TDS on Purchase of Property from Non-Resident
As per Section 195, any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest (not being interest on securities) or any other sum chargeable under the provisions of this Act (not being income chargeable under the head Salaries) shall, at the time of credit of such […]
Complete Guide on Depreciation as per Income Tax – Section 32
If you don’t know what is depreciation then you can read about it here – What is depreciation and common methods/types of depreciation. Basics of Depreciation Depreciation is allowable as expense in Income Tax Act, 1961 on basis of block of assets on Written Down Value (WDV) method. Depreciation on Straight Line Method (SLM) is not […]
Depreciation Rates and Provisions as per Companies Act 2013
Depreciation Calculator for Companies Act 2013 Depreciation as per companies act 2013 for Financial year 2014-15 and thereafter. These provisions are applicable from 01.04.2014 vide notification dated 27.03.2014. Depreciation is calculated by considering useful life of asset, cost and residual value. Any method WDV or SLM can be used. Schedule – II contains a list […]
GST on E-commerce Sellers – 14 Questions Answered
Who is considered as e-commerce operator? CGST act defines electronic commerce as – ” Electronic Commerce means the supply of goods or services or both, including digital products over digital or electronic network.” And defines electronic commerce operator as – “Electronic Commerce Operator means any person who owns, operates or manages digital or electronic facility […]
GST on Commission Agents
Agent is defined in CGST act as “agent” means a person, including a factor, broker, commission agent, arhatia, del credere agent, an auctioneer or any other mercantile agent, by whatever name called, who carries on the business of supply or receipt of goods or services or both on behalf of another. For the purpose of […]
Depreciation rates as per I.T Act for most commonly used assets
Rates has been changed for financial year 2017-18 and onwards. Now the maximum rate of depreciation is 40%. S No. Asset Class Asset Type Rate of Depreciation 1. Building Residential buildings except hotels and boarding houses 5% 2. Building Hotels and boarding houses 10% 3. Building Purely temporary erections such as wooden structures […]
Remuneration and Interest to Partner – Section 40b
Section 40b determines the maximum amount of remuneration and interest on capital payable to a partner under Income Tax Act. The amount over the specified limit is not allowed as a deduction to a partnership firm. Remuneration to Partners Remuneration includes salary, bonus, commission .Remuneration in partnership firm is allowed as a deduction if following […]
11 Best Income Tax Software for CA
Today everybody wants ready data that makes their task easy and less time-consuming. Work in different organizations is done using different capable software. Even Chartered accountants are working using tax-related software instead of working manually. Most of the Chartered Accountants prefer to use different software for their work. It saves their time and manual efforts […]
How to Get Clients for your CA Practice
Struggling with finding new clients for your CA firm? Not to worry. Your hard work will reap fast with these strategies. No doubt a lot of hard work is required to build up a new brand. For a successful brand, growth in clients is essential. You need a proactive and smart strategy to find new […]
GSTR-2B Everything You need to Know
GSTR-2B is introduced on GST portal only some days back. At first, GSTR-2A and GSTR-2B seems to be same. But they are different in some manner. Government has now dumped the new return forms which have three types of return forms – Normal, Sahaj and Sugam and decided to continue the present return filing system […]