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...

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,...

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...

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...

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 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...

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...

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 ...

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 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...