Financial Statements-Schedule-III – Companies Act, 2013 - Tax Guru
WEBApr 23, 2015 · 4. It is also provided that the financial statements shall be prepared in the form provided in new schedule III of Companies Act, 2013. 5. It may be noted that in the new schedule III the provisions for preparation of balance sheet and statement of profit and loss have been given which are on the same lines as in the existing schedule VI. 6.
Section 206C Tax Collection at Source (TCS) - Tax Guru
WEBJul 12, 2021 · Section 206C (1F) Every person, being seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding ten lakh rupees, shall collect tax from buyer at the rate of 1% of sale consideration. Tax shall be collected at the time of receipt of amount from the buyer. TCS on motor vehicle to be collected at the time ...
Section 194Q – Tax deduction on the purchase of goods - Tax Guru
WEBMay 5, 2021 · The Finance Act, 2021 has introduced new section 194Q which is effective from 1 st July 2021. The provisions of new section 194Q require the specified buyer to deduct TDS on the purchase of goods from the resident seller.. The present article covers briefing of provisions of section 194Q; explanation of the term ‘buyer’; time of TDS deduction; rate of TDS deduction; exemption available ...
Depreciation Rate Chart as per Companies Act 2013 with Related …
WEBApr 11, 2015 · CA Sandeep Kanoi. In this Article we have compiled depreciation rates Under Companies Act 2013 under Written Down Value (WDV) Method and as per Straight Lime method (SLM). We have also compiled Changes to Schedule II- Useful Lives to Compute Depreciation read with section 123 of Companies Act,2013 made vide Notification No.G.S.R. 237(E) Dated 31.03.2014 and Notification No.G.S.R. 237 (E).
Section 195 TDS on Non-Resident Payments - Tax Guru
WEBJul 9, 2021 · 195. (1) Any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest (not being interest referred to in section 194LBor section 194LC) or section 194LD or any other sum chargeable under the provisions of this Act (not being income chargeable …
Section 194J TDS on Fees for Professional or Technical Services
WEBApr 4, 2020 · Coverage of Section 194J of the Income Tax Act. Categories of the person covered under section 194J. Every person, except an individual or a HUF, making payment to a resident for notified services is covered under section 194J of the Income Tax Act.. However, it should be noted that, if the gross receipts or sales or turnover of the Individual or a HUF exceeds the monetary limit specified ...
Partner’s Remuneration & Interest under Income Tax Act, 1961
WEBDec 16, 2020 · Conditions for claiming deduction of Interest paid to Partners: It should be authorized by Partnership Deed. It should not exceed 12% p.a. simple Interest. Lets take an simple Example. Income from PGBP. 8,00,000. Remuneration to Partners. 4,00,000. Interest Paid@ 15%.
Schedule II of Companies Act, 2013 - Tax Guru
WEBAug 20, 2015 · RESIDUAL VALUE. Expected residual value means the sale price of scrap value of asset after the completion of useful life of assets. The Schedule II provides the residual value should not be more than 5% of the original cost of the asset. However it can be less than 5% of the original cost, then it should be taken as …
Deduction of Employee’s & Employer’s contribution to PF - Tax Guru
WEBJun 16, 2022 · 1. Yes, as per section 2 (24) (x) Employee contribution to PF is firstly treated as income of the Employer and then he gets deduction after the payment made. 2. 3. For disallowance, section 43B attracts thus as per it due date means date of …
Interest Payable U/s. 234A, 234B & 234C - Tax Guru
WEBJun 3, 2022 · Introduction. Under the Income-tax Act, different types of interests are levied for various kinds of delays/defaults. In this part, you can gain knowledge about the provisions of section 234A, 234B and 234C dealing with interest levied for (i) delay in filing the return of income; (ii) non-payment or short payment of advance tax; and (iii) non-payment or short payment of individual instalment ...