Explore the complexities of Income Tax on Salary Income. From the employer-employee relationship to the nuances of salary accrual and chargeability, understand the intricacies of contracts and tax implications. Learn about allowances, exemptions, and deductions, ensuring comprehensive insight into salary-related tax matters. Stay informed and navigate the tax landscape with clarity.
Classification of individuals as resident but ordinary resident (ROR) or not ordinary resident (NOR) under Indian Income Tax Act, 1961.
In some cases, the employer may provide leave travel concession or assistance to his employee to go on leave to any place in India either alone or along with his family. The employee is entitled to exemption under section 10(5) in respect of the value of leave travel concession or assistance received by him from his employer.
The power to levy income tax is available with the central government vide Entry 82 of the Union list of the Seventh Schedule to the Constitution of India. Tax is nothing but money that people have to pay to the government, which is then used by the government to provide public services. Tax is not […]
Innovation of GST In any welfare state, it is the prime responsibility of the government to fulfill the increasing developmental needs of the country and its people by way of public expenditure. France was the first country to implement the GST in 1954, since then an estimated 160 countries have adopted this tax system in […]
Evidence shows that art and practice of accounting existed in Vedic times. These references are Kraya as sale, Vanij as merchant, Sulka as price in Rigveda. Arthashastra written by Kautilya contains details on business of keeping up accounts. ‘Vishnugupta Chanakya Kautilya’ popularly known as ‘Chanakya’ has been addresses as an Acharya credited with destroying the […]
