The key highlights of the Interim Budget 2019–20 presented by Shri Piyush Goyal in Parliament today are as follows: Income Tax Persons having Total Income upto Rs. 5 lakh exempted from Income Tax. Basic Exemption limit and Tax Slab has been…
Finance Bill 2019 of Interim Budget 2019
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Major Changes in GST effective from 01.02.2019
Following Amendments would take effect under GST from 1st Feb 2019. Upper limit of turnover for opting composition scheme shall be raised from Rs. 1 Cr to Rs. 1.50 Cr. A Composite dealer(in goods) shall be allowed to supply services…
Taxability of Perquisites Under Income Tax
Taxability of Different Perquisites paid to Employees by Employers in the hand of Employee for the financial year 2018–19 under Income Tax. Section wise details has been given in tabular Format. 17(2)(i)/(ii) read with Rule 3(1) Rent free unfurnished accommodation…
Post or Posting wise specific Deductions allowed to Salaried Person in Financial Year 2018–19 from their Salary Income under Income Tax
Post or Posting wise specific Deductions allowed to Salaried Person in Financial Year 2018–19 from their Salary Income under Income Tax. Section wise deduction limit is given in the following Table. Section Nature of Deductions Amount of Deduction 10(7) Foreign…
Deductions a Salaried Person can claim in Financial Year 2018–19 from their Salary Income under Income Tax
Following Deductions a Salaried Person is eligible to claim in Financial Year 2018–19 (Assessment Year 2019–20) All Salaried person is eligible for a Standard deduction of Rs. 40,000/- . In addition to that a salaried person is eligible for following…
Rates of Depreciation as Per Companies Act 2013
Depreciation under companies act to be calculated based on the useful life of any assets. Companies act 2013 has prescribed the useful life of any asset. 1. Depreciation is the systematic allocation of the depreciable amount of an asset over its…
Depreciation Rate as per Income tax for Financial Year 2018–19
Depreciation Rate as per Income tax for Financial Year 2018–19 Block of assets Depreciation Rate for AY 2006-07 to AY 2017–18 Depreciation Rate for AY 2018–19 onwards TANGIBLE ASSETS I. BUILDING (1) Buildings which are used…
Cost Inflation Index for Calculation of Capital Gain
Cost Inflation Index For Calculation Of Capital Gain As per Notification no. So 1790(e) [no. 44/2017 (f. No. 370142/11/2017-tpl)], dated 5-6-2017, following table should be used for the Cost Inflation Index :- Sl. No. Financial Year Cost Inflation Index 1…
TDS Rate Chart for Company for Financial Year 2018–19 (AY 2019–20)
TDS Rate Chart for Company for Financial year 2018–19 (AY 2018–19) In the case of a company- where the company is a domestic company- Section 193: Interest on securities a) any debentures or securities for money issued by…
TDS Rate Chart for Financial Year 2018–19 (AY 2019–20) By a person Other Than Company
Particulars TDS Rates (in %) 1. In the case of a person other than a company 1.1 where the person is resident in India- Section 192: Payment of salary Normal Slab Rate Section 192A: Payment of accumulated balance of provident fund…