Income Tax

TDS on Cash Withdrawal – Section 194N

Section 194N mandates TDS @ 2% for cash withdrawal exceeding ₹ 1 crore. This limit is reduced to ₹ 20 lakh if past 3 years...

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What is TAN and how to get obtain TAN

Know more about TAN and how to obtain TAN online as well as offline mode. Also know the legal provision on uses of TAN.

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Standard Deduction from salary income under section 16

Standard Deduction under section 16 is ₹ 50,000. This article explains the legal provisins of section 16 on deductions for salary income.

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What taxes you shall pay for the FY 2019-20 under Income-tax Regime?

In India, every year, the Finance Minister announces an annual Union Budget for the up-coming financial year. According to Article 112 of the Indian Constitution,...

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TDS on Payment to Contractor u/s 194C after the amendments by Finance Act 2020

Section 194C – Payments to contractors. Any person responsible for paying any sum to any resident contractor for carrying out any “work” in pursuance of a...

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Few reasons to move to cashless transaction under Income-tax Act, 1961

After the demonetization, Government has earned an important lesson. Keeping the rhetoric aside, it’s enlightened to the wisdom of colours in money. Notes of two-thousand...

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This is why you should always quote your PAN rightly for TDS deductions

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

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Interest on Income Tax Refunds

Normally, an assessee pays tax based on computation of his expected tax liability. And very often his tax liability is either less or higher when...

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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 will...

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How to calculate WDV Rates for Depreciation

Straight Line Method (SLM) and Written Down Value (WDV) methods are the most used methods for calculating depreciation. Although Companies Act doesn’t require any specific...

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