by CA Chinmay Shirish Agate | May 22, 2024 | Taxation
Depreciation means reduction in the value of a particular asset due to wear and tear process. Depreciation is calculated by using two methods which are i) SLM i.e. Straight Lime Method or ii) WDV i.e. Written Down Method Income tax allows using of WDV method for...
by CA Chinmay Shirish Agate | May 21, 2024 | Taxation
One of the fears every businessperson has is about incurring bad debts and the claim of such bad debts being disallowed in the books of law. Bad debt represents the financial loss that a business incurs when customers fail to repay credit or outstanding balances....
by CA Chinmay Shirish Agate | May 21, 2024 | Taxation
Government of India with the help of CBDT have aimed at ensuring accuracy, transparency and authenticity of financial transactions carried out by different types of persons. Since we live in the age of automation, keeping a track of activities done in the financial...
by CA Chinmay Shirish Agate | May 21, 2024 | Taxation
The maximum marginal rate in income tax refers to the highest percentage of tax applied to the income earned belonging to the highest tax bracket. However, it’s essential to recognize that not all income is taxed at the maximum marginal rate. Instead, only the...
by CA Chinmay Shirish Agate | May 21, 2024 | Taxation
The season of filing income tax returns generally begins the beginning of a new financial year. It is important to file correct and accurate income tax returns to safeguard yourself from scrutiny or notices by department of income tax. After completion of ITR filing...
by CA Chinmay Shirish Agate | May 21, 2024 | Taxation
The Capital Gain Account Scheme (CGAS) in India is a tax saving investment provision offered by the Income Tax Act, 1961, to enable taxpayers to save on capital gains tax arising from the sale of assets like property or securities for a particular timeframe. It...
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