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...

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...

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...

Procedure of making application for advance ruling under Income Tax Act, 1961

Provisions related to Advance Ruling under Income Tax Act, 1961 are contained in section 245N – 245V. For brief contents of the section, you...

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...

Provisions related to advance rulings under Income Tax Act, 1961

Chapter XIX-B consists of sections related to Advance Rulings. Section 245N to 245V provide a scheme for giving advance rulings. These rulings are for...

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...