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September 2025 Compliance Schedule (GST, Income Tax & MCA)

September is one of the most crucial months in the compliance cycle. This month brings together GST filings, Income Tax advance tax, audit reports, and MCA annual compliances. Missing a date can lead to penalties, interest, and loss of credibility with regulators.

Here is the detailed compliance calendar for September 2025.


📌 Important Due Dates

  • 7 Sept (Sunday)
    • Deposit of TDS/TCS for August 2025
    • Payment of Equalisation Levy for August 2025
  • 10 Sept (Wednesday)
    • GSTR-7 (TDS under GST) for August 2025
    • GSTR-8 (TCS by e-commerce operators) for August 2025
  • 11 Sept (Thursday)
    • GSTR-1 (Monthly) for August 2025
  • 13 Sept (Saturday)
    • Invoice Furnishing Facility (IFF) for August 2025 (QRMP taxpayers)
    • GSTR-6 (Input Service Distributor) for August 2025
    • GSTR-5 (Non-resident taxable persons) for August 2025
  • 15 Sept (Monday)
    • 2nd Instalment of Advance Tax for AY 2025-26 (45% cumulative)
    • Form 24G (by Govt deductors) for August 2025
    • Form 3BB (stock exchange transactions) for August 2025
    • ITR filing (Non-audit cases) for AY 2025-26 – Final extended deadline
  • 20 Sept (Saturday)
    • GSTR-3B (Monthly) for August 2025
    • GSTR-5A (OIDAR/non-resident online service providers) for August 2025
  • 25 Sept (Thursday)
    • GST PMT-06 payment for August 2025 (QRMP taxpayers)
  • 30 Sept (Tuesday)
    • Tax Audit Report (Form 3CA/3CB-3CD) for AY 2025-26
    • Audit Report of Trusts/Institutions (Form 10B/10BB) for AY 2025-26
    • Annual General Meeting (AGM) for FY 2024-25 under MCA
    • DIR-3 KYC (Director e-KYC) under MCA

🧾 Detailed Break-up

A. GST Compliances

  • 10 Sept – GSTR-7 & GSTR-8: For deductors of GST TDS and e-commerce operators collecting GST TCS.
  • 11 Sept – GSTR-1: Outward supplies for August (monthly filers).
  • 13 Sept – IFF (for QRMP taxpayers), GSTR-6 (ISD), GSTR-5 (NRTP).
  • 20 Sept – GSTR-3B (monthly) and GSTR-5A (OIDAR).
  • 25 Sept – PMT-06: Monthly tax deposit for QRMP scheme.

Checklist:
✔ Reconcile invoices with e-invoices and e-way bills.
✔ Ensure vendor compliance before ITC lock-in.
✔ Match GSTR-1 and GSTR-3B with books.


B. Income Tax Compliances

  • 7 Sept – Deposit TDS/TCS and Equalisation Levy for August.
  • 15 Sept – Advance Tax (45% cumulative), Form 24G, Form 3BB, and ITR for non-audit cases (final extended date).
  • 30 Sept – Tax Audit Reports (44AB) and Audit Reports for Charitable/Religious Trusts (Form 10B/10BB).

Checklist:
✔ Advance tax calculation should include capital gains, F&O, and interest income.
✔ Match TDS challans with Form 26AS and AIS.
✔ Ensure UDIN is generated for audit reports.


C. MCA Compliances

  • 30 Sept –
    • AGM for FY 2024-25 (as per Section 96 of the Companies Act).
    • Filing of DIR-3 KYC for directors.

Checklist:
✔ Finalise financial statements and Board’s Report in time.
✔ Ensure proper notice (21 clear days) before AGM.
✔ Directors to complete e-KYC with valid mobile and email OTPs.


September 2025 is a packed month for professionals, businesses, and corporates. From GST returns to advance tax and from tax audits to AGMs, almost every compliance stream has critical deadlines. Staying ahead with a checklist and calendar ensures smooth operations and avoids penalties.

10 Major Warning Signs Officers Track During a GST Audit | Documents & Records Verified by Authorities

Audit under GST is conducted to ensure that taxpayers have correctly paid taxes, claimed Input Tax Credit (ITC) in compliance with the law, and filed returns properly. Section 65 of the CGST Act, 2017 along with Rule 101 of the CGST Rules, 2017 provides the framework for departmental audits.

 

Audit in GST should verify the correctness of the facts and figures declared in the returns vis-a-vis books of accounts and returns filed by the taxpayers. Self- assessed declarations may contain hidden deviations. These deviations may be the result of omission, error, or deliberate action by a taxpayer.

Audit in GST should intend to evaluate the credibility of self-assessed tax liability of a taxpayer based on the twin test of accuracy of their declaration and the accounts maintained by the taxpayer


Legal Framework

Section 65 – Audit by Tax Authorities

  • Audit can be initiated by the Commissioner or an authorized officer.
  • It may be conducted at the taxpayer’s premises or at the department’s office.
  • At least 15 working days’ prior notice must be given (Form GST ADT-01).
  • Audit to be completed in 3 months (extendable by 6 months with written reasons).
  • Officer may demand records, explanations, and facilities to complete the audit.
  • Findings to be communicated in Form GST ADT-02 within 30 days of audit completion.
  • If discrepancies found → proceedings may be initiated under Section 73, 74, or 74A.

Rule 101 – Key Audit Aspects

  • Covers one financial year or part/multiples thereof.
  • Verification includes books of accounts, GST returns, ITC claims, tax rates, and refunds.
  • Discrepancies to be shared with the taxpayer for reply before finalization.

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Documents & Records Examined During GST Audit

During audit, officers typically examine the following categories of records:

Sale Invoice is in the top of the list to know the nature of business, GST Rates etc.

A. Invoices & Core Records

  • Sales invoices, purchase invoices, debit/credit notes.
  • Value of Supply, Time of Supply
  • Advance receipts and payments records.
  • Stock register – opening, inward, outward, and closing balances.
  • Delivery challans and job work challans.

B. GST-Specific Records

  • ITC register (eligible ITC claimed) and verification of ineligible/blocked ITC under Section 17(5).
  • GST rates applied – cross-check with HSN/SAC codes.
  • Liability on Reverse Charge Mechanism (RCM): expenses where RCM is applicable vs ITC claimed on RCM payments.
  • Post-sale discount adjustments (whether ITC reversed or credit notes issued properly).
  • E-way Bills – matching with outward/inward supply data.
  • Additional Place of Business records – movement of goods from/to additional premises and is this added on GST Portal or not
  • Export transactions – LUT/Bond, shipping bills, realization of foreign currency.
  • Purchases from “risky suppliers” (flagged for fake ITC or defaulting).

C. Financial Records

  • Books of account: ledgers, journals, cash book, bank book.
  • Balance sheet, profit & loss account, trial balance.
  • Fixed asset register and depreciation schedules (with ITC reversal where applicable).
  • Internal audit or statutory audit reports.
  • Miscellaneous income sources: scrap sales, insurance claims, forex gains, etc.

D. GST Returns & Reconciliations

  • GSTR-1, GSTR-3B, GSTR-2B, and annual returns GSTR-9/9C.
  • Reconciliation of Books of Accounts vs GST Returns.
  • Turnover reconciliation with Income Tax returns (Form 26AS, ITR, audited financials).
  • Check for sudden jump in turnover compared to previous periods.
  • Verification of refunds claimed and sanction orders.

Consolidated List

  • Annual report and Director‘s report (if any)
  • Profit & Loss A/C
  • Balance Sheet and Trial balance if maintained
  • Notes to accounts
  • Tax Audit Report
  • Statement of income tax TDS.
  •  List of HSN /SAC of the goods /or services in respect of the business.
  • Reconciliation statement in respect of Form GSTR 9, GSTR-1 AND GSTR 3B
  • Suppliers list with GSTIN (where applicable)
  • Ledger accounts of the suppliers
  • Statement of sales party wise and POS wise.
  • Supply for which tax paid in RCM.
  • Bank Statement for the period under audit
  • Stock register
  • Other documents and records as applicable as provided in section 35 of the Act

Key Points for Taxpayers to Remember

  • Maintain organized records for invoices, ledgers, and returns.
  • Regularly reconcile ITC with GSTR-2B and block ineligible ITC.
  • Check correct GST rates based on HSN/SAC classification.
  • Monitor expenses under RCM and claim ITC only if payment made.
  • Ensure e-way bill compliance and consistency with supply data.
  • Be cautious about dealing with “risky suppliers” flagged by the department, Check the status of GST registration and return filing on GST Portal before doing business with any new supplier
  • Regularly reconcile turnover between GST returns, books of account, and Income Tax filings.

Revised TDS Rates for FY 2025-26

Tax Deducted at Source (TDS) is one of the most important compliance requirements under the Income Tax Act, 1961. Every year, the government notifies updated rates and provisions that taxpayers, businesses, and professionals must follow while deducting and depositing TDS. For the financial year 2025-26 (AY 2026-27), the TDS rates cover payments such as salary, interest, rent, professional fees, contracts, and more. This updated TDS Rate Chart 2025-26 will help you understand at what rate tax needs to be deducted, thresholds, and key compliances to avoid penalties.

Under Income Tax Act 2025 TDS Rates are covered under Section 390 to 430 and Table chart are used

Rates for tax deduction at source*

[For Assessment year 2026-27]

Particulars TDS Rates (in %)
1. In the case of a person other than a company
1.1 where the person is resident in India-
Section 192: Payment of salary Normal Slab Rate
Section 192A: Payment of accumulated balance of provident fund which is taxable in the hands of an employee. 10
Section 193: Interest on securities
a) any debentures or securities for money issued by or on behalf of any local authority or a corporation established by a Central, State or Provincial Act; 10
b) any debentures issued by a company where such debentures are listed on a recognised stock exchange in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and any rules made thereunder; 10
c) any security of the Central or State Government;[i.e. 8% Savings (Taxable) Bonds, 2003 and 7.75% Saving (Taxable) Bonds, 2018, Floating Rate Savings Bonds, 2020 (Taxable) or any other notified security] 10
d) interest on any other security 10
Section 194: Income by way of dividend 10
Section 194A: Income by way of interest other than “Interest on securities” 10
Section 194B: Income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort, or from gambling or betting of any form or nature whatsoever. 30
Section 194BAIncome by way of winnings from any online game 30
Section 194BB: Income by way of winnings from horse races 30
Section 194C: Payment to contractor/sub-contractor
a) HUF/Individuals 1
b) Others 2
Section 194D: Insurance commission 5
Section 194DA: Payment in respect of life insurance policy 2
Section 194EE: Payment in respect of deposit under National Savings scheme 10
Section 194F: Payment on account of repurchase of unit by Mutual Fund or Unit Trust of IndiaNote: The provisions of this section are not applicable with effect from 01-10-2024 20
Section 194G: Commission, etc., on sale of lottery tickets 2
Section 194H: Commission or brokerage 2
Section 194-I: Rent
a) Plant & Machinery 2
b) Land or building or furniture or fitting 10
Section 194-IAPayment on transfer of certain immovable property other than agricultural land 1
Section 194-IB: Payment of rent by individual or HUF not liable to tax audit 2
Section 194-IC: Payment of monetary consideration under Joint Development Agreements 10
Section 194J:  Fees for professional or technical services:i)  sum paid or payable towards fees for technical servicesii)  sum paid or payable towards royalty in the nature of consideration for sale, distribution or exhibition of cinematographic films;iii)  Any other sumNote: With effect from June 1, 2017 the rate of TDS would be 2% in case of payee engaged in business of operation of call center. 2210
Section 194KIncome in respect of units payable to resident person 10
Section 194LAPayment of compensation on acquisition of certain immovable property 10
Section 194LBA(1): Business trust shall deduct tax while distributing, any interest received or receivable by it from a SPV or any income received from renting or leasing or letting out any real estate asset owned directly by it, to its unit holders. 10
Section 194LBB: Investment fund paying an income to a unit holder [other than income which is exempt under Section 10(23FBB)] 10
Section 194LBC: Income in respect of investment made in a securitisation trust (specified in Explanation of section 115TCA) 10
Section 194M: Payment of commission (not being insurance commission), brokerage, contractual fee, professional fee to a resident person by an Individual or a HUF who are not liable to deduct TDS under section 194C194H, or 194J.Tax shall be deducted under Section 194M with effect from 1/09/2019 when aggregate of sum credited or paid during a financial year exceeds Rs. 50 lakh. 2
Section 194N: Cash withdrawal during the previous year from one or more account maintained by a person with a banking company, co-operative society engaged in business of banking or a post office:i) in excess of Rs. 1 crore#ii) in excess of Rs. 20 lakhs** for those persons who have not filed return of income (ITR) for three previous years immediately preceding the previous year in which cash is withdrawn, and the due date for filing ITR under section 139(1) has expired. The deduction of tax under this situation shall be at the rate of:a) 2% from the amount withdrawn in cash if the aggregate of the amount of withdrawal exceeds Rs. 20 lakhs during the previous year; orb) 5% from the amount withdrawn in cash if the aggregate of the amount of withdrawal exceeds Rs. 1 crore during the previous year.# The threshold limit of Rs. 1 crore is increased to Rs. 3 croresif the withdrawal of cash is made by co-operative society. 22/5
Section 194-O: Payment or credit of amount by the e-commerce operator to e-commerce participant 0.1
Section 194P: Deduction of tax by specified bank in case of senior citizen having age of 75 or more Tax on total income as per rate in force
Section 194Q: Payment for purchase of goods of the aggregate value exceeding Rs. 50 lakhsNote: TDS is deductible on sum exceeding Rs. 50 lakhs 0.1
Section 194R: Deduction of tax in case any benefit or perquisite is provided and aggregate value of such benefit/perquisite exceeds Rs. 20,000Note: Benefit or perquisite should be arising from business or the exercise of a profession by such resident. 10
Section 194S: Payment on transfer of Virtual Digital AssetNote: No tax shall be deducted under this provision in the following circumstance:• If the consideration is payable by any person (other than a specified person) and its aggregate value does not exceed Rs. 10,000 during the financial year.• if the consideration is payable by a specified person and its aggregate value does not exceed Rs. 50,000 during the financial year.Specified person means:(a) An individual or a HUF, whose total sales, gross receipts or turnover does not exceed Rs. 1 crore in case of business or Rs. 50 lakhs in case of a profession, during the financial year immediately preceding the financial year in which virtual digital asset is transferred;(b) An individual or a HUF who does not have any income under the head profits and gains of business or profession. 1
Section 194T: Payments of any sum in the nature of salary, remuneration, commission, bonus or interest to a partner of the firm.Note:(1) This provision is effective from 01-04-2025(2) No deduction if aggregate of such sum paid/payable does not exceed Rs. 20,000 during the financial year. 10
Any Other Income 10
1.2 where the person is not resident in India*-
Section 192: Payment of Salary Normal Slab Rate
Section 192A: Payment of accumulated balance of provident fund which is taxable in the hands of an employee. 10
Section 194B: Income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort or from gambling or betting of any form or nature whatsoever. 30
Section 194BA: Income by way of winnings from any online game 30
Section 194BB: Income by way of winnings from horse races 30
Section 194E: Payment to non-resident sportsmen/sports association 20
Section 194EE: Payment in respect of deposits under National Savings Scheme 10
Section 194F: Payment on account of repurchase of unit by Mutual Fund or Unit Trust of IndiaNote: The provisions of this section are not applicable with effect from 01-10-2024 20
Section 194G: Commission, etc., on sale of lottery tickets 2
Section 194LB: Payment of interest on infrastructure debt fund 5
Sec. 194LBA(2): Payment of the nature referred to in  Section 10(23FC)(a) 5
Section 194LBA(2): Payment of the nature referred to in  Section 10(23FC)(b) 10
Section 194LBA(3): Payment of the nature referred to in section 10(23FCA) by business trust to unit holders 30
Section 194LBB: Investment fund paying an income to a unit holder [other than income which is exempt under Section 10(23FBB)]. 30
Section 194LBC: Income in respect of investment made in a securitisation trust (specified in Explanation of section115TCA) 30
Section 194LC: Payment of interest by an Indian Company or a business trust in respect of money borrowed in foreign currency under a loan agreement or by way of issue of long-term bonds (including long-term infrastructure bond) 5 or 4* or 9*** In case where interest is payable in respect of Long-term Bond or Rupee Denominated Bond listed on recognised stock exchange located in IFSC** Where money borrowed from a source outside India by issuing a long-term bond or rupee-denominated bond on or after 01-04-2023, which is listed only on a recognised stock exchange located in an IFSC
Section 194LD: Payment of interest on rupee denominated bond of an Indian Company or Government securities to a Foreign Institutional Investor or a Qualified Foreign Investor 5
Section 194N: Cash withdrawal during the previous year from one or more account maintained by a person with a banking company, co-operative society engaged in business of banking or a post office:i) in excess of Rs. 1 croreii) in excess of Rs. 20 lakhs** for those persons who have not filed return of income (ITR) for three previous years immediately preceding the previous year in which cash is withdrawn, and the due date for filing ITR under section 139(1) has expired. The deduction of tax under this situation shall be at the rate of:a) 2% from the amount withdrawn in cash if the aggregate of the amount of withdrawal exceeds Rs. 20 lakhs during the previous year; orb) 5% from the amount withdrawn in cash if the aggregate of the amount of withdrawal exceeds Rs. 1 crore during the previous year.   22/5
Section 194T: Payments of any sum in the nature of salary, remuneration, commission, bonus or interest to a partner of the firm.Note:(1) This provision is effective from 01-04-2025(2) No deduction if aggregate of such sum paid/payable does not exceed Rs. 20,000 during the financial year. 10
Section 195: Payment of any other sum to a Non-resident
a) Income in respect of investment made by a Non-resident Indian Citizen 20
b) Income by way of long-term capital gains referred to in Section 115E in case of a Non-resident Indian Citizen, 12.5
c) Income by way of long-term capital gains referred to in sub-clause (iii) of clause (c) of sub-Section (1) of Section 112 12.5
d) Income by way of long-term capital gains as referred to in Section 112A exceeding Rs. 1,25,000 12.5
e) Income by way of short-term capital gains referred to in Section 111A 20
f) Any other income by way of long-term capital gains [not being long-term capital gains referred to in sections 10(33)10(36)]: 12.5
g) Income by way of dividend from a unit in International Financial Services Centre 10
h) Income by way of dividend [Other than (g)] 20
i) Income by way of interest payable by Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency (not being income by way of interest referred to in Section 194LB or Section 194LC) 20
j) Income by way of royalty payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject referred to in the first proviso to sub-section (1A) of Section 115A of the Income-tax Act, to the Indian concern, or in respect of any computer software referred to in the second proviso to sub-section (1A) of Section 115A of the Income-tax Act, to a person resident in India 20
k) Income by way of royalty [not being royalty of the nature referred to point h) above] payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy 20
l) Income by way of fees for technical services payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy 20
m) Any other income 30
Section 196A: Income in respect of units of non-resident 20
Section 196B: Income from units referred to in section 115AB(1)(i) 10
Section 196B: Long-term capital gain on transfer of units referred to in section 115AB, 12.5
Section 196C: Income by way of interest or dividends in respect of bonds or GDR referred to in section 115AC 10
Section 196C: Long-term capital gain arising from transfer of bonds or GDR referred to in section 115AC 12.5
Section 196D: Income of foreign Institutional Investors from securities (not being dividend or capital gain arising from such securities)Note: Tax shall be deducted at the rate provided under DTAA if same is lower than the existing TDS rate of 20%. 20
Section 196D(1A): Income in respect of securities referred to in section 115AD(1)(a) payable to specified fund [referred to in clause (c) of Explanation to section 10(4D)]
Note: Since recipient of income is a specified fund, surcharge & health and education cess shall be nil.
10
2. In the case of a company-
2.1 where the company is a domestic company-
Section 193: Interest on securities
a) any debentures or securities for money issued by or on behalf of any local authority or a corporation established by a Central, State or Provincial Act; 10
b) any debentures issued by a company where such debentures are listed on a recognised stock exchange in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and any rules made thereunder; 10
c) any security of the Central or State Government;[i.e. 8% Saving (Taxable) Bonds, 2003 and 7.75% Saving (Taxable) Bonds, 2018, Floating Rate Savings Bonds, 2020 (Taxable) or any other notified security] 10
d) interest on any other security 10
Section 194: Dividend 10
Section 194AIncome by way of interest other than “Interest on securities” 10
Section 194B: Income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort or from gambling or betting of any form or nature whatsoever. 30
Section 194BA: Income by way of winnings from any online game 30
Section 194BB: Income by way of winnings from horse races 30
Section 194C: Payment to contractor/sub-contractor
a) HUF/Individuals 1
b) Others 2
Section 194D: Insurance commission 10
Section 194DA: Payment in respect of life insurance policyw.e.f. 1/9/2019, the tax shall be deducted on the amount of income comprised in insurance pay-out 2
Section 194EE: Payment in respect of deposit under National Savings scheme 10
Section 194F: Payment on account of repurchase of unit by Mutual Fund or Unit Trust of IndiaNote: The provisions of this section are not applicable with effect from 01-10-2024 20
Section 194G: Commission, etc., on sale of lottery tickets 2
Section 194H: Commission or brokerage 2
Section 194-I: Rent
a) Plant & Machinery 2
b) Land or building or furniture or fitting 10
Section 194-IA:Payment on transfer of certain immovable property other than agricultural land 1
Section 194-IC:Payment of monetary consideration under Joint Development Agreements 10
Section 194J:  Fees for professional or technical services:iv)   sum paid or payable towards fees for technical servicesv)   sum paid or payable towards royalty in the nature of consideration for sale, distribution or exhibition of cinematographic films;vi)   Any other sumNote: With effect from June 1, 2017 the rate of TDS would be 2% in case of payee engaged in business of operation of call center. 2210
Section 194K : Income in respect of units payable to resident person 10
Section 194LAPayment of compensation on acquisition of certain immovable property 10
Section 194LBA(1): Business trust shall deduct tax while distributing, any interest received or receivable by it from a SPV or any income received from renting or leasing or letting out any real estate asset owned directly by it, to its unit holders. 10
Section 194LBB: Investment fund paying an income to a unit holder [other than income which is exempt under Section 10(23FBB)] . 10
Section 194LBC: Income in respect of investment made in a securitisation trust (specified in Explanation of section115TCA) 10
Section 194M: Payment of commission (not being insurance commission), brokerage, contractual fee, professional fee to a resident person by an Individual or a HUF who are not liable to deduct TDS under section 194C194H, or 194J.Tax shall be deducted under Section 194M with effect from 1/09/2019 when aggregate of sum credited or paid during a financial year exceeds Rs. 50 lakh. 2
Section 194N: Cash withdrawal during the previous year from one or more account maintained by a person with a banking company, co-operative society engaged in business of banking or a post office:iii)   in excess of Rs. 1 croreiv)   in excess of Rs. 20 lakhs** for those persons who have not filed return of income (ITR) for three previous years immediately preceding the previous year in which cash is withdrawn, and the due date for filing ITR under section 139(1) has expired. The deduction of tax under this situation shall be at the rate of:a)   2% from the amount withdrawn in cash if the aggregate of the amount of withdrawal exceeds Rs. 20 lakhs but not exceeding Rs. 1 crore during the previous year; orb)   5% from the amount withdrawn in cash if the aggregate of the amount of withdrawal exceeds Rs. 1 crore during the previous year. 22/5
Section 194-O: Payment or credit of amount by the e-commerce operator to e-commerce participant 0.1
Section 194P: Deduction of tax by specified bank in case of senior citizen having age of 75 or more Tax on total income as per rate in force
Section 194Q: Payment to resident for purchase of goods of the aggregate value exceeding Rs. 50 lakhsNote: TDS is deductible on sum exceeding Rs. 50 lakhs 0.1
Section 194R: Deduction of tax in case any benefit or perquisite is provided and aggregate value of such benefit/perquisite exceeds Rs. 20,000Note: Benefit or perquisite should be arising from business or the exercise of a profession by such resident. 10
Section 194S: Payment on transfer of Virtual Digital AssetNote: No tax shall be deducted under this provision in the following circumstance:• If the consideration is payable by any person (other than a specified person) and its aggregate value does not exceed Rs. 10,000 during the financial year.• if the consideration is payable by a specified person and its aggregate value does not exceed Rs. 50,000 during the financial year.Specified person means:(a) An individual or a HUF, whose total sales, gross receipts or turnover does not exceed Rs. 1 crore in case of business or Rs. 50 lakhs in case of a profession, during the financial year immediately preceding the financial year in which virtual digital asset is transferred;(b) An individual or a HUF who does not have any income under the head profits and gains of business or profession. 1
Any Other Income 10
2.2 where the company is not a domestic company*-
Section 194B: Income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort or from gambling or betting of any form or nature whatsoever. 30
Section 194BA: Income by way of winnings from any online game 30
Section 194BB: Income by way of winnings from horse races 30
Section 194E: Payment to non-resident sports association 20
Section 194G: Commission, etc., on sale of lottery tickets 2
Section 194LB: Payment of interest on infrastructure debt fund 5
Section 194LBA(2): – Payment of the nature referred to in  Section 10(23FC)(a) 5
Section 194LBA(2): Payment of the nature referred to in  Section 10(23FC)(b) 10
Section 194LBA(3): Business trust shall deduct tax while distributing any income received from renting or leasing or letting out any real estate asset owned directly by it to its unit holders. 35
Section 194LBB: Investment fund paying an income to a unit holder [other than income which is exempt under Section 10(23FBB)]. 35
Section 194LBC: Income in respect of investment made in a securitisation trust (specified in Explanation of section115TCA) 35
Section 194LC: Payment of interest by an Indian Company or a business trust in respect of money borrowed in foreign currency under a loan agreement or by way of issue of long-term bonds (including long-term infrastructure bond) 5 or 4* or 9*** In case where interest is payable in respect of Long-term Bond or Rupee Denominated Bond listed on recognised stock exchange located in IFSC ** Where money borrowed from a source outside India by issuing a long-term bond or rupee-denominated bond on or after 01-04-2023, which is listed only on a recognised stock exchange located in an IFSC;
Section 194LD:Payment of interest on rupee denominated bond of an Indian Company or Government securities to a Foreign Institutional Investor or a Qualified Foreign Investor 5
Section 195: Payment of any other sum
a) Income by way of long-term capital gains referred to in sub-clause (iii) of clause (c) of sub-Section (1) of Section 112 12.5
b) Income by way of long-term capital gains as referred to in Section 112A exceeding Rs. 1,25,000 12.5
c) Income by way of short-term capital gains referred to in Section 111A 20
f) Any other income by way of long-term capital gains [not being long-term capital gains referred to in sections 10(33)10(36) and 112A] 12.5
d) Income by way of dividend from a unit in International Financial Services Centre 10
e) Income by way of dividend [Other than (d)] 20
f) Income by way of interest payable by Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency (not being income by way of interest referred to in Section 194LB or Section 194LC) 20
g) Income by way of royalty payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1976 where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject referred to in the first proviso to sub-section (1A) of Section 115A of the Income-tax Act, to the Indian concern, or in respect of any computer software referred to in the second proviso to sub-section (1A) of Section 115A of the Income-tax Act, to a person resident in India 20
h) Income by way of royalty [not being royalty of the nature referred to in point f) above] payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy—
A. where the agreement is made after the 31st day of March, 1961 but before the 1st day of April, 1976 50
B. where the agreement is made after the 31st day of March, 1976 20
i) Income by way of fees for technical services payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy—
A. where the agreement is made after the 29th day of February, 1964 but before the 1st day of April, 1976 50
B. where the agreement is made after the 31st day of March, 1976 20
j) Any other income 35
Section 196A: Income in respect of units of non-resident 20
Section 196B: Income from units referred to in section 115AB(1)(i) 10
Section 196B: Long-term capital gain on transfer of units referred to in section 115AB 12.5
Section 196C: Income by way of interest or dividends in respect of bonds or GDR referred to in section 115AC 10
Section 196C: Long-term capital gain arising from transfer of bonds or GDR referred to in section 115AC 12.5
Section 196D(1): Income of foreign Institutional Investors from securities (not being dividend or capital gain arising from such securities)Note: Tax shall be deducted at the rate provided under DTAA if same is lower than the existing TDS rate of 20%. 20
Section 196D(1A): Income in respect of securities referred to in section 115AD(1)(a) payable to specified fund [referred to in clause (c) of Explanation to section 10(4D)]Note: Since recipient of income is a specified fund, surcharge & health and education cess shall be nil. 10

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Dates Announced for the 56th GST Council Meeting in September 2025

As India gears up for the festive season, all eyes are on the upcoming 56th GST Council Meeting scheduled in September 2025 in New Delhi. The meeting comes in the backdrop of Prime Minister Narendra Modi’s “Diwali gift”announced on Independence Day—sweeping GST reforms aimed at simplifying the tax structure and reducing rates to ease the burden on citizens. With a proposal to shift most goods into the lower 5% and 18% slabs, the Council’s deliberations are expected to play a crucial role in shaping how and when these reforms will be rolled out, making this session one of the most significant in recent years.

Know the announcements by PM Modi:

 

 

 

The Goods and Services Tax (GST) Council has officially notified that its 56th meeting will be held on:

  • Wednesday, 3rd September 2025 (from 11:00 AM onwards)
  • Thursday, 4th September 2025 (from 11:00 AM onwards)

at New Delhi.

Officers’ Meeting Prior to Council Meeting

Ahead of the Council meeting, an Officers’ Meeting has also been scheduled for:

  • Tuesday, 2nd September 2025 (from 11:00 AM onwards) in New Delhi.

Agenda and Venue

  • The detailed agenda items and venue for the 56th GST Council Meeting and the Officers’ Meeting will be communicated in due course of time.
  • The Hon’ble Members of the GST Council have been requested to attend the meeting.

Why This Meeting is Important?

The GST Council meetings are crucial as they decide on:

  • Rate rationalisation and structural changes
  • Clarifications on GST law and compliance
  • IT system upgrades and taxpayer facilitation
  • Policy measures impacting both businesses and consumers

With India’s dynamic indirect tax system, the 56th GST Council meeting is expected to bring key policy directions and reforms that may shape the GST landscape ahead of FY 2025-26.