Depreciation Rates under the Income Tax Act

Depreciation rates are prescribed in the Income Tax Act to calculate depreciation deductible from the Total Income. Depreciation under Income Tax can be claimed only by assessees who has Income From Business/Profession. Depreciation Rate Chart – Quick View Download Depreciation Rate Chart Depreciation Rate as prescribed by the Income Tax Act Depreciation Rate Chart –…

New Auditor’s Report Format as Per SA700 Revised

The New Auditor’s Report Format as Given is SA700 Forming an Opinion and Reporting on Financial Statements has been given for preview and Download. You can Download the File at the End of the article. Sample Preview Independent Auditor’s Report To the Members of ABC Company Limited. We have audited the accompanying financial statements of…

Income Tax Slabs and Rate Chart for AY 2014-15 FY 2013-14

For the Financial 2013 – 2014, the basic exemption limit has not been increased and the Finance Minister explains why.. No case to revise either the slabs or the rates of Personal Income Tax. Even a moderate increase in the threshold exemption will put hundreds of thousands of Tax Payers outside Tax Net. However  there…

Income Tax Slabs and Rate Chart for AY 2013-14 FY 2012-13

For 2012 – 2013, the basic exemption limit is Rs.2,00,000 for both men and women who are less than 60 years. The rates of tax and level of total income are as under – Income Tax Slabs for Individual, HUF, AOP and BOI Income Tax Rates for Co-operative Societies Income Tax Rate for Partnership Firms….

Income Tax Slabs Time Line

Income Slabs/Rates for Individuals and HUF from AY 2000-2001 to till date. 2014-15 I Rate Resident Citizen below 60 years (Men, Women, HUF) Resident Citizen above 60 years – 80 years Resident Citizen above 80 years A NIL Upto Rs. 2,00,000 Upto Rs. 2,50,000 Upto Rs. 5,00,000 B 10% Rs. 2,00,001 to Rs. 5,00,000 Rs….

Companies Bill 2012 – Major Changes

The government gave a facelift to 56-year-old companies act. On 18th Dec., 2012 the Lok Sabha passed the Companies Act 2012 which will replace existing Companies Act,1956.The Primary aims of this bill is to improve Corporate Governance and it also contains provision to strengthen regulations for corporate as well as auditing firms and more rights…

Accounting Standard 1 – Disclosure of Accounting Policies [PPT]

A PPT on Accounting Standard 1, Disclosure of Accounting Policies with summary Below. You can download the PPT at the end of the article. Summary of the PPT The Standard deals with disclosure of significant accounting policies followed in preparing financial statements. As the financial statements are influenced by accounting policies and as the latter…

TDS Rate Chart Financial Year 2014-15

Normal TDS Rates are summarized below. If the receiptant does not furnish his PAN to the deductor, tax will be deducted by virtue of section 206AA at the normal rate or at the rate of 20 per cent, whichever is higher. Persons responsible for making payment of income covered by the scheme of tax deduction…

Renting of Immovable Property–Declared Services

Renting has been defined in section 65B as “allowing, permitting or granting access, entry, occupation, usage or any such facility, wholly or partly, in an immovable property, with or without the transfer of possession or control of the said immovable property and includes letting, leasing, licensing or other similar arrangements in respect of immovable property”…

Declared Services in Service Tax–An Analysis

The definition of service in the first instant is very wide to cover any transaction done for a consideration. However, there exist few activities which would overlap with the other levies of state with a marginal difference, thereby questioning the constitutional validity of the levy under service tax. In some cases there may be a…