An individual may be a citizen of India but may end up being a non resident for that particular year. The residential status of different categories of taxpayers is assessed differently.
Under this scheme, the employer and employee both contribute 12% of the employee's salary and dearness allowance to the employee's provident fund account every month.
According to section 2(31) of the Income-tax Act, a 'person' includes - Individuals, Partnership Firms, HUF, Companies, AOP, Local authorities, or any other artificial judicial person.
Financing plays a major role in business. A business can flourish only when the finances are well managed. From Start-up to expansion of business and even to carry day to day business, funds are needed.
GMP stands for grey market premium. It is a term used to estimate the price at which the IPO share would be listed in the market. This grey market operates before the listing and it starts from the IPO start date.
In order to run a business smoothly without having any penal consequences, the taxpayers are required to comply with certain procedural requirements and discharge tax liabilities within the stipulated time.
In India, a gift is exempted up to Rs. 50,000 and gifts from specific relatives such as parents, spouses and siblings are also exempted from tax. Gifts other than those received from specified relatives are taxable.
The contribution of companies to fight the spread of the coronavirus would be considered CSR spending as per the Companies Act. Let us understand the applicability of GST provisions on the same.
Capital gains are the amount of net profits(gains) that the investor makes from selling of any capital assets over the purchase price of that assets. The entir..
Balance Sheet finalization is the most important work that needs to be done for Statutory Audit. Discussing all the important points that need to be taken care of before finalization of the balance sheet.
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