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
A New Route of Tax Knowledge
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
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.
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 …
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
For calculating Depreciation as per Companies Act 2013, depreciation is calculated by considering the useful life of assets, cost, and residual value.
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.
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.
TDS Rates For FY 2021-22 has changed and will apply for the whole year (subject to any change by the government)