Fraud can be defined as, ‘a deliberate act of omission or commission by any person, which has been carried out in the course of a banking transaction or in the books of accounts maintained manually or under computer system in banks, thereby resulting into wrongful gain to any person for a temporary period with or without any monetary loss to the bank’.
Globalization can be defined as the mixture of individual national economies into the international economic environment via different participation means. Globalization spurred two other revolutions– low-cost mass-transit facilities and international telecommunications (i.e., the Internet).
Only when the capital assets is sold off/transferred, capital gain arises. As per section 2(14) of Income Tax Act, 1961, any kind of property held by the assesse, or any kind of securities held by a foreign Institutional Investor who has invested in such securities as per SEBI Guidelines.
Section 22 of the Income tax Act, 1961 is the charging section for head Income from House Property. As per this section, the assessee must be the owner of the property which is subject to income under the head House Property. Property can be any building or land not necessarily residential.
Understand the concept of Previous Year under the Income Tax Act, 1961. Learn about its definition, calculation, and implications for tax payment.
An assessee is subject to taxation on the basis of his/her residential status. Residential Status is not subject to citizenship. For example, a person who has received his income outside India can be subject to taxation in India on the basis of his residential status. Even the taxability of income earned by a foreigner in India depends on his residential Status in India.
INTRODUCTION TDS or Tax Deducted as Source is an indirect method of collecting tax. It aims at collecting the tax at the very source of income. TDS is a pay as you earn scene. It is collected as it is earned. PAYMENTS COVERED UNDER THE SCHEME OF TDS Section 192 to 194 of the Income […]
TAX REVENUE Tax refers to general compulsory contribution of the wealth if a person. It is levied upon natural and corporate person. The main reason behind tax collection is to meet the expense which is incurred in conferring common benefits to the public. The residents of the state are the ones who pay the tax. […]
Understand the concept of agriculture income under Section 10(1) of the Income Tax Act, 1961. Learn how it is exempted from total income calculation.
SEBI Vs Ajay Agarwal (Supreme Court of India) FACTS Securities and Exchange Board of India (Appellant) initiated investigations against Trident Steel (company) on receipt of a complaint by a BSE member relating to public issue of the company. The complaint alleged misstatement of facts by the Company in the prospectus issued in furtherance of the […]
