Depreciation is a crucial accounting concept that reflects the reduction in value of a fixed asset over time due to usage, wear and tear, or obsolescence. Both the Companies Act, 2013 and the Income Tax Act, 1961 address depreciation, but they d ...
The Companies Act, 2013, provides several exemptions and benefits to small companies in India, recognizing their unique needs and limited resources. Below is a detailed analysis: 1. Definition of a Small Company : As per Section 2(85) of t ...
Tabular Summary based on the Key Provisions: AspectTDS (Tax Deducted at Source)TCS (Tax Collected at Source)Relevant SectionsChapter XVII-B, e.g., Sections 192, 194, 206AAChapter XVII-BB, e.g., Sections 206C, 206CC, 206CCAApplicable OnPayment ...
Eligibility: Applicable to Assessees: Indian companies or individuals, HUFs, partnerships, or other entities engaged in business. Assessee must have income from business and must be liable for audit under Section 44AB (Tax Audit). E ...
Income Tax Provisions on Sale of Listed Equity Shares: Short-Term Capital Gains (STCG): Applicable if shares are held for 12 months or less. Tax Rate: 20% (under Section 111A) + surcharge + cess. Condition: Sale must take place on a rec ...
