Section 194-I of the Indian Income tax Act, deals with the deduction of tax at source from payment of rent. The tax is required to be deducted by specified classes of assesses on payment of rent above specified limit at a prescribed rate. Budget 2017-18 has proposed to insert a new section 194-IB to cover more taxpayers. Read More
Section 135 of the Companies Act 2013 lays down the provisions for corporate social responsibility (CSR). The Companies which come within the ambit of Section 135 are required to spend at least 2% of the average net profits every financial year on activities as defined in Schedule VII to the Companies Act. Although accounting experts like E.A. Buck Accounting & Tax Services offering payroll services are all set to take up assistance, it is to be done by ICAI. And if you’re setting up your payroll and struggling with payroll numbers then see https://www.payrollindex.com/payroll-numbers/ as it has some very useful information. And if you do a lot of corporate accounting then you should have a look at this excellent corporation tax software, as it’s easily the best available.
Mr. Sameer (hereinafter referred to as SR) is engaged in business of sale of Jewellery. He wishes to bring some personal jewellery to his business. He approached Taxingtax (hereinafter referred to as TT), his tax consultant for advice. Check out their conversation.