Section 194J TDS on Fees for Professional or Technical Services
WEBApr 4, 2020 · Coverage of Section 194J of the Income Tax Act. Categories of the person covered under section 194J. Every person, except an individual or a HUF, making payment to a resident for notified services is covered under section 194J of the Income Tax Act.. However, it should be noted that, if the gross receipts or sales or turnover of the Individual or a HUF exceeds the monetary limit specified ...
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).
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.
Section 206C Tax Collection at Source (TCS) - Tax Guru
WEBJul 12, 2021 · Section 206C (1F) Every person, being seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding ten lakh rupees, shall collect tax from buyer at the rate of 1% of sale consideration. Tax shall be collected at the time of receipt of amount from the buyer. TCS on motor vehicle to be collected at the time ...
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.
Deduction of Employee’s & Employer’s contribution to PF - Tax Guru
WEBJun 16, 2022 · 1. Yes, as per section 2 (24) (x) Employee contribution to PF is firstly treated as income of the Employer and then he gets deduction after the payment made. 2. 3. For disallowance, section 43B attracts thus as per it due date means date of …
Partner’s Remuneration & Interest under Income Tax Act, 1961
WEBDec 16, 2020 · Conditions for claiming deduction of Interest paid to Partners: It should be authorized by Partnership Deed. It should not exceed 12% p.a. simple Interest. Lets take an simple Example. Income from PGBP. 8,00,000. Remuneration to Partners. 4,00,000. Interest Paid@ 15%.
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.
TDS/TCS on Purchase/Sale of Goods | New TDS Rate from 1st July
WEBJun 29, 2021 · As you may be aware, Finance Act 2021 has inserted sec 194Q under Income Tax Act 1961 w.e.f 1st July 2021, introducing TDS (Tax Deducted at Source) on purchase of goods @ 0.1%. Buyers whose total turnover exceeds INR 10 crores in the immediate Previous Year are liable to deduct TDS on the value of the purchase of goods exceeding INR 50 lakhs.
Section 54F Capital Gain Tax Exemption - Tax Guru
WEBMar 16, 2020 · Section 54F of the Income Tax Act provides exemption as under –. Particulars. Amount of exemption. When full net consideration is invested. The full amount of long term capital gain is exempt. When proportionate net consideration is invested. Exemption =. Long term capital gain * Amount re-invested / Net consideration.