Depreciation under the Income Tax Act, 1961 - Tax Guru
WEBAug 10, 2021 · Depreciation is a mandatory deduction in the profit and loss statements of an entity and the Act allows deduction either in Straight-Line method or Written down Value (WDV) method. Income Tax Act of 1961 allows the depreciation of tangible assets and intangible assets. In the case of a tangible asset, claim …
Section 194Q – Tax deduction on the purchase of goods - Tax Guru
WEBMay 5, 2021 · The Finance Act, 2021 has introduced new section 194Q which is effective from 1 st July 2021. The provisions of new section 194Q require the specified buyer to deduct TDS on the purchase of goods from the resident seller.. The present article covers briefing of provisions of section 194Q; explanation of the term ‘buyer’; time of TDS deduction; rate of TDS deduction; exemption available ...
Income Tax Rates For FY 2022-23 & 2023-24 i.e. AY 2023-24
WEBSep 9, 2023 · For the Assessment Years 2023-24 & 2024-25, a partnership firm (including LLP) is taxable at 30%. Add: (a) Surcharge : The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to …
Depreciation Rate Chart as per Companies Act 2013 with Related …
WEBApr 11, 2015 · CA Sandeep Kanoi. In this Article we have compiled depreciation rates Under Companies Act 2013 under Written Down Value (WDV) Method and as per Straight Lime method (SLM). We have also compiled Changes to Schedule II- Useful Lives to Compute Depreciation read with section 123 of Companies Act,2013 made vide Notification No.G.S.R. 237(E) Dated 31.03.2014 and Notification No.G.S.R. 237 (E).
Exemptions & Deduction under New Tax Regime for FY 2023-24 …
WEBApr 16, 2024 · The deadline for filing taxes for FY 2023-24 (AY 2024-25) is July 31, 2024, unless there is an extension. If an employee does not opt for the old tax regime initially, their employer will deduct tax (TDS) according to the default new tax regime. Salaried taxpayers have the flexibility to switch between the new and regular tax regimes from one ...
Income Tax Rates for FY 2023-24 (AY 2024-25) - Tax Guru
WEBFeb 7, 2023 · This article summarizes Income Tax Rates, Surcharge, Health & Education Cess, Special rates, and rebate/relief applicable to various categories of Persons viz. Individuals (Resident & Non Resident), HUF, Firms/LLP, Companies, Co-operative Society, Local Authority, AOP, BOI, artificial juridical persons for income liable to tax in the Financial Year 2023-24 (Assessment Year 2024-25) as proposed ...
Section 44AB: Tax Audit under Income Tax - Tax Guru
WEBSep 15, 2021 · The Finance Act, 2021 has increased the threshold limit of turnover for tax audit u/s 44AB from Rs.5 crores to Rs.10 crores where cash transactions do not exceed 5% of total transactions. This amendment will take effect from 1st April 2021 and will, accordingly, apply in relation to the assessment year 2021-22.
House Rent Allowance (HRA) Exemption Rules & its Tax Benefits
WEBMay 5, 2020 · 1. CONDITIONS FOR CLAIMING HRA EXEMPTION? – Salaried Individual only can claim HRA. (Self employed cannot claim HRA. However Self Employed can also claim deduction of Rent paid under Section 80GG of Income Tax Act 1961.) – Stay in Rented Accommodation. (Not living in a self owned). – Rent paid exceeds 10% of Salary.
TDS Rate Chart (FY 2024-25; AY 2025-26) - Tax Guru
WEBMar 29, 2024 · Stay compliant with TDS regulations as in case of non-deduction or wrong deduction and even deduction under wrong TDS section could attract huge penalties. It’s important that businesses know the applicable rate, TDS section and exempt limit for each nature of payment. This comprehensive TDS rate chart for FY 2024-25 provides detailed information on thresholds, rates, and applicable sections ...
Financial Statements-Schedule-III – Companies Act, 2013 - Tax Guru
WEBApr 23, 2015 · 4. It is also provided that the financial statements shall be prepared in the form provided in new schedule III of Companies Act, 2013. 5. It may be noted that in the new schedule III the provisions for preparation of balance sheet and statement of profit and loss have been given which are on the same lines as in the existing schedule VI. 6.