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...

Declaration and Payment of Dividends

Literal meaning of ‘’ means shareholders’ share of profits payable from the profits of the company. However, there can be two types of dividend,...

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...

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...

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...

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...

Taxation as per Residential Status in India

Residential Status is very important for determining taxability in India. Provision related to residential status is in Section of Income Tax Act, 1962....

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,...

List of GST Returns along with their due dates

With deadline for applicability of Goods and Service Tax (GST) coming near, there's still confusion as to number of return to be filed. This...