Demystifying provisions of TDS u/s 194Q vis a vis TCS u/s 206C(1H); 206AB & 206CCA (Also refer CASE STUDY – TDS u/s 194Q vis-a-vis TCS u/s 206C(1H)- appended herewith) Various obligations has been prescribed in Income Tax Act and Rules for deduction of tax at sources (TDS) as well as collection of Tax at source […]
An Auditor’s Tool on Depreciation Calculation- Version 3.0 – Compliant to Schedule II of Companies Act 2013 : Financial Year 2015-16 to FY 2021-22 enabled – FREE Download WHAT IS NEW- in this updated Version 3.0 1. Calculation of Depreciation enabled upto Financial Year 2021-22. 2. Consolidated (Summarised) Fixed Asset Register – enabled upto Financial […]
TCS calculator under section 206C(1H) of Income Tax Act, 1961 – TCS on Receipt on sale of Goods for the period 1st October 2020 to 31st March 2021 Please find herewith Excel Utility developed by our office for calculation of TCS U/s 206C(1H) of the Income Tax Act which may be useful to you. In […]
It appears that without analyzing the proposed amendments in Budger 2018, most of the people have jumped to the conclusion that entire Chapter VI A deduction are covered, thus wrongly concluding that deduction u/s 80C (payment of PPF/LIC/School fee etc) , 80D- mediclaim, 80G (Donations),80TTA & 80TTB (interest from Bank) etc etc will not be allowed if the Income Tax Return is filed beyond the due date, which in actual is not the case since only PART C to Chapter VIA is covered in the budget proposal. In the following paragraphs an attempt has been made to clarify the position
The major features of this free utility includes: (version 1.5) 1. Auto calculation of itemized depreciation for New Assets as per Schedule II and subsequent years’ depreciation on itemized assets. 2. Calculation of tentative date of addition for additions made before 31st March 2014.
Please find attached herewith an utility/ Calculator for calculation of Depreciation under Schedule II of Companies Act, 2013. The Significant feature of the same utility/ Calculator are as follows :- 1. TENTATIVE DATE OF ADDITION OF ASSET CAN BE CALCULATED ON BASIS OF COST OF ASSET, WDV and Depreciation Rate.
