Service Code (SAC Code) of Services under GST - Tax Guru
WEB31. 995442. Installation, assembly and erection services of other prefabricated structures and constructions. 32. 995443. Installation services of all types of street furniture (such as bus shelters, benches, telephone booths, public toilets, and the like) 33. 995444.
All you need to know about Employees’ Provident Fund (EPF) - Tax …
WEBNov 12, 2021 · What is Employees Provident Fund? The Employees’ Provident Fund (EPF) is a scheme governed by the Employees’ Provident Fund Organization. EPF basically aims to provide social security and offers retirement benefits. The current article covers the basics of EPF; eligibility criteria of EPF; EPF contribution and distribution thereof; EPF registration procedure for employer and relevant FAQs.
Deduction of Employee’s & Employer’s contribution to PF - Tax Guru
WEBJun 16, 2022 · 1. Yes, as per section 2 (24) (x) Employee contribution to PF is firstly treated as income of the Employer and then he gets deduction after the payment made. 2. 3. For disallowance, section 43B attracts thus as per it due date means date of …
Financial Statements-Schedule-III – Companies Act, 2013 - Tax Guru
WEBApr 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.
LLP: Advantages, Disadvantages, Taxation & Steps to Incorporate …
WEBMay 31, 2021 · A.Taxable Income is up to INR 1 crore = 30*1.04 = 31.2%. B. Taxable Income is more than INR 1 crore = 30*1.12*1.04 = 34.944%. 3. Advantages of LLP. i) Separate Legal Entity: It means that in the eyes of law, LLP is separate from its partners just like a company is separate from its shareholders.
Gratuity: Meaning, Calculation, Applicability and Taxation - Tax Guru
WEBNov 3, 2023 · Calculation of gratuity. The Gratuity amount is 15 days of salary for each year of service years (rounded years), where daily salary is calculated considering 26 days in a month. Gratuity= (Monthly basic salary*15*completed years of service)/26. According to this formula, the time period of over six months or more is considered as one year.
List of Allowances/Perquisites/Deductions available to salaried …
WEBOct 21, 2020 · Benefits. 1. House Rent Allowance. Least of the following is exempt: a) Actual HRA Received. b) 40% of Salary (50%, if house situated in Mumbai, Calcutta, Delhi or Madras) c) Rent paid minus 10% of salary. * Salary= Basic + DA (if part of retirement benefit) + Turnover based Commission. Note:
House Rent Allowance (HRA) Exemption Rules & its Tax Benefits
WEBMay 5, 2020 · 1. CONDITIONS FOR CLAIMING HRA EXEMPTION? – Salaried Individual only can claim HRA. (Self employed cannot claim HRA. However Self Employed can also claim deduction of Rent paid under Section 80GG of Income Tax Act 1961.) – Stay in Rented Accommodation. (Not living in a self owned). – Rent paid exceeds 10% of Salary.
Partner’s Remuneration & Interest under Income Tax Act, 1961
WEBDec 16, 2020 · Conditions for claiming deduction of Interest paid to Partners: It should be authorized by Partnership Deed. It should not exceed 12% p.a. simple Interest. Lets take an simple Example. Income from PGBP. 8,00,000. Remuneration to Partners. 4,00,000. Interest Paid@ 15%.
Section 54F Capital Gain Tax Exemption - Tax Guru
WEBMar 16, 2020 · Section 54F of the Income Tax Act provides exemption as under –. Particulars. Amount of exemption. When full net consideration is invested. The full amount of long term capital gain is exempt. When proportionate net consideration is invested. Exemption =. Long term capital gain * Amount re-invested / Net consideration.
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