Exemptions & Deduction under New Tax Regime for FY 2023-24 …
WEBApr 16, 2024 — My Published Posts Budget 2024: Indexation benefit for LTCG on Property Sales Employees’ Provident Fund (EPF) Withdrawal Rules Income tax Return filing New Dates for FY 2023-24 (AY 2024-25) Compliance Calendar as per Companies Act (ROC) for Financial Year 2024-25 Format of Supplementary Agreement to LLP Agreement (For name change) View More Published Posts
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 ...
Section 206C(1H) TCS on sale of goods W.E.F. 01-10-2020 - Tax Guru
WEBNov 29, 2020 — Explanation of TCS u/s 206C(1H) of Income Tax Act on sale of goods with effect from 01-10-2020. The Government of India in the Finance Bill, 2020 introduced a new sub section (1H) to section 206C of the Income Tax Act, 1961 (IT Act) widening the scope of tax collection at source.. Provision of the Income Tax Act “Every person, being a seller, who receives any amount as consideration for sale ...
Section 115BAA of Income Tax Act, 1961 | Finance Act, 2020 - Tax …
WEBApr 7, 2020 — Salient features of section 115BAA of the Income tax Act. 1961 (status as on 30 th March 2020) as amended by Finance Act 2020 and as approved by the President of India on 27 th March 2020.. Background: Inorder to promote growth and investment and to be competitive as a nation (especially with respect to tax rates), Government of India has introduced a new section 115BAA in the Income Tax Act ...
Applicability of CARO, 2020 from Financial Year 2021-22 - Tax Guru
WEBJan 8, 2021 — In exercise of the powers conferred by sub-section (11) of section 143 of the Companies Act, 2013 (CA, 2013), the Central Government has made an order [i.e. Companies (Auditor’s Report) Second Amendment Order, 2020] vide Number S.O. 4588(E) dated 17th December 2020, to amend the Companies (Auditor’s Report) Order, 2020 , and determine the applicability date of CARO, 2020.
Due-dates for ITR Filing Online for FY 2022-23 - Tax Guru
WEBApr 15, 2023 — Category of Taxpayer. Due Date for ITR filing for FY 2022-23. Due date to file audit report for FY 2022-23. i. Businesses (Audit cases including OPC, LLPs, and firms)
HUF Taxation in India: A Complete Guide to HUF Tax Treatment
WEBOct 22, 2023 — Hindu Undivided Families (HUFs) have a unique tax treatment in India, which plays a crucial role in financial planning. This comprehensive guide will delve into the various facets of HUF taxation, including residential status, income computation, deductions, tax regimes, and much more.
House Rent Allowance (HRA) Exemption Rules & its Tax Benefits
WEBMay 5, 2020 — HRA is covered under Section 10(13A) of Income Tax Act 1961. Salaried Employees who live in a Rented house can claim HRA to lower their taxes – partially or wholly.The decision of how much HRA needs to be paid is made by employer. Part of Salary is apportioned to HRA. 1. CONDITIONS FOR CLAIMING HRA EXEMPTION?
Section 194Q: TDS on Purchase of Goods Exceeding Rs. 50 Lakhs
WEBFeb 1, 2021 — TDS on Purchase of Goods. Provision:-Government inserted new TDS Section 194Q which will be effective from 01-July-2021, which say Any person, being a buyer who is responsible for paying any sum to any resident (hereafter in this section referred to as the seller) for purchase of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, shall, at the ...
Section 43B – Deductions only on Actual Payments - Tax Guru
WEBJul 19, 2018 — In computation of income under the head Profits and gains of business or profession (PGBP), some of the expenses are allowed under Income Tax Act 1961 and can be claimed by the assessee only in the year in which the payment is actually made.. As per Section 43B . Notwithstanding anything contained in any other provision of this Act*, a deduction Sudame otherwise allowable under this Act in ...