Know Maths in Money Market Operations

Money Market is an important ingredient for growth and development of an economy. India too is no exception for it. With the fastest growing...

Income Tax Slab Rates for FY 2016-17 (AY 2017-18)

Each year Finance minister present Budget in Indian Parliament. The First Schedule of Finance Act has 4 parts. Part I – It specifies rates applicable...

Repurchase Options (Repo.) and Ready Forward contracts

These are purchase and repurchase agreements used by money market participants to finance their loans. Such transaction when viewed from the point of view...

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 ...

Benefits and Limitations of Accounting Standards

Accounting Standards describe the accounting principles. They provide for the valuation techniques and the methods of applying the accounting principles. Accounting Standards help in...

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...

Procedure to check status of Tax refund (Income Tax)

One can check the status of Income Tax refund from TIN-NSDL website. You can click on the below link: Link to TIN-NSDL Refund Status Page On...

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...

Value Added Statements

Value Added statement isn't an Account in the traditional sense. It is mere a statement showing the economic output of the reporting entity. It...

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...