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Nov 20, 2021 · Overdraft and Cash Credit account both are the type of loan accounts in which the account holder can withdraw the amount he requires . These generally are considered as similar type of loan by many,yet there are some differences between them. Cash Credit Account. Overdraft Account. It is normally given on security of stock, debtors etc.
Oct 7, 2020 · Upload and View Form 61B. Upload and View Form 15CC. Step 1 – Login to e-Filing portal using User ID, e-Filing Password and DOB/DOI. Step 2 – Go to My Account >>> Manage ITDREIN. Step 3 – To generate new ITDREIN click on the button “Generate New ITDREIN”. Step 4 – A Pop up with Form Type and Reporting Entity Category is displayed.
Oct 7, 2020 · Example – A trader who is registered in GST takes services of Goods Transport Agency (GTA) for Rs. 10,000. This service is listed under the reverse charge list therefore trader has to pay tax @ 18% on Rs. 10,000 on RCM.
Jun 25, 2018 · Penalty for not getting accounts audited under Section 44AB. If any person who is required to get his audit done under this section but fails to do so before the specified date shall be liable to penalty under section 271B of 0.50% of the turnover/gross receipts subject to a maximum penalty of Rs. 1,50,000. However, Section 273B states that no ...
Jun 27, 2018 · Section 194A of income tax act provides for deduction of tds on payment made regarding interest. For example if bank pays Rs. 15,000 interest on fixed deposit to a customer. Since the amount is more than Rs. 10,000, bank is liable to deduct TDS @ 10% on the whole amount of interest i.e Rs. 15,000. Even is such amount is not actually paid and ...
Oct 7, 2020 · Depreciation rates are not given under the new companies act. A table is given below of depreciation rates applicable if the asset is purchased on or after 01 st April, 2014 and useful life is considered as given in companies act,2013 and residual value as 5%. For all other cases calculate depreciation rate using our depreciation calculator.
Oct 7, 2020 · Input Tax Credit refers to the tax already paid by a person at time of purhase of goods ro services and which is available as deduction from tax payable . For eg- A trader purchases good worth rs 100 and pay tax of 10% on it. And now this trader sold such goods at Rs. 150 and collect tax of Rs. 15 from buyer.
Jun 21, 2018 · Since this expense is actually paid in April 2018, deduction will be allowed in AY 2019-20. Here it is not allowed in AY 2018-19 even when it is paid before due date of filing return of AY 2018-19. Note 1 – Provisions of Sec.43B are applicable only in respect of employers contribution to provident fund, ESI, etc. Employees contribution to ...
Jun 6, 2018 · Maximum amount of Deduction – A maximum of Rs. 1,50,000 is allowed as deduction under sections 80C, 80CCC, 80CCD (1) aggregately. Deduction is allowed whether the payment is made out of income chargeable to tax or not. Deductions allowed –. Life insurance premium. Contribution by an employee to approved superannuation fund or recognized ...
Oct 7, 2020 · Rates has been changed for financial year 2017-18 and onwards. Now the maximum rate of depreciation is 40%. S No.Asset ClassAsset TypeRate of Depreciation 1.BuildingResidential buildings except hotels and boarding houses5%2.BuildingHotels and boarding houses10%3.BuildingPurely temporary erections such as wooden.
