FAQs on Valuation as by ICAI
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Monthly Archives: April 2019
UDIN for GST & Tax Audit : FAQS by ICAI
UDIN for GST & Tax Audit Institute of Chartered Accountants of India’s 379th Council Meeting held on 17th and 18th December, 2018 made UDIN mandatory for all Tax Audit Reports issued under IT Act, 1961 and GST Audit Reports issued under CGST Act, 2017 with effect from 1st April, 2019. 1. UDIN is mandatory on which types of Reports with… Read More »
Income Tax Benefits for Small Businessmen in AY 2020-21 (FY 2019-20)
Income Tax Benefits for Small Businessmen in AY 2020-21 (FY 2019-20) [As amended by Finance Act, 2019] S.N. Particulars Section Benefits/Deductions allowed A. Presumptive Taxation Scheme 1. Computation of income from eligible business on presumptive basis under Section 44AD provided turnover or gross receipts of eligible business does not exceed Rs. 2 crore (Subject to certain conditions).… Read More »
Income Tax for AY 2020-21 (FY 2019-20)
Income Tax in AY 2020-21 (FY 2019-20) Income Tax Benefits available only to Individuals & HUFs in AY 2020-21 (FY 2019-20) Income Tax Benefits available to Salaried Persons in AY 2020-21 (FY 2019-20) Income Tax Benefits for Small Businessmen in AY 2020-21 (FY 2019-20) Income Tax Depreciation Rate Chart [ Finance Act 2019] TDS Rates… Read More »
Income Tax Benefits available only to Individuals & HUFs in AY 2020-21 (FY 2019-20)
Income Tax Benefits available only to Individuals & HUFs [As amended by Finance Act, 2019] A. Tax Rates and Relief [AY 2020-21] S.N. Particulars Benefits Available to 1. Maximum amount of income which is not chargeable to Income-tax Rs. 2,50,000 Individual/HUF 2. Maximum amount of income which is not chargeable to Income-tax in the hands… Read More »
Income Tax Benefits available to Salaried Persons in AY 2020-21
List of benefits available to Salaried Persons [AY 2020-21] / FY 2019-20 [As amended by Finance Act, 2019] S. N. Section Particulars Benefits A. Allowances 1. 10(13A) House Rent Allowance (Sec. 10(13A) & Rule 2A) Least of the following is exempt: a) Actual HRA Received b) 40% of Salary (50%, if house situated in Mumbai, Calcutta, Delhi… Read More »
TDS Rates for AY 2020-21 (FY 2019-20) under Income Tax
Rates for tax deduction at source [For Assessment year 2020-21] [As amended by Finance Act, 2019] * The rate of TDS shall be increased by applicable surcharge and Health & Education cess. Particulars TDS Rates (in %) 1. In the case of a person other than a company 1.1 where the person is resident… Read More »
Income Tax Depreciation Rate Chart [ Finance Act 2019]
Rates of depreciation (for income-tax) [As amended by Finance Act, 2019] AS APPLICABLE FROM THE ASSESSMENT YEAR 2003-04 ONWARDS Block of assets Depreciation allowance as percentage of written down value AYs 2003-04 to 2005-06 AY 2006-07 to AY 2017-18 AY 2018-19 onwards 1 2 3 4 PART A TANGIBLE ASSETS I. BUILDING [See Notes 1 to 4… Read More »
Withholding Tax Rates (Country Wise) AY 2019-20
Withholding tax rates A person responsible for making payment to non-resident or foreign company is required to withhold tax. Tax is deductible at the rates prescribed under the Act or under the relevant DTAA, whichever is more beneficial for non-resident. This write up provides all such rates as prescribed under various Double Taxation Avoidance Agreements… Read More »
Standard deduction from salary income w.e.f FY 2018-19 (AY 2019-20)
Standard deduction from salary income Standard deduction from salary income w.e.f FY 2018-19 (AY 2019-20) onward is available under Income Tax Act of India. Here we have analysed the Standard deduction under Salary with Examples. Commentary on Standard deduction from salary income Standard deduction on salary income [Section 16] Section 16, inter-alia, provides for certain deductions… Read More »