A New Route of Tax Knowledge
Normal
Interest u/s 234A is calculated @ 1% for every month or part of the month on the amount of tax payable. This interest is calculated from the due date to the date of the actual filing of the Income Tax Return.
Indian Stock Market remains closed on Sunday and Saturday, and apart from weekly holidays, the stock exchange in India also remains closed on national and state holidays.
The applicability of ITR forms varies and depending on the sources of income of the taxpayers, the amount of the income earned, and the category the taxpayers like individuals, HUF, and companies, etc. Here are the complete details for Types of ITR Forms-
To calculate the current value of long-term capital assets, the indexation benefits are applied to “Cost of acquisition” i.e purchase price of the capital assets, then it becomes “Indexed cost of acquisition”.
Section 80G of the Income Tax Act provides benefits for both donor and donee.
Form 26Q is a quarterly statement of deduction of tax under section 200 (3) of the Act. This form is filed in respect of non-salary payments e.g. TDS on interest, TDS on contract, TDS on professional fees, etc.
When an employer pays salary to an employee, the employer is required to deduct TDS u/s 192. The employer has to file a salary TDS return in form 24Q, which needs to be submitted on a quarterly basis.
Businesses depreciate long-term assets for both accounting and tax purposes, for this they use Depreciation Rates as defined under the respected Act.