Procedural History: On the 27th July, 1945, the respondent filed a suit against the Central Bank contending that the document was not a mortgage with possession. It was alleged that since a doubt had arisen as to whether the document giving effect to the common intention of the parties the Read more…
Introduction: Taxation is the method of enforcing or levying a tax on the citizens and corporate companies by a government or taxing authority. From income tax to Goods and Services Tax (hereinafter referred to as GST), all levels are subject to taxes. In deciding India’s taxes, the central and state Read more…
Introduction: Though income tax as a concept was already existent in India, it was James Wilson who foremostly introduced the Income Tax Act, 1860. Income tax signifies a tax that is paid to the government based on the income obtained or in the case of companies the profits accrued. This Read more…
Introduction: India being a democratic and welfare state has to implement various welfare programs in pursuance of ideals and goals enshrined in the constitution. Taxes are the main source of income of any government to implement the public welfare programs etc., Among all taxes levied by the Central Government, Income Read more…
Introduction: Taxes are the main source of income of any government to implement the public welfare programs etc., Taxpayers contribute a lot to the economy of the nation. It is the responsibility of the individual or the firms to pay the tax which they are liable to pay. Payments of Read more…
Introduction: We all have read in our childhood or found in movies that how hundreds of years prior, to enter a kingdom, a shipper with his product needed to give some blessing to the lord. At the appropriate time, this convention has formalized and now given the name of customs Read more…
“Paid Taxes buys you civilization.” Oliver Wendell Holmes Jr. Introduction: Tax is a monetary obligation to be paid by citizens of a state multiplying their income by utilizing the state’s resources as a contribution to the state’s revenue. This can also be considered as a payback to the government by Read more…
Introduction: National Anti-profiteering Authority (NAA) was constituted by the Central Government to find whether extra input tax credits used by any registered person or the depletion in the tax rate have actually resulted in a corresponding depletion in prices to the recipients. In the 22nd meeting of GST Council at Read more…
Introduction: A tax is a compulsory payment or charge paid by an individual to the government for participation in the activities of the state. Tax limits herein mean the imposition of a cap on the government’s power to charge tax more than its prescribed limits. Tax Limits are just like Read more…
Introduction: Section 194N in the Income Tax Act 1961 (Act) was established in the Union Budget of 2019 by the Finance Minister. The section arraigns tax deduction at source (TDS) of 2% on money extraction from banks. So as to keep stop happening businesses from producing profound expenditure in cash; Read more…
Introduction: Money laundering has been a magnificent peril to the global economy especially during this uplifted phase of psychological warfare and digital wrongdoing. An out measured number of crimes are engaged to think of cash for the culprits. Such crimes incorporate the exercises of sorted out wrongdoing like medication traffic, offer Read more…
Introduction: Over the past few years, India has witnessed various major steps to curb the black money businesses namely Income Declaration Scheme (2016), Demonetisation Drive (2016), etc. A part of these major steps was the Amendment of the Prohibition of Benami Property Transaction Act, 1988 in the year 2016, which Read more…