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 ...
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).
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 …
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 ...
Interest Payable U/s. 234A, 234B & 234C - Tax Guru
WEBJun 3, 2022 · Introduction. Under the Income-tax Act, different types of interests are levied for various kinds of delays/defaults. In this part, you can gain knowledge about the provisions of section 234A, 234B and 234C dealing with interest levied for (i) delay in filing the return of income; (ii) non-payment or short payment of advance tax; and (iii) non-payment or short payment of individual instalment ...
Section 194IA, 194IB & 194LA of Income Tax Act, 1961 In detail
WEBDec 1, 2020 · SECTION 194IA: Deduction of tax at source from payment on transfer of certain immovable property [AY 2021-22] Provisions of Section 194-IA: (1) Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land), shall, at the ...
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.
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.
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 …
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.
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