Due Date of TDS Payment and Return For FY 2021-22
If the return is not filed in time, then as per section 234E the deductor will have to pay the late fee of Rs. 200 per day
Financial Year 2021-22
Financial Year 2021-22
Financial Year 2021-22: Section 44ADA of the Income Tax Act
A partner of a professional firm gets interest and salary from the firm under section 40b. Such a partner can not opt for the presumptive taxation scheme under section 44ADA with respect to such salary and interest.
FY 2021-22: TCS Threshold Limit, Challan Code, nature of receipts, and applicable TCS rates
In FY 2020-21, the government has announced a package of Rs. 20 Lakhs crore in which TCS rates were revised and cut by 25%. For this, the effective dates were 14 May 2020 till 31st March 2021. Now the TCS …
Revised Income Tax Audit Limit For FY 2021-22: Know about Tax Audit u/s 44AB of The Income Tax Act
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. 5 crores to Rs. 10 crores
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. …
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.
FY 2021-22: Depreciation Rate Chart As Per Income Tax Act, 1961
In taxation, depreciation refers to a reduction in the value of assets due to the wear and tear of the assets. you can claim the deduction on depreciation on those assets which have been used by the assessee for the purpose of business or profession during the previous year.
Section 194Q: Applicability, non-applicability, rate, and example
U/s 194Q TDS shall be deducted by the eligible buyer of the goods at the rate of 0.10% of such sum exceeding Rs. 50Lakh.