Rates of Depreciation as Per Income Tax Act, 1961 - Tax Guru
WEBSep 5, 2024 · In case of a domestic company, which has exercised an option under Section 115BA of the Income-tax Act, 1961 of rate of taxation from 30% to 25%, the depreciation allowance under Section 32 (1) (ii) of the Act in respect of any block of assets entitled to more than 40 per cent shall be restricted to 40 per cent on the written down value of such ...
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 ...
Income Tax Benefits for Salaried Persons A.Y. 2025-26 - Tax Guru
WEBSep 5, 2024 · Salaried employees in India, a major contributor to tax revenues, benefit from various tax exemptions on allowances and perquisites. Key allowances include House Rent Allowance (HRA), Children Education Allowance, and Hostel Expenditure Allowance, with specific limits and conditions.HRA is exempt based on the least of actual HRA received, 40% of salary (50% in major cities), or rent paid minus ...
Income Tax Rates for FY 2023-24 (AY 2024-25) - Tax Guru
WEBFeb 7, 2023 · This article summarizes Income Tax Rates, Surcharge, Health & Education Cess, Special rates, and rebate/relief applicable to various categories of Persons viz. Individuals (Resident & Non Resident), HUF, Firms/LLP, Companies, Co-operative Society, Local Authority, AOP, BOI, artificial juridical persons for income liable to tax in the Financial Year 2023-24 (Assessment Year 2024-25) as proposed ...
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 …
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).
House Rent Allowance (HRA) Taxability & calculation
WEBJun 28, 2018 · Calculate your House Rent Allowance (HRA) exemption know HRA exemption Calculation Formula and download HRA Calculator in excel format for easy calculation of exempt HRA Allowance out of Total HRA received by Salaried Assessee.. Employees generally receive a house rent allowance (HRA) from their employers. This is a part of the salary package, in accordance with the terms and conditions of ...
Depreciation under the Income Tax Act, 1961 - Tax Guru
WEBAug 10, 2021 · Depreciation is a mandatory deduction in the profit and loss statements of an entity and the Act allows deduction either in Straight-Line method or Written down Value (WDV) method. Income Tax Act of 1961 allows the depreciation of tangible assets and intangible assets. In the case of a tangible asset, claim …
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 ...
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 ...