Taxation Tables

By Taxation Updates
(CA Mayur J Sondagar)
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 Taxation Updates

Taxation Tables
Sr.No. Topic Name

1 Compliance Calendar (FY 2025-26)(April 2025 to March 2026)

2 TDS TCS Due Date Chart (F.Y.2025-26)

Income Tax Return Due Date for A.Y.2025-26 (F.Y.2024-25) & FAQ Related to Original / Revised / Belated /
3
Updated ITR

4 Commonly Used TDS Sections with TDS Rates (For FY 2025-26)

5 Income Tax Slab Rates and Tax Amount Comparisions

Tax Amount as per New (Default) Tax Regime for F.Y.2024-25 for Resident Individual having Normal
6
Taxable Income up to Rs.1 Crore

7 Calculation of Tax For Normal Taxable Income up to Rs.50 Lakh

8 Applicability of Section 44AA / 44AB / 44AD of Income Tax Act, 1961-2024

9 Applicability of Section 44AA / 44AB / 44ADA of Income Tax Act, 1961-2024

10 Section 194Q Applicability and Analysis

11 Reporting u/s 269SS & 269T in Income Tax Audit Report (Form 3CD)

12 Say NO to Cash Transactions

13 Process of GST Registration

List of Some Important Sections of Old Income Tax Act,1961 and Section Number of Same in New Income
14
Tax Bill, 2025

Taxation Updates
 Compliance Calendar (FY 2025-26)(April 2025 to March 2026)
Taxation Updates
Day April May June July August September October November December January February March
1
2
3
4
5
6
TCS TDS/TCS TDS/TCS TDS/TCS TDS/TCS TDS/TCS TDS/TCS TDS/TCS TDS/TCS TDS/TCS TDS/TCS TDS/TCS
7 Payment Payment Payment Payment Payment Payment Payment Payment Payment Payment Payment Payment
March 25 April 25 May 25 June 25 July 25 August 25 Sept 25 Oct 25 Nov 25 Dec 25 January 26 February 26
8
9
GSTR 7/8 GSTR 7/8 GSTR 7/8 GSTR 7/8 GSTR 7/8 GSTR 7/8 GSTR 7/8 GSTR 7/8 GSTR 7/8 GSTR 7/8 GSTR 7/8 GSTR 7/8
10
March 25 April 25 May 25 June 25 July 25 August 25 Sept 25 Oct 25 Nov 25 Dec 25 January 26 February 26
GSTR 1 GSTR 1 GSTR 1 GSTR 1 GSTR 1 GSTR 1 GSTR 1 GSTR 1 GSTR 1 GSTR 1 GSTR 1 GSTR 1
11 March 25 April 25 May 25 June 25 July 25 August 25 Sept 25 Oct 25 Nov 25 Dec 25 January 26 February 26
Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly
12
GSTR 1 Q4 IFF IFF GSTR 1 Q1 IFF IFF GSTR 1 IFF IFF GSTR 1 Q3 IFF IFF
24-25 QRMP April 25 May 25 25-26 QRMP July 25 August 25 Q2 25-26 Oct 25 Nov 25 25-26 QRMP January 26 February 26
13 GSTR 5/6 QRMP QRMP GSTR 5/6 QRMP QRMP QRMP QRMP QRMP GSTR 5/6 QRMP QRMP
March 25 GSTR 5/6 GSTR 5/6 June 25 GSTR 5/6 GSTR 5/6 GSTR 5/6 GSTR 5/6 GSTR 5/6 Dec 25 GSTR 5/6 GSTR 5/6
April 25 May 25 July 25 August 25 Sept 25 Oct 25 Nov 25 January 26 February 26
14
PF/ESIC TCS Return TDS Certi TCS Return TDS Advance Tax TCS TDS Advance Tax TCS Return TDS Advance Tax
Payment Q4 24-25 Q4 24-25 Q1 25-26 Certificate 2nd Inst Return Certificate 3rd Inst Q3 25-26 Certificate 4th Inst
March 25 PF/ESIC Advance Tax PF/ESIC Q1 25-26 AY 26-27 Q2 25-26 Q2 25-26 AY 26-27 PF/ESIC Q3 25-26 AY 26-27
15 Payment 1st Inst Payment PF/ESIC PF/ESIC PF/ESIC PF/ESIC PF/ESIC Payment PF/ESIC PF/ESIC
April 25 AY 26-27 June 25 Payment Payment Payment Payment Payment Dec 25 Payment Payment
PF/ESIC Pmt July 25 August 25 Sept 25 Oct 25 Nov 25 January 26 February 26
May 25
16
17
CMP 08 CMP 08 CMP 08 CMP 08
18
Q4 24-25 Q1 25-26 Q2 25-26 Q3 25-26
19
GSTR 3B GSTR 3B GSTR 3B GSTR 3B GSTR 3B GSTR 3B GSTR 3B GSTR 3B GSTR 3B GSTR 3B GSTR 3B GSTR 3B
GSTR 5A GSTR 5A GSTR 5A May GSTR 5A GSTR 5A July GSTR 5A GSTR 5A GSTR 5A Oct GSTR 5A GSTR 5A GSTR 5A GSTR 5A
20
March 25 April 25 25 Monthly June 25 25 Monthly August 25 Sept 25 25 Monthly Nov 25 Dec 25 January 26 February 26
Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly
21
GSTR 3B GSTR 3B GSTR 3B GSTR 3B
22 Q4 24-25 Q1 25-26 Q2 25-26 Q3 25-26
GROUP A GROUP A GROUP A GROUP A
23
GSTR 3B GSTR 3B GSTR 3B GSTR 3B
24 Q4 24-25 Q1 25-26 Q2 25-26 Q3 25-26
GROUP B GROUP B GROUP B GROUP B
GST PMT 06 GST PMT 06 GST PMT 06 GST PMT 06 GST PMT 06 GST PMT 06 GST PMT 06 GST PMT 06
25 (QRMP) (QRMP) May (QRMP) (QRMP) Aug (QRMP) (QRMP) (QRMP) (QRMP)
April 25 25 July 25 25 Oct 25 Nov 25 January 26 February 26
26
27
28
29
Taxation Updates

TDS TCS Equalistion TCS Tax Audit TCS ITR TCS

Payment Certificate Levy Statmt Certificate AY 25-26 Certificate AY 25-26 Certificate
30 March 25 Q4 24-25 FY 24-25 Q1 25-26 DIR-3 KYC Q2 25-26 Transfer Q3 25-26
GSTR 4 FY GSTR 4 Pricing Case
24-25 FY 24-25
TDS Return TDS Return TDS Return Belated/ TDS Return
Q4 24-25 Q1 25-26 Q2 25-26 ITR Revised ITR Q3 25-26
ITR (Audit) AY 25-26
31 AY 25-26 AY 25-26 GSTR 9/9C
Non-Audit Trnsfr Pricng FY 24-25
Audit
AY 25-26
 TDS/TCS (Due Dates for Payment/Statement/Certificate for F.Y.2025-26)
Taxation Updates
TDS (Tax Deducted at Source)(Form 24Q/26Q/27Q)
Due Date for
Month
Payment Statement/Return Certificate (Form 16A)
April, 2025 07/05/2025
May, 2025 07/06/2025 31/07/2025 15/08/2025
June, 2025 07/07/2025
July, 2025 07/08/2025
August, 2025 07/09/2025 31/10/2025 15/11/2025
September, 2025 07/10/2025
October, 2025 07/11/2025
November, 2025 07/12/2025 31/01/2026 15/02/2026
December, 2025 07/01/2026
January, 2026 07/02/2026
February, 2026 07/03/2026 31/05/2026 15/06/2026
March, 2026 30/04/2026
For Payment Challan No.ITNS 281 is Applicable
From 24Q (For Salary S.192 & Income of specified senior citizen S.194P)
For Return From 26Q (For Other than Salary for Payment made to Residents)
From 27Q (For Other than Salary for Payment made to Non-Residents)
Form 16 (For TDS Related to Salary)(Yearly)(Due Date is 15/06/2026)
For Certificate
Form 16A (For TDS Related to Other than Salary)(Quarterly)
Taxation Updates
TCS (Tax Collected at Source)(Form 27EQ)
Due Date for
Month
Payment Statement/Return Certificate
April, 2025 07/05/2025
May, 2025 07/06/2025 15/07/2025 30/07/2025
June, 2025 07/07/2025
July, 2025 07/08/2025
August, 2025 07/09/2025 15/10/2025 30/10/2025
September, 2025 07/10/2025
October, 2025 07/11/2025
November, 2025 07/12/2025 15/01/2026 30/01/2026
December, 2025 07/01/2026
January, 2026 07/02/2026
February, 2026 07/03/2026 15/05/2026 30/05/2026
March, 2026 07/04/2026
For Payment Challan No.ITNS 281 is Applicable
For Statement Form 27EQ is Applicable For Certificate Form 27D is Applicable
Taxation Updates
Form 26QB/26QC/26QD/26QE
Due Date for
Month
Challan cum Statement Certificate
April, 2025 30/05/2025 14/06/2025
May, 2025 30/06/2025 15/07/2025
June, 2025 30/07/2025 14/08/2025
July, 2025 30/08/2025 14/09/2025
August, 2025 30/09/2025 15/10/2025
September, 2025 30/10/2025 14/11/2025
October, 2025 30/11/2025 15/12/2025
November, 2025 30/12/2025 14/01/2026
December, 2025 30/01/2026 14/02/2026
January, 2026 02/03/2026 17/03/2026
February, 2026 30/03/2026 14/04/2026
March, 2026 30/04/2026 15/05/2026
Challan cum Statement Certificate Description
Form 26QB Form 16B TDS on Sale of Property 194-IA
Form 26QC Form 16C TDS on Rent of Property 194-IB
Form 26QD Form 16D TDS on Payment to Resident Contractor & Profesionals S.194M
Form 26QE Form 16E TDS on Payment for Transfer of Virtual Digital Asset S.194S
 Income Tax Return Due Date for A.Y.2025-26 (F.Y.2024-25)

Tax Payer Original Revised Belated Updated

A.Company 31/10/2025 31/12/2025 31/12/2025 31/03/2029

B.Other than Company to whom audit applicable 31/10/2025 31/12/2025 31/12/2025 31/03/2029

C.Partner of Firm to whom audit applicable 31/10/2025 31/12/2025 31/12/2025 31/03/2029

D.Tranfer Pricing S.92E 30/11/2025 31/12/2025 31/12/2025 31/03/2029

Other than A/B/C/D (Individual+Non Tax Audit Assessee) 31/07/2025 31/12/2025 31/12/2025 31/03/2029

Taxation Updates ®

FAQ Related to Original/Revised/Belated/Updated ITR

Original Revised Belated Updated

Refund can be claimed ? Yes Yes Yes No

No No Yes Yes
Late fee Applicable u/s 234F ?
No if Gross Total Income No if Already paid in
up to Rs.2,50,000 Belated Return

Loss set off allowed ? Yes Yes Yes Yes

Yes if Original Return
Loss Carry Forward allowed ? Yes filed on or Before Due No No
Date u/s 139(1)
Additional Tax u/s 140B Applicable ? No No No Yes
 Commonly Used TDS Sections with TDS Rates (For FY 2025-26)
Taxation Updates (CA Mayur J Sondagar)

TDS Rate Single

Payment/ Threshold
Section Nature of Payment Made To Residents Individual / Other than If No /
Credit Limit Limit (Rs.)
HUF Individual / HUF Invalid PAN
(Rs.)

Interest other than interest on securities -

194A 10% 10% 20% - 10,000
in any Others Case

194C Payment to Contractors 1% 2% 20% 30,000 1,00,000

194H Commission / Brokerage 2% 2% 20% - 20,000

50000
194I(a) Rent-Plant/Machinery/Equipment 2% 2% 20% -
per month

50000
194I(b) Rent-Land and Building/Furniture/Fittings 10% 10% 20% -
per month

Fees for Technical Services, royalty for

sale, distribution or exhibition of 2% 2% 20% - 50,000
cinematographic films and call centre
194J

Fees for Professional Services 10% 10% 20% - 50,000

Payments to Partners of Firms (Salary,

194T Remuneration, Commission, Bonus or 10% 10% 20% - 20,000
Interest)

Sections Applicable if Previous Year Turnover Rs.10 Crore

Rate
Threshold
Section Nature of Payment Made To Residents Individual / Other than If No /
Limit (Rs.)
HUF Individual / HUF Invalid PAN

194Q TDS on Purchase of Goods 0.1% 0.1% 5% 50,00,000

TCS u/s 206C(1H) Not Applicable from 1st April 2025 onwards
 INCOME TAX SLAB RATES AND TAX RATES UNDER NEW TAX REGIME FOR INDIVIDUALS FROM AY 2021-22 TO AY 2026-27

NEW REGIME
AY 2021-22 to AY 2023-24 AY 2024-25 AY 2025-26 AY 2026-27
Income Tax Slab Tax rate Income Tax Slab Tax rate Income Tax Slab Tax rate Income Tax Slab Tax rate
Upto 2,50,000 0 Upto 3,00,000 0 Upto 3,00,000 0 Upto 4,00,000 0
2,50,001 - 5,00,000 5% 3,00,001 - 6,00,000 5% 3,00,001 - 7,00,000 5% 4,00,001 - 8,00,000 5%
5,00,001 - 7,50,000 10% 6,00,001 - 9,00,000 10% 7,00,001 - 10,00,000 10% 8,00,001 - 12,00,000 10%
7,50,001 - 10,00,000 15% 9,00,001 - 12,00,000 15% 10,00,001 - 12,00,000 15% 12,00,001 - 16,00,000 15%
10,00,001 - 12,50,000 20% 12,00,001 - 15,00,000 20% 12,00,001 - 15,00,000 20% 16,00,001 - 20,00,000 20%
12,50,001 - 15,00,000 25% Above 15,00,000 30% Above 15,00,000 30% 20,00,001 - 24,00,000 25%
Above 15,00,000 30% Taxation Updates ® Above 24,00,000 30%

TAX AMOUNT BASED ON DIFFERENT INCOME SLAB FOR INDIVIDUAL TAX PAYERS IN NEW REGIME VS OLD REGIME
TAX AMOUNT ALONG WITH 4% CESS
NORMAL
OLD REGIME NEW REGIME
TAXABLE
INCOME OF AY 2021-22 AVERAGE AY 2021-22 AVERAGE
TAX PAYERS AVERAGE AVERAGE AVERAGE
to RATE OF to AY 2024-25 RATE OF AY 2025-26 AY 2025-26
RATE OF TAX TAX % TAX %
AY 2025-26 TAX AY 2023-24 TAX
2,50,000 - 0.00% - 0.00% - 0.00% - 0.00% - 0.00%
3,00,000 - 0.00% - 0.00% - 0.00% - 0.00% - 0.00%
5,00,000 - 0.00% - 0.00% - 0.00% - 0.00% - 0.00%
6,00,000 33,800 5.63% 23,400 3.90% - 0.00% - 0.00% - 0.00%
7,00,000 54,600 7.80% 33,800 4.83% - 0.00% - 0.00% - 0.00%
7,50,000 65,000 8.67% 39,000 5.20% 31,200 4.16% 26,000 3.47% - 0.00%
9,00,000 96,200 10.69% 62,400 6.93% 46,800 5.20% 41,600 4.62% - 0.00%
10,00,000 1,17,000 11.70% 78,000 7.80% 62,400 6.24% 52,000 5.20% - 0.00%
12,00,000 1,79,400 14.95% 1,19,600 9.97% 93,600 7.80% 83,200 6.93% - 0.00%
13,00,000 2,10,600 16.20% 1,43,000 11.00% 1,14,400 8.80% 1,04,000 8.00% 78,000 6.00%
14,00,000 2,41,800 17.27% 1,69,000 12.07% 1,35,200 9.66% 1,24,800 8.91% 93,600 6.69%
15,00,000 2,73,000 18.20% 1,95,000 13.00% 1,56,000 10.40% 1,45,600 9.71% 1,09,200 7.28%
16,00,000 3,04,200 19.01% 2,26,200 14.14% 1,87,200 11.70% 1,76,800 11.05% 1,24,800 7.80%
17,00,000 3,35,400 19.73% 2,57,400 15.14% 2,18,400 12.85% 2,08,000 12.24% 1,45,600 8.56%
Taxation Updates
18,00,000
19,00,000
3,66,600
3,97,800
20.37%
20.94%
2,88,600
3,19,800
16.03%
16.83%
2,49,600
2,80,800
13.87%
14.78%
2,39,200
2,70,400
13.29%
14.23%
1,66,400
1,87,200
9.24%
9.85%
20,00,000 4,29,000 21.45% 3,51,000 17.55% 3,12,000 15.60% 3,01,600 15.08% 2,08,000 10.40%
21,00,000 4,60,200 21.91% 3,82,200 18.20% 3,43,200 16.34% 3,32,800 15.85% 2,34,000 11.14%
22,00,000 4,91,400 22.34% 4,13,400 18.79% 3,74,400 17.02% 3,64,000 16.55% 2,60,000 11.82%
23,00,000 5,22,600 22.72% 4,44,600 19.33% 4,05,600 17.63% 3,95,200 17.18% 2,86,000 12.43%
24,00,000 5,53,800 23.08% 4,75,800 19.83% 4,36,800 18.20% 4,26,400 17.77% 3,12,000 13.00%
25,00,000 5,85,000 23.40% 5,07,000 20.28% 4,68,000 18.72% 4,57,600 18.30% 3,43,200 13.73%
FOR INCOME ABOVE 24 LAKH TAX RATE WILL BE 30% IN BOTH THE REGIME

OLD REGIME
AY 2014-15 AY 2015-16 to AY 2017-18 AY 2018-19 to AY 2026-27
Income Tax Slab Tax rate Income Tax Slab Tax rate Income Tax Slab Tax rate
Upto 2,00,000 0 Upto 2,50,000 0 Upto 2,50,000 0
2,00,001 - 5,00,000 10% 2,50,001 - 5,00,000 10% 2,50,001 - 5,00,000 5%
5,00,001 - 10,00,000 20% 5,00,001 - 10,00,000 20% 5,00,001 - 10,00,000 20%
Above 10,00,000 30% Above 10,00,000 30% Above 10,00,000 30%
 TAX AMOUNT AS PER NEW (DEFAULT) TAX REGIME FOR F.Y.2024-25 FOR RESIDENT INDIVIDUAL
FOR NORMAL TAXABLE INCOME UP TO RS.1 CRORE
Taxation Updates ® - Mayur J. Sondagar
TAXABLE TAXABLE TAXABLE TAXABLE
TAX TAX TAX TAX
INCOME INCOME INCOME INCOME
1,00,000.00 NIL 26,00,000.00 4,88,800.00 51,00,000.00 13,41,600.00 76,00,000.00 22,53,680.00
2,00,000.00 NIL 27,00,000.00 5,20,000.00 52,00,000.00 14,30,000.00 77,00,000.00 22,88,000.00
3,00,000.00 NIL 28,00,000.00 5,51,200.00 53,00,000.00 14,64,320.00 78,00,000.00 23,22,320.00
4,00,000.00 NIL 29,00,000.00 5,82,400.00 54,00,000.00 14,98,640.00 79,00,000.00 23,56,640.00
5,00,000.00 NIL 30,00,000.00 6,13,600.00 55,00,000.00 15,32,960.00 80,00,000.00 23,90,960.00
6,00,000.00 NIL 31,00,000.00 6,44,800.00 56,00,000.00 15,67,280.00 81,00,000.00 24,25,280.00
7,00,000.00 NIL 32,00,000.00 6,76,000.00 57,00,000.00 16,01,600.00 82,00,000.00 24,59,600.00
8,00,000.00 31,200.00 33,00,000.00 7,07,200.00 58,00,000.00 16,35,920.00 83,00,000.00 24,93,920.00
9,00,000.00 41,600.00 34,00,000.00 7,38,400.00 59,00,000.00 16,70,240.00 84,00,000.00 25,28,240.00
10,00,000.00 52,000.00 35,00,000.00 7,69,600.00 60,00,000.00 17,04,560.00 85,00,000.00 25,62,560.00
11,00,000.00 67,600.00 36,00,000.00 8,00,800.00 61,00,000.00 17,38,880.00 86,00,000.00 25,96,880.00
12,00,000.00 83,200.00 37,00,000.00 8,32,000.00 62,00,000.00 17,73,200.00 87,00,000.00 26,31,200.00
13,00,000.00 1,04,000.00 38,00,000.00 8,63,200.00 63,00,000.00 18,07,520.00 88,00,000.00 26,65,520.00
14,00,000.00 1,24,800.00 39,00,000.00 8,94,400.00 64,00,000.00 18,41,840.00 89,00,000.00 26,99,840.00
15,00,000.00 1,45,600.00 40,00,000.00 9,25,600.00 65,00,000.00 18,76,160.00 90,00,000.00 27,34,160.00
16,00,000.00 1,76,800.00 41,00,000.00 9,56,800.00 66,00,000.00 19,10,480.00 91,00,000.00 27,68,480.00
17,00,000.00 2,08,000.00 42,00,000.00 9,88,000.00 67,00,000.00 19,44,800.00 92,00,000.00 28,02,800.00
18,00,000.00 2,39,200.00 43,00,000.00 10,19,200.00 68,00,000.00 19,79,120.00 93,00,000.00 28,37,120.00
19,00,000.00 2,70,400.00 44,00,000.00 10,50,400.00 69,00,000.00 20,13,440.00 94,00,000.00 28,71,440.00
20,00,000.00 3,01,600.00 45,00,000.00 10,81,600.00 70,00,000.00 20,47,760.00 95,00,000.00 29,05,760.00
21,00,000.00 3,32,800.00 46,00,000.00 11,12,800.00 71,00,000.00 20,82,080.00 96,00,000.00 29,40,080.00
22,00,000.00 3,64,000.00 47,00,000.00 11,44,000.00 72,00,000.00 21,16,400.00 97,00,000.00 29,74,400.00
23,00,000.00 3,95,200.00 48,00,000.00 11,75,200.00 73,00,000.00 21,50,720.00 98,00,000.00 30,08,720.00
24,00,000.00 4,26,400.00 49,00,000.00 12,06,400.00 74,00,000.00 21,85,040.00 99,00,000.00 30,43,040.00
25,00,000.00 4,57,600.00 50,00,000.00 12,37,600.00 75,00,000.00 22,19,360.00 1,00,00,000.00 30,77,360.00
Taxation Updates ® - Mayur J. Sondagar
  Calculation of Tax For Normal Taxable Income
Income Tax Calculation Total Tax Rebate Net Tax Tax with Cess @ 4%
4,00,000 4,00,000*0% Nil NA Nil Nil
5,00,000 4,00,000*0% + 1,00,000*5% 5,000 5,000 Nil Nil
6,00,000 4,00,000*0% + 2,00,000*5% 10,000 10,000 Nil Nil
7,00,000 4,00,000*0% + 3,00,000*5% #TaxationUpdates 15,000 15,000 Nil Nil
8,00,000 4,00,000*0% + 4,00,000*5% 20,000 20,000 Nil Nil
9,00,000 4,00,000*0% + 4,00,000*5% + 1,00,000*10% 30,000 30,000 Nil Nil
10,00,000 4,00,000*0% + 4,00,000*5% + 2,00,000*10% 40,000 40,000 Nil Nil
11,00,000 4,00,000*0% + 4,00,000*5% + 3,00,000*10% 50,000 50,000 Nil Nil
12,00,000 4,00,000*0% + 4,00,000*5% + 4,00,000*10% #TaxationUpdates 60,000 60,000 Nil Nil
13,00,000 4,00,000*0% + 4,00,000*5% + 4,00,000*10% + 1,00,000*15% 75,000 Nil 75,000 78,000
14,00,000 4,00,000*0% + 4,00,000*5% + 4,00,000*10% + 2,00,000*15% 90,000 Nil 90,000 93,600
15,00,000 4,00,000*0% + 4,00,000*5% + 4,00,000*10% + 3,00,000*15% 1,05,000 Nil 1,05,000 1,09,200
16,00,000 4,00,000*0% + 4,00,000*5% + 4,00,000*10% + 4,00,000*15% 1,20,000 Nil 1,20,000 1,24,800
17,00,000 4,00,000*0% + 4,00,000*5% + 4,00,000*10% + 4,00,000*15% + 1,00,000*20% 1,40,000 Nil 1,40,000 1,45,600
18,00,000 4,00,000*0% + 4,00,000*5% + 4,00,000*10% + 4,00,000*15% + 2,00,000*20% 1,60,000 Nil 1,60,000 1,66,400
19,00,000 4,00,000*0% + 4,00,000*5% + 4,00,000*10% + 4,00,000*15% + 3,00,000*20% 1,80,000 Nil 1,80,000 1,87,200
20,00,000 4,00,000*0% + 4,00,000*5% + 4,00,000*10% + 4,00,000*15% + 4,00,000*20% 2,00,000 Nil 2,00,000 2,08,000
21,00,000 4,00,000*0% + 4,00,000*5% + 4,00,000*10% + 4,00,000*15% + 4,00,000*20% + 1,00,000*25% 2,25,000 Nil 2,25,000 2,34,000
22,00,000 4,00,000*0% + 4,00,000*5% + 4,00,000*10% + 4,00,000*15% + 4,00,000*20% + 2,00,000*25% 2,50,000 Nil 2,50,000 2,60,000
23,00,000 4,00,000*0% + 4,00,000*5% + 4,00,000*10% + 4,00,000*15% + 4,00,000*20% + 3,00,000*25% 2,75,000 Nil 2,75,000 2,86,000
24,00,000 4,00,000*0% + 4,00,000*5% + 4,00,000*10% + 4,00,000*15% + 4,00,000*20% + 4,00,000*25% 3,00,000 Nil 3,00,000 3,12,000
25,00,000 4,00,000*0% + 4,00,000*5% + 4,00,000*10% + 4,00,000*15% + 4,00,000*20% + 4,00,000*25% + 1,00,000*30% 3,30,000 Nil 3,30,000 3,43,200
30,00,000 4,00,000*0% + 4,00,000*5% + 4,00,000*10% + 4,00,000*15% + 4,00,000*20% + 4,00,000*25% + 6,00,000*30% 4,80,000 Nil 4,80,000 4,99,200
40,00,000 4,00,000*0% + 4,00,000*5% + 4,00,000*10% + 4,00,000*15% + 4,00,000*20% + 4,00,000*25% + 16,00,000*30% 7,80,000 Nil 7,80,000 8,11,200
50,00,000 4,00,000*0% + 4,00,000*5% + 4,00,000*10% + 4,00,000*15% + 4,00,000*20% + 4,00,000*25% + 26,00,000*30% 10,80,000 Nil 10,80,000 11,23,200
 Applicability of Section 44AA / 44AB / 44AD of Income Tax Act, 1961-2024 (A.Y.2025-26) (F.Y.2024-25)
(For Resident Individual or HUF or Partnership (Not LLP)) (Income from Business)
Taxation Updates ®
Particular Amount Amount Amount Amount Amount Amount

Total Sales, Turnover or Gross Receipts up to Rs.25 lakh♦ above Rs.25 lakh to Rs.1 crore above Rs.1 crore to Rs.2 crore above Rs.2 crore to Rs.3 crore above Rs.3 crore to Rs.10 crore above Rs.10 crore

44AA (Maintenance of Accounts) Not Applicable Applicable Applicable Applicable Applicable Applicable

(As Turnover up to 25 lakh) (Not Applicable if opt for 44AD) (Not Applicable if opt for 44AD) (Not Applicable if opt for 44AD) (Mandatory Application) (Mandatory Application)

44AB (Audit of Accounts) Not Applicable Not Applicable Applicable Applicable Applicable Applicable
(Not Applicable if opt for 44AD) (Not Applicable if opt for 44AD) or
(Not Applicable if receipts &
or (Not Applicable if receipts & (Not Applicable if receipts &
(As Turnover below 1 crore) (As Turnover up to 1 crore) payments in cash * does not exceed (Mandatory Application)
payments in cash * does not payments in cash * does not exceed
5 %)
exceed 5 %) 5 %)

44AD (Presumptive Business Income) Can opt Can opt Can opt Can opt Not Applicable Not Applicable
Taxation Updates
(If Profit is equal to or higher (If Profit is equal to or higher (If Profit is equal to or higher
(If Profit is equal to or higher than
8% / 6% # and Receipts in cash^ (As Turnover exceeds Rs.3 crore) (As Turnover exceeds Rs.3 crore)
than 8% / 6% # ) than 8% / 6% #) than 8% / 6% #)
does not exceed 5 %)
Section 44AD is Not Applicable to 1:Person earning commission income or 2:Person carrying agency business or 3:Person carrying on profession prescribed u/s 44AA(1)
♦ Section 44AA is Applicable if Turnover exceed Rs.10 Lakh in case of Partnership Firm
* The payment or receipt, by a cheque drawn on a bank or by a bank draft, which is not account payee, shall be deemed to be in cash
^ The receipt, by a cheque drawn on a bank or by a bank draft, which is not account payee, shall be deemed to be receipt in cash
# 6% if total turnover or gross receipts received by account payee cheque or account payee bank draft or use of ECS through a bank account or other electronic mode as may be prescribed during previous year or on or before the due date specified u/s
139(1) (Rule 6ABBA prescribed other electronic mode as (a) Credit Card; (b) Debit Card; (c ) Net Banking; (d) IMPS; (e ) UPI; (f) RTGS; (g) NEFT; (h) BHIM)
Note 1: If Income from business exceed Rs.2,50,000 (Rs.1,20,000 in case of Partnership firm) then also S.44AA is applicable (S.44AA Not Applicable if opt for S.44AD)
Note 2 : Section 44AD not Applicable for the business of plying, hiring or leasing goods carriages referred to in Section 44AE
Note 3 : Only Resident Individual, Hindu undivided family or a Partnership firm (not LLP) can opt for Section 44AD

Applicability of Section 44AA / 44AB of Income Tax Act, 1961-2024 (A.Y.2025-26) (F.Y.2024-25)
(For Other than Individual/HUF/Partnership Firm) (Income from Business)
Taxation Updates ®
Particular Amount Amount Amount Amount

Total Sales, Turnover or Gross Receipts up to Rs.10 lakh above Rs.10 lakh to Rs.1 crore above Rs.1 crore to Rs.10 crore above Rs.10 crore

44AA (Maintenance of Accounts) Not Applicable Applicable Applicable Applicable

(As Turnover up to 10 lakh) (Mandatory Application) (Mandatory Application) (Mandatory Application)

44AB (Audit of Accounts) Not Applicable Not Applicable Applicable Applicable

(Not Applicable if receipts &
Taxation Updates (As Turnover below 1 crore) (As Turnover up to 1 crore) payments in cash * does not
exceed 5%)
(Mandatory Application)

* The payment or receipt, by a cheque drawn on a bank or by a bank draft, which is not account payee, shall be deemed to be in cash
Note 1 : if Income from business exceed 1,20,000 then also S.44AA is applicable
 Applicability of Section 44AA / 44AB / 44ADA of Income Tax Act, 1961-2024 (A.Y.2025-26) (F.Y.2024-25)
(For Individual or Partnership Firm (Not LLP)) (Income from Profession)
Assessee is engaged in legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or
interior decoration

Taxation Updates ®
Particular Amount Amount Amount

Gross Receipts up to Rs.50 lakh above Rs.50 lakh to 75 lakh above Rs.75 lakh

44AA (Maintenance of Accounts) Applicable Applicable Applicable

(Not Applicable if opt for 44ADA) (Not Applicable if opt for 44ADA) (Mandatory Application)

Taxation Updates
44AB (Audit of Accounts)

44ADA (Presumptive Income from

Profession)
Not Applicable
(Applicable if Profit below 50 %
and Total Income Exceeds Basic
Exemption Limit)

Can opt
Applicable

(Not Applicable if opt for 44ADA)

Can opt
Applicable

(Mandatory Application)

Not Applicable
(If Profit is equal to or higher than
(If Profit is equal to or higher than
50 % and Receipts in cash^ does (As Turnover exceeded 75 lakh)
50 %)
not exceed 5 %))

^ The receipt, by a cheque drawn on a bank or by a bank draft, which is not account payee, shall be deemed to be receipt in cash
Note 1 : Only Resident Individual or a Partnership firm (not LLP) engaged in profession specified u/s 44AA(1) can opt for Section 44ADA

Applicability of Section 44AA / 44AB of Income Tax Act, 1961-2024 (A.Y.2025-26) (F.Y.2024-25)
(For Individual or HUF) (Income from Profession)
Assessee is NOT engaged in legal, medical, engineering or architectural profession or the profession of accountancy or technical
consultancy or interior decoration
Taxation Updates ®
Particular Amount Amount Amount

Gross Receipts up to Rs.25 lakh above Rs.25 lakh to Rs.50 lakh above Rs.50 lakh

Taxation Updates
44AA (Maintenance of Accounts)

44AB (Audit of Accounts)

Not Applicable

(As Gross Receipts up to 25 lakh)

Not Applicable

(As Gross Receipts below 50 lakh)

Applicable

(Mandatory Application)

Not Applicable

(As Gross Receipts up to 50 lakh)

Applicable

(Mandatory Application)

Applicable

(Mandatory Application)

Note 1: if Income from profession exceed Rs.2,50,000 then also S.44AA is applicable

Applicability of Section 44AA / 44AB of Income Tax Act, 1961-2024 (A.Y.2025-26) (F.Y.2024-25)
(For other than Individual or HUF) (Income from Profession)
Assessee is NOT engaged in legal, medical, engineering or architectural profession or the profession of accountancy or technical
consultancy or interior decoration
Taxation Updates ®
Particular Amount Amount Amount

Gross Receipts up to Rs.10 lakh above Rs.10 lakh to Rs.50 lakh above Rs.50 lakh

Taxation Updates
44AA (Maintenance of Accounts) Not Applicable Applicable Applicable

(As Gross Receipts up to 10 lakh) (Mandatory Application) (Mandatory Application)

44AB (Audit of Accounts) Not Applicable Not Applicable Applicable

(As Gross Receipts below 50 lakh) (As Gross Receipts up to 50 lakh) (Mandatory Application)

Note 1: if Income from profession exceed Rs.1,20,000 then also S.44AA is applicable
 TDS U/S 194Q Applicability
During Financial Year 2024-25

Turnover exceed Rs.10 Taxation Updates

Turnover upto Rs.10 crore
crore

Section 194Q Not

Section 194Q Applicable
Applicable

Purchase/Payment During the Year for Purchase of Goods

Upto Rs.50 lakh Exceed Rs.50 Lakh

TDS Not to be Deducted Buyer Shall Deduct TDS @ 0.1% on Amount Exceeding Rs.50 lakh

Particular TDS u/s SECTION 194Q

Applicable if Turnover During the Previous FY exceed Rs.10 Crore
Applicable to Buyer of Goods
Applicable on Purchase of Goods (Not Applicable on Service)
Applicable for Payment made to Resident
Threshold Limit 50 Lakh (Taxable Value Excluding GST)
Normal Rate 0.1%
Rate Without PAN 5.0%
Not Applicable if TDS Deducted under any other sections
Time of Deduction/Collection Payment or Credit whichever is earlier
Deposit Date 7th of Next Month (30th April for March )
TDS Return Form Form 26Q

Taxation Updates

Examples
Seller's Buyer's Taxable Invoice TDS u/s Applicable
Paid by Buyer
Turnover Turnover Value Value 194Q Reason on which Reason
(Lakh)
(Crore) (Crore) (Lakh) (Lakh)* Applicable ? Amount

Buyer's Turnover Rs.60 Lakh less Rs.50 Lakh (Applicable on

13.00 12.00 60.00 63.00 Rs.63.00 Yes 10.00
Above Rs.10 Crore Taxable Amount Exceeding Rs.50 Lakh)

Buyer's Turnover Rs.60 Lakh less Rs.50 Lakh (Applicable on

8.00 12.00 60.00 63.00 Rs.63.00 Yes 10.00
Above Rs.10 Crore Taxable Amount Exceeding Rs.50 Lakh)

Buyers's Turnover is Turnover in Previous Financial Year is

8.00 7.00 60.00 63.00 Rs.63.00 No Nil
upto Rs.10 Crore Below Threshold Limit of Rs.10 Crore

Taxable Value Below Turnover is Above Rs.10 Crore but Taxable

13.00 12.00 40.00 42.00 Rs.42.00 No Threshold Limit of Nil Amount Below Threshold Limit of Rs.50
Rs.50 Lakh Lakh

55.00 Total Payment including Advance Paid

(Rs.13 Lakh Buyer's Turnover Exceed threshold limit of Rs.50 Lakh (TDS is
8.00 12.00 40.00 42.00 Yes 5
Advance Paid in Above Rs.10 Crore Payable on Payment or Credit Whichever is
current year) Earlier, so TDS is Applicable)
55.00
(Rs.13 Lakh Last Taxable Value Below Out of Rs.55 Lakh, 13 Lakh is Last Year
8.00 12.00 40.00 42.00 Year outstaning No Threshold Limit of Nil outstaning so Amount for Current Year is
Paid in current Rs.50 Lakh Rs.55 Lakh less Rs.13 Lakh = Rs.42 Lakh
year)
Buyer's Turnover
45.00
Above 10 Crore & Rs.60 Lakh less Rs.50 Lakh (Applicable on
13.00 12.00 60.00 63.00 (Rs.18 Lakh Yes 10
Taxable Value is Taxable Amount Exceeding Rs.50 Lakh)
Balance Payable)
Above Rs.50 Lakh
* GST Rate is Assumed as 5 %

TCS u/s 206C(1H) Not Applicable from 1st April 2025 onwards
 Reporting u/s 269SS & 269T in Income Tax Audit Report (Form 3CD)
Taxation Updates
Section Particular Maximum Limit (Rs.)
Section 269SS Mode of taking or accepting certain loans, deposits and specified sum 20,000.00
Section 269T Mode of repayment of certain loans or deposits 20,000.00
(Assume all Transaction were done by Valid mode of payment as allowed u/s 269SS & 269T

Date Name Loan Accepted Loan Repaid Opening is Nil

No need to Reporting u/s 269SS as Amount is Below 20,000
01/06/2024 Abhash 15,000.00 Closing is 15,000

Date Name Loan Accepted Loan Repaid Opening is Nil Name Amount Whether squared up Maximum Amount
Reporting u/s 269SS
01/06/2024 Akhil 45,000.00 Closing is 45,000 Akhil 45,000.00 No 45,000.00

Date Name Loan Accepted Loan Repaid Opening is 25,000 Name Amount Whether squared up Maximum Amount
Reporting u/s 269SS
01/06/2024 Deep 50,000.00 Closing is 75,000 Deep 50,000.00 No 75,000.00

Date Name Loan Accepted Loan Repaid Opening is 30,000 Name Amount Whether squared up Maximum Amount
Reporting u/s 269SS
01/06/2024 Nihalchand 60,000.00 Balance is 90,000 Nihalchand 60,000.00 No 90,000.00
15/06/2024 Nihalchand 15,000.00 Closing is 75,000 No need for Reporting u/s 269T as Amount is Below 20,000

Date Name Loan Accepted Loan Repaid Opening is 40,000 Name Amount Whether squared up Maximum Amount
Reporting u/s 269SS
01/06/2024 Pallav 70,000.00 Balance is 1,10,000 Pallav 70,000.00 No 1,10,000.00
15/06/2024 Pallav 30,000.00 Closing is 80,000 Name Amount Maximum Amount
Reporting u/s 269T
Pallav 30,000.00 1,10,000.00

Date Name Loan Accepted Loan Repaid Opening is 45,000 Name Amount Whether squared up Maximum Amount
Reporting u/s 269SS
01/06/2024 Ankita 75,000.00 Balance is 1,20,000 Ankita 75,000.00 Yes 1,20,000.00
15/06/2024 Ankita 1,20,000.00 Closing is Nil Name Amount Maximum Amount
Reporting u/s 269T
Ankita 1,20,000.00 1,20,000.00

Date Name Loan Accepted Loan Repaid Opening is 50,000 Name Amount Whether squared up Maximum Amount
01/06/2024 Mayank 80,000.00 Balance is 1,30,000 Reporting u/s 269SS Mayank 80,000.00 No 1,50,000.00
15/06/2024 Mayank 40,000.00 Balance is 90,000 Mayank 60,000.00 No 1,50,000.00
21/06/2024 Mayank 60,000.00 Balance is 1,50,000 Name Amount Maximum Amount
02/07/2024 Mayank 90,000.00 Closing is 60,000 Reporting u/s 269T Mayank 40,000.00 1,50,000.00
Mayank 90,000.00 1,50,000.00

Date Name Loan Accepted Loan Repaid Opening is 65,000 Name Amount Maximum Amount
Reporting u/s 269T
01/06/2024 Harshil 65,000.00 Closing is Nil Harshil 65,000.00 65,000.00
 SAY NO TO CASH TRANSACTIONS
Taxation Updates

Section No. Particular Limits (Rs.) What if Limit Crossed

13A(d) Donation Received by Political Parties 2,000 Exemption Disallowed
35AD Deduction in respect of expenditure on specified business 10,000 Deduction Disallowed
Expenses or payments not deductible in certain circumstances 10,000 Deduction Disallowed
40A(3) Payment made for plying, hiring or leasing goods carriages 35,000 Deduction Disallowed
(Exception Rule 6DD)
43(1) Expenditure for Acquisition of any Asset 10,000 Not to be Included in Actual Cost (No Depreciation)
Deduction in respect of Health Insurance Premium NIL Deduction Disallowed
80D(2B)
(Exception Preventive Health Check-up)
80G(5D) Deduction in respect of donations to certain funds, charitable institutions 2,000 Deduction Disallowed
80GGA(2A) Deduction in respect of certain donations for scientific research or rural development 2,000 Deduction Disallowed
80GGB Deduction in respect of contributions given by companies to political parties NIL Deduction Disallowed
80GGC Deduction in respect of contributions given by any person to political parties NIL Deduction Disallowed
Mode of taking or accepting certain loans, deposits and specified sum 20,000 100 % Penalty As per S.271D
269SS (Specified sum means any sum of money receivable in relation to transfer of an immovable property)
(Exception if both are having agricultural income & neither of them has any taxable income)
269T Mode of repayment of certain loans or deposits. 20,000 100 % Penalty As per S.271E
Mode of undertaking transactions (Other Cash Transations) 2,00,000 100 % Penalty As per S.271DA
269ST
(Not applicable if transaction covered u/s 269SS)
Acceptance of payment through prescribed electronic modes NIL Per Day 5000 till such failure continuous S.271DB
269SU
(if Previous year Turnover is exceeding Rs.50 Crore)
1 Crore TDS @ 2 % if ITR Filed for 3 Preceeding Years
194N Cash withdrawal from Banks/Post Office 20 Lakh TDS @ 2 % if ITR Not Filed for 3 Preceeding Years
1 Crore TDS @ 5 % if ITR Not Filed for 3 Preceeding Years
Threshold Limit for Audit of Accounts increased to Rs.10 Crore if cash transactions do not exceed 5 % 10 Crore Liable for Audit u/s 44AB
44AB(a)
The payment or receipt, as the case may be, by a cheque drawn on a bank or by a bank draft, which is not account payee, shall be deemed to be in cash
 Process of GST Registration
Taxation Updates Taxation Updates

Part A of FORM GST REG-01 (Legal Name, PAN, Mobile No., E-mail, State Name)

Temporary Reference Number (TRN) if Verification in Part A is Successful (TRN is Valid for 15 Days)

Part B of FORM GST REG-01 using above TRN

Selected "Yes" in Aadhar Authentication Tab of Part B Selected "No" in Aadhar Authentication Tab of Part B

Applications have been flagged as risky on the common portal

based on data analysis and risk parameters
Applications have NOT been flagged as risky on the common
portal based on data analysis and risk parameters
Biometric-based Aadhaar authentication required at one of the
Facilitation Centres

if Aadhaar Authentication
if Aadhaar Authentication Successful
Unsuccessful/Fails

Date of Aadhar Authentication shall Acknowledgment (ARN) in FORM GST REG-02 shall be issued on date of
be date of Submission of the Acknowledgment (ARN) in Completion of Biomatric based Verification or Verification of Original copy of
Application FORM GST REG-02 shall be the Documents at one of the Facilitation Centres
issued on above date of
Submission or 15 days from
Acknowledgment (ARN) in FORM GST Submission of Part B Within 30 days of submission of application the proper officer shall initiate
REG-02 shall be issued on above date Whichever is earlier the process for physical verification of the place of business
of Submission

If No deficiency in Application, Registration granted

If No deficiency in Application, Registration granted within 7 working days from
within 30 days from date of ARN after physical verification
date of ARN
of the place of business

If officer fails to take any action within 7 working days from date of ARN, Taxation Updates If officer fails to take any action within 30 days from date
Deemed Approval of Registration Application (CA MAYUR J SONDAGAR) of ARN, Deemed Approval of Registration Application

If Deficiency in Application, SCN (FORM GST REG-03) will be issued within 7 If Deficiency in Application, SCN (FORM GST REG-03) will
working days from date of ARN be issued within 30 days from date of ARN

Applicant shall furnish reply in FORM GST REG-04, within 7 working days from the date of receipt of above SCN

If officer is satisfied with reply furnished by applicant, he may approve registration within 7 working days from date of receipt of reply

If officer fails to take any action, within 7 working days from date of reply by applicant, Deemed Approval of Registration Application

If officer is not satisfied with the reply furnished by applicant or No reply is furnished by the applicant, he may reject application in FORM GST REG-05

If the Application for Registration has been approved, a certificate of registration in FORM GST REG-06 shall be made available to the applicant on the GST common portal

Taxation Updates - CA MAYUR J SONDAGAR

List of Some Important Sections of Old Income Tax Act,1961 and Section Number of Same in New
Income Tax Bill, 2025 along with page number of PDF File
Particular Income Tax Income Tax Page No.
Act, 1961 Bill, 2025 of PDF
Heads of income. Section 14 Section 13 36
Deductions from income from house property Section 24 Section 22 47
Deduction for depreciation Section 32 Section 33 56
Certain deductions to be only on actual payment Section 43B Section 37 63
Special provision for computing profits and gains of Section 44AD/ Section 58 89
business profession on presumptive basis in case of 44ADA/44AE
certain residents.
Maintenance of books of account. Section 44AA Section 62 96
Tax audit Section 44AB Section 63 97
Capital gains Section 45 Section 67 104
Transactions not regarded as transfer. Section 47 Section 70 109
Mode of computation of capital gains Section 48 Section 72 117
Cost with reference to certain modes of acquisition. Section 49 Section 73 118
Profit on sale of property used for residence Section 54 Section 82 126
Capital gain not to be charged on investment in Section 54EC Section 85 129
certain bonds
Capital gain on transfer of certain capital assets Section 54F Section 86 130
not to be charged in case of investment in
residential house

Taxation Updates
Income from other sources
Deduction for life insurance premia, deferred
annuity, contributions to provident fund, etc.
Deduction in respect of health insurance premia
Deduction in respect of income of co-operative
societies.
Section 56
Section 80C

Section 80D
Section 80P
Section 92
Section 123

Section 126
Section 149
137
159

161
180

Rebate of income-tax in case of certain individuals Section 87A Section 156 187
Mode of taking or accepting certain loans, deposits Section 269SS Section 185 212
and specified sum
Mode of undertaking transactions Section 269ST Section 186 213
Mode of repayment of certain loans or deposits. Section 269T Section 188 213
Tax on short-term capital gains in certain cases. Section 111A Section 196 220
Tax on long-term capital gains Section 112 Section 197 221
Tax on long-term capital gains in certain cases. Section 112A Section 198 222
New tax regime for individuals, Hindu undivided Section Section 202 226
family and others 115BAC
Return of income Section 139 Section 263 291
Self-assessment Section 140A Section 266 298
Assessment Section 143 Section 270 305
Best judgment assessment Section 144 Section 271 307
Income escaping assessment Section 147 Section 279 316
Salary and accumulated balance due to an Section Section 392 392
employee. 192/192A
Tax to be deducted at source. Section 194A Section 393 394
/194C/194H/
194I/194J etc.
Collection of tax at source Section 206C Section 394 412
Taxation Tables
By Taxation Updates
(CA Mayur J Sondagar)