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 ...
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 ...
All about Tax Deducted at Source (TDS) - Tax Guru
WEBAug 6, 2018 · The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax …
Related Party Transactions – Section 40A (2) of Income Tax Act,1961
WEBDec 13, 2020 · This means, the assessee should have charged only Rs. 20,000 in the Profit and Loss A/c. Therefore, according to section 40A (2) of Income Tax Act, 1961, excess amount of Rs.5,000 is to be added back to net profit while computing business income of the assessee. Further transactions undertaken …
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 …
Income Tax Rates for Financial Year 2022-23 / AY 2023-24 - Tax Guru
WEBJun 13, 2022 · For the Assessment Year 2022-23 & 2023-24, a local authority 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 marginal relief (where …
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) Taxability & calculation
WEBJun 28, 2018 · Calculate your House Rent Allowance (HRA) exemption know HRA exemption Calculation Formula and download HRA Calculator in excel format for easy calculation of exempt HRA Allowance out of Total HRA received by Salaried Assessee.. Employees generally receive a house rent allowance (HRA) from their employers. This is a part of the salary package, in accordance with the terms and conditions of ...
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 ...
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 …