Two-way traveltime (TWT) is one of the most important seismic attributes for reservoir characterization. Erroneous analysis of TWT can lead to incorrect estimates of velocity models resulting in improper structural interpretation of the subsurface. TWT analysis starts with the most fundamental step of seismic data processing, namely, normal moveout (NMO) correction. NMO correction is generally performed in the offset-time (X-t) domain, by fitting a hyperbolic curve to the observed traveltimes corresponding to each reflection event. The commonly used NMO equation is valid for small offsets and does not consider anisotropy — an effect commonly observed in fractured media. The performance of NMO correction depends on the quality of data in the prestack domain and the underlying geology. In the plane wave (τ-p) domain, the estimation of layer parameters can be done using an exact equation for delay-time free from the approximation errors present in the X-t domain. In this domain, a layer stripping approach can also be used to account for the presence of multiple anisotropic and isotropic layers.