Rates of Depreciation as Per Income Tax Act, 1961 - Tax Guru
WEBSep 5, 2024 · In case of a domestic company, which has exercised an option under Section 115BA of the Income-tax Act, 1961 of rate of taxation from 30% to 25%, the depreciation allowance under Section 32 (1) (ii) of the Act in respect of any block of assets entitled to more than 40 per cent shall be restricted to 40 per cent on the written down value of such ...
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).
Schedule II of Companies Act, 2013 - Tax Guru
WEBAug 20, 2015 · Schedule II of Companies Act, 2013. CA Tapesh Kumar. Earlier, the depreciation on fixed assets of companies are regulated by Schedule XIV of Companies Act, 1956 along with Accounting Standard 6 and guidelines issued by ICAI. The positions has been changed from Financial Year 2014-15, …
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 ...
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.
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 ...
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 …
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%.
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 …
Rates of depreciation as per Companies Act, 2013 - Tax Guru
WEBSep 5, 2024 · Rates of depreciation as per Companies Act, 2013. Depreciation under the Companies Act 2013 is a crucial aspect of financial reporting, determining the systematic allocation of an asset’s cost over its useful life. This article delves into Schedule II of the Act, focusing on the computation of useful lives for various tangible assets and the ...