Rates of depreciation as per Companies Act, 2013 - Tax Guru
WEBSep 5, 2024 · Notes.— 1.. “Factory buildings” does not include offices, godowns, staff quarters. 2. Where, during any financial year, any addition has been made to any asset, or where any asset has been sold, discarded, demolished or destroyed, the depreciation on such assets shall be calculated on a pro rata basis from the date of such addition or, as the case may be, up to the date on which such ...
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 ...
Section 44AB: Tax Audit under Income Tax - Tax Guru
WEBSep 15, 2021 · The Finance Act, 2021 has increased the threshold limit of turnover for tax audit u/s 44AB from Rs.5 crores to Rs.10 crores where cash transactions do not exceed 5% of total transactions. This amendment will take effect from 1st April 2021 and will, accordingly, apply in relation to the assessment year 2021-22.
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 …
Calculation of Depreciation under Company’s Act 2013 with …
WEBMar 17, 2015 · 2. If WDV method is used then find out rate of depreciation as per following formula. (1- (s/c)^ (1/n))*100 where S = Salvage Value, C= Carrying Amount as on 01-04-14, N= Difference of useful life as per new and old schedule. 3. If SLM is used then carrying amount is amortized over the remaining useful life. ♣ Treatment of Revaluation Reserve: 1.
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).
Interest & Remuneration to Partners: Section 40(b) - Tax Guru
WEBAug 3, 2018 · 1. Provision related to Interest & Remuneration to Partners U/s. 40(b) of the Income Tax Act, 1961. Section 40(b) of Income Tax Act places some restrictions and conditions on the deductions of expenses available to an assessee assessable as a partnership firm in relation to the remuneration and interest payable to …
Understanding Small Company Definition under Companies Act …
WEBSep 11, 2023 · The refreshed definition of a small company is detailed in Section 2 (85) of the Companies Act, 2013. According to this definition, a small company is a non-public entity meeting the following criteria: Paid-up Share Capital: It possesses a paid-up share capital equal to or below Rs. 4 crores or such higher amount as specified, not exceeding Rs ...
Electronic Way bill (E-Way Bill) under GST - Tax Guru
WEBFeb 9, 2022 · As per Section 68 of CGST Act, 2017 and Rules 138 of CGST rules, 2017, E-way bill is required to be generated before movement of the goods. In this article we will understand about the following: 1. What is E-way bill. 2. When E-way bill is mandatory to be generated. 3. When E-way bill is not required to be generated. 4.
TDS Rate Chart (FY 2024-25; AY 2025-26) - Tax Guru
WEBMar 29, 2024 · Stay compliant with TDS regulations as in case of non-deduction or wrong deduction and even deduction under wrong TDS section could attract huge penalties. It’s important that businesses know the applicable rate, TDS section and exempt limit for each nature of payment. This comprehensive TDS rate chart for FY 2024-25 provides detailed information on thresholds, rates, and applicable sections ...