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...

How to Reset Login of Income Tax E-filing Website

It may be very often that you forget your password for Income Tax E-filing Website. Since it is needed only a few times a...

Overview on Powers of Income-tax Authorities

Section 131 to 136 deal with powers of Income-tax Authorities. Below are the headings of these sections. Sections Heading 131 Power regarding discovery, production of evidence,...

A brief information about Income Tax Authorities

Income Tax Act, 1961 is the main law dealing with Income Taxes in India. There are several rules made under this Act and are...

TDS on Payment of Dividends [Section 194]

Dividends attract dividend distribution tax @ 15% in the hands of the company. There is no liability to pay tax on individuals receiving it...

How to verify cash transaction post demonetisation with Income Tax Authorities

After demonetisation people rushed to deposit their underlying cash. They deposited their scrapped currency notes in their Bank Accounts. Government Agencies haven't yet released...

Taxation as per Residential Status in India

Residential Status is very important for determining taxability in India. Provision related to residential status is in Section of Income Tax Act, 1962....

Settlement of Tax Cases under Income Tax Act, 1961

We all know that Income Tax Laws are very complex. Often, knowingly or unknowingly there are many lapses in compliances. Income Tax is a...

Residence in India as per Income Tax Act, 1961

The residential status of an individual is very important as per Income Tax Act, 1961. Provisions relating to residential status is in section ...

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...