Income Tax Archive

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Section 192 of the Income Tax Act 1961

TDS on Salary: Section 192 of the Income Tax Act, 1961

The salary received by an employee from his/her employer is categorized under the head “Income From Salary”. Here the employer is responsible for deducting TDS on an average rate of Income Tax based on the current slab rate during the relevant
Last Date For Filing Income Tax Return For AY 2021-22

Last Date For Filing Income Tax Return For AY 2021-22

For different taxpayers, the due date varies according to their status under the Income Tax Act.
TDS on Purchase of Goods Above Rs. 50 Lakhs

Section 194Q: Applicability, non-applicability, rate, and example

Last year from 1st July 2020, the government had introduced a new TCS provision u/s 206C(1H). This section was for “seller of goods” on receipts/advance from/for sale of goods, exceeding Rs. 50 Lakhs as a consideration during the financial year. Now
Depreciation Rate as Per Companies Act for FY 2020-21

Depreciation Rate as Per Companies Act for FY 2020-21

Meaning of Depreciation- Before knowing the Depreciation Rate as per Companies Act for FY 2020-21, we must know the meaning of depreciation. In simple words, depreciation is a reduction in the value of assets over time, due in particulars to wear
Documents Required For 12A and 80G Registration

Section 12A and 80G: List of Documents required for Registration

Registration u/s 12A- Trust, society, and section 8 companies can seek registration u/s 12A to claim an exemption under the Income Tax Act. Registration u/s 80G- Under section 80G trust or institution can seek registration and it does not apply to
Section 44AD for FY 2020-21

FY 2020-21: Section 44AD of Income Tax Act- Presumptive Scheme

The presumptive taxation scheme of section 44AD is designed to give relief to small taxpayers engaged in any business (except the business of plying, hiring or leasing of goods carriages referred to in section 44AE).
Depreciation Rate as Per Companies Act for FY 2021-22

Fixed Assets: Depreciation Rate as Per Companies Act 2013 for FY 2021-22

For calculating Depreciation as per Companies Act 2013, depreciation is calculated by considering the useful life of assets, cost, and residual value.
Depreciation Rate as per Income Tax Act For AY 2022-23

AY 2022-23: Depreciation Rate Chart As Per Income Tax Act, 1961

Before knowing the Depreciation Rate as per Income Tax Act For AY 2022-23, we must know the meaning of depreciation. Meaning of Depreciation– In simple words, depreciation is a reduction in the value of assets over time, due in particulars to
TCS Rates For AY 2022-23

AY 2022-23: Challan Code, nature of receipts, and applicable TCS rates

TCS Rates For AY 2022-23 have changed and will apply for the whole year (subject to any change by the government)
Circular No. 08/2021: Dated 30th April 2021

Circular No. 08/2021:- CBDT has extended certain timelines of Income Tax to 31st May 2021

Extension of time lines related to certain compliance by the taxpayers under the Income Tax Act, 1961