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...

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...

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...

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...

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...

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,...