One of most important decisions taken by Central Government is the implementation of Goods and Services Act, 2017 all over India. Implementation of GST has been done to remove anomalies in previous VAT/Services Tax and other taxes. In previous tax regime, end users were enforced to pay tax on taxes. The Cascading Affect of taxes […]
SECTION 139(1) requires that every person; a) Being a Company or a firm or; b) Being a person other than a Company or a firm if (i) his /her total income or (ii) the total income of any other person in respect of which he is assess able under the Income Tax Act, during the […]
‘Benami’ transactions were treated as valid transactions by various courts, prior to promulgation of Ordinance in 1988. We know that word ‘Benami’ is a Persian compound word, made up of ‘be‘ which means without and ‘name‘ which means name that is ‘Benami’ means ‘Without name’. ‘Benami Transaction’ means a transaction which is affected by a […]
It is a well-known fact that, a Company is an artificial person and act through human beings, which are appointed according to provisions of the Companies Act, 2013. The person appointed to carry on business of a company are called director. A director will act as an agent of the Company and their collective authority […]
A piece of land, carry various rights with it. An owner of a land has right to possess, right to easement, right to sale, right to rent, right to develop, right to sub-let, right to occupy and many. Right to develop a land if called ‘Developmental Rights’, in which owner of a land authorises a […]
As we know HUF (Hindu Undivided Family) is assessed as a separate person under provisions of Income Tax Act, 1961. It has its own identity and right to own property but not a juristic person. It can sue and be sued as a person. It is governed by Karta of the family and consists of coparceners of a single family.
Surrender of Insurance Policy means to cash of life insurance policy before benefits are due to be paid. The Surrender Value of an Insurance Policy is the amount given to the insured at a time, when he is unable to pay premium related to Insurance Policy. At a particular time, when insured is not able […]
Business entities are generally used resources of society in their development. They are utilising various resources such as human, infrastructure, minerals, water, environmental etc., in their business activities. They are running their business and trade with help of social as well as governmental support. The common society provides them huge market place for their products […]
LIABILITY OF DIRECTORS OF PRIVATE COMPANY IN LIQUIDATION FOR PAYMENT OF TAX DUES Section 179 of Income Tax Act, 1961, provides that, where any tax due from a private company in respect of any income of any previous year or from any other company in respect of any other income of any previous year during […]
We are fifth largest developing economy in the world and just left behind UK and France few days back. We are second largest country in the world in case of population. We have largest young skilled workforce in the world. For sustainable development of a country a sound and perfect, protected system of banking is […]
