Accountantjee

If your turnover exceeds 10 Crore for the previous year then it is now necessary to check every month for two things-  First is there any Debtors to whom the sales exceeds 50 lacs if yes then- you have to give them declaration stating that we will deduct TCS & if they are liable to deduct TDS u/s 194Q then we will not collect tax. Second is there any creditor from whom the purchases exceeds 50 lacs if yes then- you have to give them declaration stating we will deduct TDS u/s 194Q.   Below are the format which will assist you to send declaration to party. Seller to Buyer format (On the Letterhead of Seller) To, (Buyers Name & Address) Sub: Regarding declaration due changes in provision under Income Tax Act-1961 Dear Sir / Madam, We, ________________________, having PAN______________ hereby inform you that our total sales/gross receipts/turnover during financial year 2020-21 was more than Rs.10 Crore. Therefore, provisions of Section 206C(1H) are applicabl...

House- everyone dreams of this, save there part of income for this and hopes to achieve it one day. Owing a house property comes with some amount of responsibilities. Paying house property taxes is one of them.  There are mainly two reason to calculate taxable income from house property  1. If you have given your property on rent, you may have to pay tax.   2. If you have not given it for rent & taken a home loan, you can save tax.   Now let understand some of the basic terminologies. 1. House Property - Building or land appurtenant*thereto (connected with the building like garden, garage etc.) 2. Building Includes -  Residential Building, Office Building, Shops, Factory, etc 3. Self-Occupied house property- Your property. You are the owner of that property. 3. Let out- It means giving your property on rent to other person. 4. Sub-Let out- Means you give your rented property on rent to somebody else. (rent on rent) Now to arrive at the figures which show th...