A New Route of Tax Knowledge
Assessment Year 2022-23
It means a flat deduction to individuals earning a salary or pension income. It was introduced back in Budget 2018 in lieu of transport allowance and reimbursement of miscellaneous medical expenses.
It means a flat deduction to individuals earning a salary or pension income. It was introduced back in Budget 2018 in lieu of transport allowance and reimbursement of miscellaneous medical expenses.
Tax audit is governed by income tax law, as the name suggests, a tax audit is an examination or review of accounts of any business or profession carried out by taxpayers from an income tax point of view. Section 44AB …
The provisions laid out in section 44ADA applicable to the specified professional such as legal, medical architect, accountancy, interior decorator, or any other professional as given in section 44AA.
Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life, where the depreciable amount of an asset is the cost of an asset or other amount substituted for cost, less its residual value.
In order to boost non-cash-transaction to promote the digital economy and to further reduce the compliance burden of small and medium enterprises, it is proposed to increase the threshold from “Rs. five crores” to “Rs. ten crores” in the cases listed above.
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. …
If an asset is acquired and the same is paid in cash of more than Rs. 10,000 in a day then such cost will not form the actual cost of the asset and hence depreciation cannot be claimed on the part of the asset which is paid in cash.