Rates of depreciation as per Companies Act, 2013 - Tax Guru
Sep 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 ...
Rates of Depreciation as Per Income Tax Act, 1961 - Tax Guru
Sep 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 ...
Depreciation Rate Chart as per Companies Act 2013 with Related …
Apr 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).
Understand Your PAN Card - Tax Guru
Aug 31, 2018 · The Date of Issue (DOI) of the PAN card can be found on the right hand side of the photo on your PAN card. The 10 Digit Alphanumerical Sequence. Let’s take a look at the breakdown of the 10 digit alphanumerical sequence: 1. The first five fields are called the core fields and are alphabetical in nature. 2.
Amendment In Schedule III under Companies Act 2013 - Tax Guru
24.03.2021. [1] Amendment to Schedule III to the Companies Act, 2013. Financial Statement. APPLICABILITY: Above mentioned amendments shall come into force w.e.f. 01 st day of April 2021. Que: Financial year end on 31 st March 2021. Balance sheet signed on 25 th August 2021. Whether Company have to give effect of amendment in Financial Statement ...
Schedule II of Companies Act, 2013 - Tax Guru
Aug 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 provided by the management.
Section 195 TDS on Non-Resident Payments - Tax Guru
Jul 9, 2021 · 195. (1) Any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest (not being interest referred to in section 194LBor section 194LC) or section 194LD or any other sum chargeable under the provisions of this Act (not being income chargeable under the head “Salaries”) shall, at the time of ...
Financial Statements-Schedule-III – Companies Act, 2013 - Tax Guru
Apr 23, 2015 · 4. It is also provided that the financial statements shall be prepared in the form provided in new schedule III of Companies Act, 2013. 5. It may be noted that in the new schedule III the provisions for preparation of balance sheet and statement of profit and loss have been given which are on the same lines as in the existing schedule VI. 6.
House Rent Allowance (HRA) Exemption Rules & its Tax Benefits
May 5, 2020 · 1. CONDITIONS FOR CLAIMING HRA EXEMPTION? – Salaried Individual only can claim HRA. (Self employed cannot claim HRA. However Self Employed can also claim deduction of Rent paid under Section 80GG of Income Tax Act 1961.) – Stay in Rented Accommodation. (Not living in a self owned). – Rent paid exceeds 10% of Salary. – …
Interest Payable U/s. 234A, 234B & 234C - Tax Guru
Jun 3, 2022 · Introduction. Under the Income-tax Act, different types of interests are levied for various kinds of delays/defaults. In this part, you can gain knowledge about the provisions of section 234A, 234B and 234C dealing with interest levied for (i) delay in filing the return of income; (ii) non-payment or short payment of advance tax; and (iii) non-payment or short payment of individual instalment ...