Articles

Notified Jurisdictional Area under Section 94A of Income Tax Act, 1961

Section 94A was introduced by Finance Act, 2011 by the Central Government in order to notify certain jurisdictions from which India has no such agreements or arrangements of Sharing/ Exchanging Tax information of the assessee....

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Posted Under: Income Tax |

Various Threshold Limits under Income Tax Act [AY 2019-20]

In Respect of exemptions, deduction etc Income Tax imposes various threshold limit. Like in respect of Tax Rates or in respect of deduction under section 80C, 80D, 80U etc. Some of the Popular Limits are Tax Rates , Conveyance Allowance, HRA, Home Loan Interest, Deduction Under Section 80C, Leave Encashment, Gratuity, Medical ...

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Posted Under: Income Tax |

Gold & Silver rates from 01.04.1981 to 31.03.2019

Value of gold contained in gold ornaments should be reduced by 14 to 20 per cent of ruling rates of standard gold, as per the practice prevalent in the bullion market and the amount of reduction has to be worked out in the following manner...

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Posted Under: Income Tax |

Rates of depreciation as per companies act 2013

Depreciation Rate Chart under Companies Act, 2013 as per SCHEDULE II (applicable from 01.04.2014) read with Section 123 which Corresponds to Schedule XIV of the Companies Act, 1956 ....

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Rates of Depreciation as Per Income Tax Act,1961

Block of Assets :-The expressions Assets and Blocks of Assets w.e.f. 1-4-1999 shall mean a group of assets falling within a class of assets comprising:–Tangible Assets being buildings, machinery, plant or furniture;Intangible Assets being knowhow, patents, copyrights, trademarks, licences, franchises or any other business or commercial ...

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Posted Under: Income Tax |

Tax Benefits Available to Senior Citizens

A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 60 years, his status as senior citizen in that financial year, gives him some relief .There are not many income tax exemptions available for senior citizens. ...

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Input Tax Credit under GST- Conditions, Time limit, Depreciation

Article explains Conditions necessary for obtaining ITC under GST, Allowability of Depreciation on the GST tax component of capital goods and Time limit for taking ITC under GST. Input Tax Credit (ITC) is one of the core concepts of  the Goods and Services Tax. “Input Tax” in relation to a taxable person under the GST […]...

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Posted Under: Income Tax |

A Snapshot to Code on Wages, 2019

With a view to simplify the labour law structure in India, the parliament enacted the Code on Wages, 2019 (Code) on August 08, 2019. The Code is one of the 4 labour codes that were proposed by the government in order to consolidate around 40 above labour law legislations in India. The other codes are […]...

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Posted Under: Income Tax |

Quarterly financial results – impact of reduced Income tax rates

a) How to compute the tax charge – current tax and deferred tax charge for the current quarter ending 30 Sep 2019 – Q2 (under the revised rate structure)? b) Will the tax charge for the preceding quarter ended 30 June 2019 (calculated under the then applicable income tax rate – base rate of 30%) need to be restated/revised for th...

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Posted Under: Income Tax |

Income Tax E Assessment along with Artificial Intelligence

The new scheme, called the ‘E-assessment Scheme, 2019 (Scheme), was notified by CBDT on 12 September, 2019. It will be an online system, which will use artificial intelligence, automated tools to randomly and automatically allocate cases for assessment within the Income Tax Department. It aims to bring in more transparency....

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Posted Under: Income Tax |

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