This PDF document details all the taxes housing societies in India has to pay along with their rates, dates of submissions and filing returns. It also discusses the common problems faced by apartments to calculate their taxes and how to overcome it.

1. ❖ Taxes applicable for
Apartments/Societies
❖ Some of the issues faced during
tax compliances

2. Types of Taxes
1. TDS
2. Income Tax
3. GST
4. Professional Tax

3. TDS - Tax deduction at source
Section Nature of payment Threshold Limit Applicable from
14/05/2020 to 31/03/2021
194C Contractor – Consolidated
Payment During the F.Y.
- Individual/HUF
- Others
100000 0.75
1.5
194J Professional Fees 30000 7.5
❖ The Tax Deducted at Source must be deposited to the government by 7th of the subsequent month. For
instance, TDS deducted in the month of April must be paid to the government by 7th May. However, the TDS
deducted in the month of March can be deposited till 30th April
❖ Under Section 201(1A) for late deposit of TDS after deduction, you have to pay interest. Interest is at the
rate of 1.5% per month from the date at which TDS was deducted to the actual date of deposit.
❖ Challan is used for depositing - 281

4. Due Date for filing of Return for the financial
year 2020-21 for All Deductors
Form 26Q – TDS on all payments except salaries
Q1 31st July
Q2 31st October
Q3 31st January
Q4 31st May
Penalty for Late Filing of TDS Return
1. Late filing fee (Sec 234E)
Deductor will be liable to pay the way of fee Rs.200 per day till the
failure to pay TDS continues. However, the penalty should not exceed
the amount of TDS for which statement was required to be filed.

5. Due Dates for Payment of Advance Taxes for
FY 2020-21 (AY 2021-22)
DUE DATE ADVANCE TAX PAYABLE
On or Before 15th June 15% of Advance Tax
On or before 15th September 45% of Advance Tax
On or Before 15th December 75% of Advance Tax
On or Before 15th March 100% of Advance Tax
❖ Due date for filing Income tax return for FY
2020-21
31st July 2021
❖ Challan is used for depositing - 280
❖ Section 234C:
Under this section, if advance tax is not paid on
schedule, an interest of 1% will be charged. This
interest is for deferment in instalments of
advance tax. You will have to pay interest of 1%
on advance tax is you do not pay:

6. Good and Service Tax
GST Return Form Name Filing Period Return Due Dates
GSTR 1 (T.O. more than 1.5 Crore) For April Month 10th May
GSTR 1 (T.O. up to 1.5 Crore) Quarterly 31st July
GSTR 3B For April Month 20th May
GST PAYMENT DUE DATE - 20th Day of the subsequent Month
Penalty on Missing GST Due Date
In such cases, where taxpayers do not file their returns within specified due dates mentioned, he is obliged to
pay a late fee of Rs. 50/day i.e. Rs. 25 per day in each case of CGST and SGST (in case of any tax liability) and Rs.
20/day i.e. Rs. 10/- day in each CGST and SGST (in case of Nil tax liability) subject to a maximum of Rs. 5000/-,
from the given due date to the actual date when the returns are finally filed.
Interest on Late Payment of GST
According to the GST Penalty regulations, an
interest will be charged at the rate of 18
percent per annum from the taxpayers who
fail to pay their taxes on time. The interest
will be levied for the days after the due date.

7. Professional Tax Slab Rates
MONTHLY SALARY
(GROSS)
AMOUNT TO BE PAID AS
PROFESSIONAL TAX PER
MONTH
PT PAYMENT DUE DATE Return Due Dates
Up to Rs 15,000 Nil
Rs 15,001 and or above Rs. 200 20th of every
subsequent month
20th of the next month
MONTHLY SALARY
(GROSS)
AMOUNT TO BE PAID AS
PROFESSIONAL TAX PER
MONTH
PT PAYMENT DUE DATE Return Due Dates
Up to Rs.7500/- Nill
Rs 7501 - Rs 10000 Rs 175 Month End Month End
Above Rs 10001 *Rs 200 & Rs 300 (February) Month End Month End
Karnataka
Maharashtra

8. Some of the issues faced during tax compliances
➔ Error in the calculation due to manual intervention
➔ Committee members can not have a complete visibility to the data
➔ Filler Dependency
➔ TDS and GST paid challans can not be stored on cloud. Which is not Handily available :
➔ Delay in payments
➔ No Reminders Alert
➔ Delay in filing
➔ Lack of knowledge on tax compliances.

9. How to overcome on these issues by using Online
society management & accounting software
1. Error in the calculation due to manual intervention, leads to incorrect payment and
penalty :
There is auto amount calculation where correct and round off amount calculated by system and
the same percentage of deduction of TDS and GST chargeable is as per law/respective tax act.
2. Committee members can verify data online at one click :
Committee members can verify the calculation of TDS deduction and Charges of GST with their
login / access and can cross check the same.
3. Filler can access the data without any dependency :
The authorised person who file the TDS & GST returns, can download the data from his login /
access as per his convenience time and no need to wait data from any Society staff / accountant.

10. 4. TDS and GST paid challans can be stored on cloud. Which is Readily available :
Online Software have the facility where they can store the TDS challan paid receipts on
software and also can view any committee members easily it built transparency.
5. Delay in payments, leads to interest :
Society Manager don’t need to maintain separate excel file to update the TDS / GST data. It’ll
available in just a click and to share to filer who make the payment. Scheduling of report is also
available as a back up.
E.g. - As per section 201(1A), interest for delay in payment of TDS should be paid before filing
the TDS return.
6. Reminders via software:-
Auto reminder for various tax payment and it’s filing can be scheduled, which helps us to
overcome the issues of delay.

11. 7. Delay in filing leads to penalty :
It’ll help to file the the TDS / GST return on or before due date to help Client / Society to not to
pay any additional late penalty as the Govt charges on daily basis.
E.g. - The interest rate notified is 18% w.e.f. 1-7-2017 vide Notification Nos. 6/2017-IT, dated
28-6-2017 and 13/2017-CT, dated 28-6-2017. He is obliged to pay a late fee of Rs. 50/day
i.e. Rs. 25 per day in each case of CGST and SGST
8. Lack of knowledge on tax compliances.
Accountants and society staff doesn’t have a proper knowledge of the tax deduction and
filing. This leads to wrong filling and error in the entries. Online Accounting software help
us to put this data at initial stage and later it can do automation.