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,...

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...

How to verify cash transaction post demonetisation with Income Tax Authorities

After demonetisation people rushed to deposit their underlying cash. They deposited their scrapped currency notes in their Bank Accounts. Government Agencies haven't yet released...

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...

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...

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 Payment of Dividends [Section 194]

Dividends attract dividend distribution tax @ 15% in the hands of the company. There is no liability to pay tax on individuals receiving it...

Applicability of GST with reference to Model GST Law

With 1st July nearing, everyone is preparing for new pan India Indirect tax – Goods and Service Tax (GST). Suddenly, Experts are seen on...

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...

Objectives of Accounting Standards

Accounting is a language in itself. It communicates the financial statements of an enterprise. It speaks its financial status. But, as common with any...