Restriction on cash transactions 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...

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...

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...

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...

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...

TDS on Insurance Commission [Section 194D]

Section 194D deals with Tax Deduction on payment of insurance commission. This section casts responsibility on any person responsible for paying to a resident...

Know about TDS on Payments to Contractors and sub-contractors [Section 194C]

Provisions related to Tax Deduction at Source (TDS) that are applicable on payments to contractors and sub-contractors are in Section 194C of the Income...

Procedure to check status of Tax refund (Income Tax)

One can check the status of Income Tax refund from TIN-NSDL website. You can click on the below link: Link to TIN-NSDL Refund Status Page On...

TDS on Winnings from Lotteries, crossword puzzles and horse races [Sections 194B and 194BB]

Any income from winnings from lotteries, crossword puzzles, card games and other game of any short, races including horse races, etc., is chargeable to...

Know about TDS on Interest other than Interest on Securities [Section 194A]

Section 194A deals with TDS on interest other than the interest on securities. Provisions related to the TDS on interest on securities are in...