Overview of Prevention of Money Laundering Act, 2002

Prevention of Money Laundering Act, 2002 is also commonly known as PMLA 2002. This Act applies to the whole of India and it came...

Income Tax Rate for FY 2017-18 or AY 2018-19

There are many changes in Tax rate. One of the biggest change is that now tax rate for slab of ₹ 2,50,000 – 5,00,000...

Know the TDS rates when you do not provide your PAN

Although in some cases, quoting of PAN for certain type of transaction is must, for most of the transactions quoting of PAN is optional...

Income Tax Slab Rates for FY 2016-17 (AY 2017-18)

Each year Finance minister present Budget in Indian Parliament. The First Schedule of Finance Act has 4 parts. Part I – It specifies rates applicable...

Applicability of GST with reference to Model GST Law

With 1st July nearing, everyone is preparing for new pan India Indirect tax – Goods and Service Tax (GST). Suddenly, Experts are seen on...

Know about TDS for Interest on Securities [Section 193]

Interest on Securities is taxable in India. Further, Section 193 of the Income Tax Act, 1961 provides for Tax Deduction at Source. This section...

Repurchase Options (Repo.) and Ready Forward contracts

These are purchase and repurchase agreements used by money market participants to finance their loans. Such transaction when viewed from the point of view...

Framework for the Preparation and Presentation of Financial Statements

Institute of Chartered Accountants of India, which is the apex body of accountants in India has issued a framework on manner of presentation and...

How to Register with Income Tax Authorities

To register online with Income Tax Department, you will need your PAN Details. To Proceed with registration, you can follow these steps: Step 1 Go...

Mandatory Linking of Aadhaar and Exemptions from Income Tax Department

With Aadhaar being mandatory for filing ITR, there are several consequences for not linking the same. Below is in detail consequences. Most immediate impact...