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Answers to Frequently Asked Questions On Income Tax and Pan
A. General 1. What is Income Tax? It is a tax imposed by the Government of India on any body who earns income in India. This tax is levied on the strength of an Act called Income tax Act which was passed by the Parliament of India. 2. What do y
GST impact analysis on sales promotion activities
"Buy One Get Two Free" or "Get a Bag free on purchasing items worth Rs 5,000/-" or "Get Additional 10% discount on annual purchases exceeding Rs 2,50,000/-" - Goods and Service Tax (GST) Impact Analysis
Corporate Governance - the consequences of non-adherence
We often hear about “Corporate Governance” while referring to some misdeed in some big listed Public Company. We refer the term “Corp...
Section 71: Inter Head Set-Off Of Losses
A loss which could not be set off within the same head of income shall be allowed to be set off out of the income of any other head in the same AY, but subject to certain exceptions.
Introduction to Service Tax Legislation
I. CONSTITUTIONAL BACKGROUND Article 265 of the Constitution of India read as: "No tax shall be levied or collected except by authority of law" This implies that the Government (whether central or State) can levy tax o
Section 80EEB of Income Tax Act: Interest on Electric Vehicle
A new section 80EEB of Income Tax Act, 1961 has been introduced allowing a deduction for interest paid on loan taken for the purchase of electric vehicles from the AY 2020-21.
How to control our anger
Often we hear the news of suicides by people for various reasons. Many growing youths commit suicide for the reasons of failures in their exams, love, etc. what are the reasons behind this. Really a failure in exam or love
Union Budget 2016: Important changes in Excise & Customs effective from April 1, 2016
Affirming that the economy is right on track, the Hon�ble Finance Minister Shri. Arun Jaitley presented the Union Budget for 20
Systems of Taxing income - An Overview
The Hon’ble Mumbai Branch of ITAT ( The ITAT Mumbai) in the case of Ashapura Minichem Limited VS Assistant Director of Income Tax Mumbai has analyzed the various concepts / principle of determining the taxation of income prevailing worldwide.
Meaning of Undertaking| Section 180 of the Companies Act
For interpreting the term 'undertaking', we shall look into the case laws under the erstwhile section 293 (1)(a) of the Companies Act 1956 [Section 180 (1)(a) of the Companies Act 2013]
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