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...

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...

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....

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...

What is Money Market

Financial system of any country consists on different sub-markets as money, capital and forex markets. The flow of funds in these markets is multi-directional...

Know about TDS for Interest on Securities [Section 193]

Interest on Securities is taxable in India. Further, Section 193 of the Income Tax Act, 1961 provides for Tax Deduction at Source. This section...

Mandatory Linking of Aadhaar and Exemptions from Income Tax Department

With Aadhaar being mandatory for filing ITR, there are several consequences for not linking the same. Below is in detail consequences. Most immediate impact...

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...

Settlement of Tax Cases under Income Tax Act, 1961

We all know that Income Tax Laws are very complex. Often, knowingly or unknowingly there are many lapses in compliances. Income Tax is a...

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...