Introduction Taxation is the most important and major source of revenue collection by the government of a country. Almost every country in the world levies taxes in one form or another, and the revenue generated through taxation is used in …
Introduction What is Income? Income is the monetary value of an entity’s consumption and saving opportunities during a specific period. Income is difficult to conceptualize, and different disciplines may have distinct definitions. A person’s income in an economic sense, for …
Introduction The Taxation system of India is one of the most well defined and well-structured systems in India. Taxes are the largest source of income for the government so we can say that tax plays an essential role in the …
Introduction Tax may be described as a levy made by a nation’s government upon its citizens in order to fund the government’s operations or to provide services to the citizens of that country. It is neither a taxpayer’s voluntary payment …
GST is the landmark reform in indirect taxation in India. It is for the first time that the concept of matching invoices has been introduced. Since most of the return filing process has been made computerized and the scope of …
Introduction: Sensu lato, the government levy taxes on citizens to raise revenue for the purpose of performing the undertaken responsibilities of fostering economic growth and enhancing the efficacy in improving the living standards of the people. Thus, taxes are the …
Today, the concept of the Previous Year and Assessment Year is discussed only with reference to Income Tax Law. For calculation of tax in any Financial Year on the income of a person, the Previous Year and Assessment Year play …
Introduction In today’s world, the needs of an individual are constantly and rapidly increasing. For a better standard of life, better facilities are also required. A human’s needs are never fully satisfied and an individual’s salary is never fully sufficient. …
“It was only for the good of his subjects that he collected taxes from them, just as the Sun draws moisture from the Earth to give it back a thousand fold” – Kalidas in Raghuvansh eulogising KING DALIP. Introduction The …
INTRODUCTION As per the Income Tax Act, 1961, each person who earns an income in India should pay income tax on such earning. That is the reason the income that you create in a fiscal year from all potential sources …