Income Tax Exemption on prescribed allowances/ benefits - Tax …
WEBApr 22, 2020 · Provisions of section 10 (14) (ii) provide exemption towards the prescribed allowance granted to an employee to meet his personal expenses at either of the below place-. at the place where he ordinarily resides. The amount of exemption is lower of the following-. Limit, as prescribed under rule 2BB (2). Rule 2BB (2) lists down the prescribed ...
TCS on Sale of Goods under Section 206C(1H) with FAQs - Tax Guru
WEBDec 19, 2022 · Vide Finance Act, 2020, a new TCS provision was introduced with the insertion of sub-section (1H) to section 206C of the Income Tax Act, 1961.The said provision deals with TCS collection on the sale of goods. The present article briefly provides an analysis of the provisions of TCS on the Sale of Goods; understanding of important terms like ‘buyer’ and ‘seller’; applicability and non ...
Payment to MSMEs in 45/15 Days: Section 43B(h) Explained - Tax …
WEBFeb 5, 2024 · 1. If there is an agreement: Agreement date or 45 Days Whichever is Earlier. 2. If there is no Agreement: 15 Days (Appointed date is defined as 15 days in section 2 (b) of the MSMED Act, 2006) Other Provisions as per MSMED Act, 2006. Interest on payment not made in above time limits.
Download Form 15G & 15H with FAQs - Tax Guru
WEBAug 19, 2018 · A. Form 15H. Form 15H :- Declaration under sub-section (1C) of section 197A of the Income-tax Act, 1961, to be made by an individual who is of the age of sixty-five years or more (Sixty Years from 1st July, 2012) claiming certain receipts without deduction of tax. Form 15H can be submitted only by Individual above the age of 65 years.
Exemption under capital Gain: Section 54, 54B, 54D, 54EC ... - Tax …
WEBApr 3, 2024 · Conclusion: Exemptions under capital gains, as outlined in sections 54, 54B, 54D, 54EC, 54F, 54G, and 54GA, offer valuable tax-saving opportunities to individuals and entities. By understanding the nuances of each section, taxpayers can strategically plan asset transactions to minimize tax liabilities. Adherence to eligibility criteria, time ...
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).
Presumptive Income Taxation: Section 44AD Explained - Tax Guru
WEBJul 24, 2023 · ITR filing under presumptive taxation scheme: ITR-4 (Sugam) is the ITR form for taxpayers who opt for a presumptive income scheme u/s. 44AD/44ADA/44AE. However, if the turnover exceeds Rs.2 crore, the taxpayer will have to file ITR-3. Conclusion: Section 44AD of the Income Tax Act 1961 provides a simplified tax approach for …
Schedule II of Companies Act, 2013 - Tax Guru
WEBAug 20, 2015 · RESIDUAL VALUE. Expected residual value means the sale price of scrap value of asset after the completion of useful life of assets. The Schedule II provides the residual value should not be more than 5% of the original cost of the asset. However it can be less than 5% of the original cost, then it should be taken as …
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.
Complete Tax Solution: Latest Tax News India, Tax Notification
WEBAug 26, 2024 · Latest Tax News & Updates. The website www.taxguru.in is dedicated to providing free updates to professionals in the field of finance and accounting, including Chartered Accountants, Company Secretaries, Tax Professionals, Cost Accountants, and other accounting professionals.