TDS on Salary of Employees

Know about Deduction of TDS on Salary

Section 192 of the Income Tax Act, 1962 deals with the provisions related to TDS in the case of Salary. Highlights of this section...

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 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...

Jurisdictions of Income Tax Authorities

Section 120 deals with Jurisdictions of Income Tax Authorities. Income tax authorities shall exercise all or any of powers and functions conferred upon it...

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...

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...

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...

Framework for the Preparation and Presentation of Financial Statements

Institute of Chartered Accountants of India, which is the apex body of accountants in India has issued a framework on manner of presentation and...

Shortcomings of GST and effect on small entities

This Week has been full of news related to GST. Though believed to be a tough task, it is anticipated to come into effect...

Overview of Prevention of Money Laundering Act, 2002

Prevention of Money Laundering Act, 2002 is also commonly known as PMLA 2002. This Act applies to the whole of India and it came...