filed | Due date | Period |
CMP- 08- July to Sep-2024 | 18-10-2024 | July to September 2024 |
GSTR 3B (Annual Turnover of more than 5 Crores) | 20-10-2024 | September 2024 |
GSTR 5 & 5A | 20-10-2024 | September 2024 |
GSTR 3B | 22-10-2024 | September 2024 |
Due Dates for Income Tax Returns in October-24
Form to be filed | Due date | Period |
TDS Certificate-TDS Certificate for tax deducted under section 194-IB | 15.10.2024 | August 2024 |
TDS Certificate-TDS Certificate for tax deducted under section 194S in the month of August 2024 Note: Applicable in case of a specified person as mentioned under section 194S | 15.10.2024 | August 2024 |
TDS Certificate-TDS Certificate for tax deducted under section 194M | 15.10.2024 | August 2024 |
TDS Certificate-TDS Certificate for tax deducted under section 194-IA | 15.10.2024 | August 2024 |
Form No. 3BB | 15.10.2024 | September 2024 |
Provident Fund (PF) | 15.10.2024 | September 2024 |
Provident Tax (PT) | 15.10.2024 | September 2024 |
TCS Certificate | 30.10.2024 | July to September 2024 |
TDS Challan-cum-statement | 30.10.2024 | September 2024 |
ITR (Income Tax Return) | 31.10.2024 | AY 2024-25 |
Audit Report | 31.10.2024 | AY 2024-25 |
Copies of Form No. 60 | 31.10.2024 | April to September 2024 |
Non-TDS Return | 31.10.2024 | July to September 2024 |
Annual Audited Account | 31.10.2024 | FY 2023-24 |
Form no. 3CEAB for the accounting year 2023-24 | 31.10.2024 | FY 2023-24 |
TDS Payment | 31.10.2024 | July to September 2024 |
Form 3CEB in respect of international transactions and specified domestic transactions. | 31.10.2024 | AY 2024-25 |
Happy Gandhi Jayanti
Gandhi Jayanti, celebrated on October 2nd, marks the birth anniversary of Mahatma Gandhi, a pivotal leader in India’s struggle for independence and a proponent of non-violence and civil disobedience. It’s a day to honor his principles and contributions to peace and social justice. The day is observed as a national holiday in India and is also recognized as the International Day of Non-Violence. Many people commemorate the occasion by participating in prayer services, discussions, and community service activities.
GST COMPLIANCE CALENDAR FOR THE MONTH OF OCTOBER
Forms to be filled | Due Date |
GSTR-7 | 10-10-2024 |
GSTR-8 | 10-10-2024 |
GSTR-1-Other than QRMP | 11-10-2024 |
GSTR-1-QRMP ( Furnishing Facility) | 13-10-2024 |
GSTR-5 (Non-Resident Taxable Person) | 13-10-2024 |
GSTR-6 (Input Service Distributor) | 13-10-2024 |
GST-CMP-08 (Composition Scheme) | 18-10-2024 |
GSTR-3B-(Other than QRMP ) | 20-10-2024 |
GSTR-5A | 20-10-2024 |
GSTR-3B(QRMP-Invoice Furnishing Facility) | 22-10-2024 |
ITC-04 (PFY Turnover < Rs. 5 Crores) | 25-10-2024 |
Digital Accounting
Digital accounting refers to the use of digital tools and technologies to manage and process accounting tasks. This can include a variety of software solutions and systems that automate traditional accounting functions, making them more efficient and accurate. Here are some key aspects of digital accounting:
1. Accounting Software
- ERP Systems: Enterprise Resource Planning systems like SAP, Oracle, and Microsoft Dynamics integrate accounting with other business processes.
- Cloud Accounting: Software such as QuickBooks Online, Xero, and FreshBooks offer cloud-based solutions that allow for remote access and real-time updates.
2. Automation
- Automated Data Entry: Scanning and uploading invoices and receipts which are then automatically processed.
- Recurring Transactions: Automation of regular transactions such as payroll, rent, and utilities.
3. Data Analytics
- Financial Reporting: Tools that provide detailed financial reports and dashboards for better decision-making.
- Predictive Analytics: Using historical data to forecast future financial trends and outcomes.
4. Compliance and Security
- Regulatory Compliance: Ensuring that all financial activities adhere to local and international laws.
- Cybersecurity: Protecting sensitive financial data through encryption, access controls, and secure data storage.
5. Integration
- Bank Integration: Direct connections with bank accounts for real-time transaction updates.
- Third-party Apps: Integration with other business tools such as CRM systems, e-commerce platforms, and payment processors.
6. Collaboration
- Multi-user Access: Allowing multiple users to work on the same accounting data simultaneously.
- Remote Work: Enabling accountants and bookkeepers to work from anywhere, enhancing flexibility and productivity.
Benefits of Digital Accounting:
- Accuracy: Reduced human error through automated data entry and calculations.
- Efficiency: Faster processing of transactions and financial reporting.
- Cost Savings: Lower operational costs by reducing the need for physical storage and manual labor.
- Real-time Data: Instant access to up-to-date financial information for timely decision-making.
Challenges:
- Learning Curve: Initial training and adaptation to new software.
- Cybersecurity Risks: Protecting against data breaches and cyber-attacks.
- Dependence on Technology: Ensuring system reliability and dealing with potential downtime or technical issues.
Digital accounting is transforming the accounting profession by leveraging technology to enhance efficiency, accuracy, and decision-making. By adopting digital tools, businesses can streamline their financial processes, gain better insights into their financial health, and stay competitive in a rapidly evolving marketplace.
TDS Rate Chart For Assessment Year 2024-25
Nature of Payment | Section | Threshold | Rate of TDS |
Salary Payment | 192 | Taxable Income that is liable to tax | Normal slab rates or New Tax Regime Slab Rate as opted by the employee(Basic exemption limit for employees) |
Premature Withdrawal from EPF | 192A | 50,000 | 10% |
Interest on Securities | 193 | 2,500 | 10% |
Dividend | 194 | 5,000 | 10% |
Interest other than interest on securities (Bank Deposit/Post Office Deposit/Banking Co-Society Deposit) | 194A | 5,000 | 10% |
(a) Senior Citizens | 50,000 | ||
(b) Others | 40,000 | ||
Winnings from lotteries, crossword puzzles, card games and other games | 194B | 10,000 | 30% |
Income earned from winning in horse races | 194BB | 10,000 | 30% |
Winning from Online Games | 194BA | _ | 30% |
Payment of Contractors and sub-contractors | 194C | Single Transaction: 30,000/ Aggregate of Transactions: 1,00,000 | 1% (individual/HUF) 2% (others) |
Insurance Commission | 194D | 15,000 | 5% (Individual) 10% (Companies) |
Payment in respect of life insurance policy | 194DA | 1,00,000 | 5% |
Payment to non-resident sportsmen/sports association | 194E | _ | 20% |
Payments in respect of deposits under National Savings Scheme | 194EE | 2,500 | 10% |
Payments on account of re-purchase of Units by Mutual Funds or UTI | 194F | _ | 20% |
Commission, prize etc., on sale of lottery tickets | 194G | 15,000 | 5% |
Commission or brokerage | 194H | 15,000 | 5% |
Rent for plant and machinery | 194-I(a) | 2,40,000 | 2% |
Rent for immovable property | 194-I(b) | 240000 | 10% |
Payment for acquisition of immovable property other than agriculture land | 194-IA | 50 Lakhs | 1% |
Payment of rent by individual or HUF | 194-IB | 50,000 per Month | 5% |
Payment for Joint Development Agreements | 194-IC | _ | 10% |
Fee for Professional or Technical Services (FTS), Royalty, etc. | 194J | 30,000 | 2% (FTS, certain royalties, call center) 10% (others) |
Payment of dividend by Mutual Funds | 194K | _ | 10% |
Payment of Compensation on acquisition of immovable property | 194LA | 2,50,000 | 10% |
Payment of income by Business trust | 194LBA(1) | _ | 10% |
Payment of income by Investment fund | 194LBB(i) | _ | 10% |
Income by securitization trust | 194LBC(1) | _ | 25% (Individual/HUF) 30% (Others) |
Payment to commission, brokerage etc. by Individual and HUF | 194M | 50 Lakhs | 5% |
TDS on e-commerce participants | 194-O | 5 Lakhs | 1% |
TDS on Senior Citizen above 75 Years | 194S | _ | 1% |
Purchase of goods (applicable w.e.f 01.07.2021) | 194Q | 20,000 | 0.1% |
TDS on benefit or perquisite of a business or profession | 194R | _ | 10% |
HAPPY INDEPENDENCE DAY
ROC Compliance Calendar -2024-2025
Due Date | Forms to be filled |
FLA | 30-09-2024 |
KYC of Directors | 30-09-2024 |
PAS-6 | 29-11-2024 (Apr 24-Sept 24) |
MSME | 31-10-2024 |
MGT-7/ MGT-7A- Annual Return | Within 30 days of AGM |
MGT-14-Financials & Directors Report | Within 30 days from the date the resolution is duly passed and approved by the board members |
AOC-4/AOC-4 (XBRL)-Financial Statement | Within 30 days of AGM |