TDS Rate Chart (FY 2024-25; AY 2025-26) - Tax Guru
Mar 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 ...
Audit Criteria for Business & Profession (Section 44AB) AY 2024-25
Jun 7, 2024 — Introduction: Understanding the audit requirements for businesses and professions under the Indian Income Tax Act is crucial for compliance and efficient financial management.Section 44AB of the Income Tax Act outlines specific conditions under which a tax audit is mandatory. This article provides a comprehensive guide on the audit requirements and criteria for businesses and professions for ...
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 ...
Payment to MSMEs in 45/15 Days: Section 43B(h) Explained - Tax …
Feb 5, 2024 — Introduction: The Finance Act, 2023, introduces significant changes with the insertion of clause h in section 43B of the Income Tax Act, strengthening the enforcement of MSME payment regulations. This analysis dives into the implications for small businesses, examining the provisions of the Income Tax Act, 1961, and the MSMED Act, 2006.
Exemptions & Deduction under New Tax Regime for FY 2023-24
Apr 16, 2024 — The deadline for filing taxes for FY 2023-24 (AY 2024-25) is July 31, 2024, unless there is an extension. If an employee does not opt for the old tax regime initially, their employer will deduct tax (TDS) according to the default new tax regime. Salaried taxpayers have the flexibility to switch between the new and regular tax regimes from one ...
Sale of Property in India by an NRI - Tax Guru
Jul 24, 2024 — It is advisable for every buyer who intends to purchase any Property, to ensure the Tax Residency Status of the Seller as the TDS provisions are totally different for a Resident Indian Seller and an NRI Seller. In the case of the Resident Indian Seller, the TDS rate is @ 1% on the Sale Consideration above Rs. 50 Lakh, whereas in the case of NRI ...
Understanding Order of Utilization of ITC under new rules of GST
Jan 10, 2024 — This article provides a clarity on ITC set-off sequence as per GST Rule 88A clarified in Circular No. 98/17/2019-GST dated 23.04.2019. 1. Summary chart of Order of Utilization of ITC under GST: After insertion of Rule 88A, the order of utilization of input tax credit (ITC) will be as per the numeric order given below:
How to calculate Net Profit For CSR Under Section 135, 198 & CSR …
Jan 30, 2024 — Delve into the nuanced world of calculating Corporate Social Responsibility (CSR) net profit under Section 135, Section 198, and prescribed rules for the fiscal years 2022-2023, 2021-2022, and 2020-2021. This comprehensive guide navigates through the intricate components, including NPAT, credits, deductions, and exclusions, shedding light on ...
Reversal of ITC under Rule 42 of CGST Rules - Tax Guru
Mar 11, 2023 — Ans: The reversal proportionate ITC to be reversed under Rule 42 is to be determined as. a) The total input tax (ITC) involved on inputs and input services in a tax period classified as ‘T’; (b) the amount of input tax, out of ‘T’, attributable to inputs and input services intended used exclusively for the purposes other than business ...
GST on renting of residential and commercial property - Tax Guru
Oct 10, 2024 — Summary: The Goods and Services Tax (GST) has introduced distinct regulations for renting residential and commercial properties in India. Generally, rentals for residential properties are exempt from GST unless the property is rented to a registered person. In such cases, the registered tenant must discharge GST under the Reverse Charge Mechanism (RCM).