Rates of depreciation as per Companies Act, 2013 - Tax Guru
Sep 5, 2024 · Rates of depreciation as per Companies Act, 2013. Depreciation under the Companies Act 2013 is a crucial aspect of financial reporting, determining the systematic allocation of an asset’s cost over its useful life. This article delves into Schedule II of the Act, focusing on the computation of useful lives for various tangible assets and the ...
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).
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 under the Income Tax Act, 1961 - Tax Guru
Aug 10, 2021 · Depreciation is a mandatory deduction in the profit and loss statements of an entity and the Act allows deduction either in Straight-Line method or Written down Value (WDV) method. Income Tax Act of 1961 allows the depreciation of tangible assets and intangible assets. In the case of a tangible asset, claim the deduction against building, plant ...
Related Party Transactions – Section 40A(2) of Income Tax Act,1961
Dec 13, 2020 · This means, the assessee should have charged only Rs. 20,000 in the Profit and Loss A/c. Therefore, according to section 40A(2) of Income Tax Act, 1961, excess amount of Rs.5,000 is to be added back to net profit while computing business income of the assessee. Further transactions undertaken by the assessee with the below mentioned specified ...
All about Tax Deducted at Source (TDS) - Tax Guru
Aug 6, 2018 · The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax has ...
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.
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.
Removal of “extra-ordinary items” from the SPL. Ind AS 1 strictly prohibits disclosure of an item as an extra-ordinary item. 2. “Discontinued operations” instead of “Discontinuing Operations”. Due to change in the scope of the relevant Ind AS vis-à-vis the AS. 3. …
Section 195 TDS on Non-Resident Payments - Tax Guru
Jul 9, 2021 · Section 195 of Income tax act, 1961 mandates the deduction of Income tax from payments made to Non Resident. The person making the remittance to non – resident needs to furnish an undertaking (in form 15CA) accompanied by a …