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: Our Indian taxation system has moved forward to a new reform, and it becomes very important that as a citizen of India that we should understand it. Goods and services tax council is a constitutional body for making recommendations to the union and State government to look after the Read more…
Introduction: To curtail the malpractices of lottery, the Indian government introduced Lotteries (Regulations) Act 1998, according to which no State government shall promote, organise, or conduct lottery[1], but there is no complete ban on lotteries as provided in section 4 of Lotteries (Regulations) Act 1998 (hereinafter Central act) where conditions Read more…
Introduction: To protect human life from the spread of the COVID-19 outbreak Indian Government preferred for a complete nationwide lockdown. Due to the nationwide lockdown, the control of COVID-19 was significant but at the same time, it had a very worse impact on economic activities. Due to the decline in Read more…
Introduction: GST is referred to as the Goods and Services Tax. It is an indirect tax that has replaced other indirect taxes in India, such as excise levy, VAT, tax on utilities, etc. The Goods and Service Tax Act was passed in Parliament on 29 March 2017 and came into Read more…
Introduction: Commerce and trade are reaching new peaks in this century. We all hear about the sale of business, mergers, acquisition taking place every other day. The business agreements and transfers are becoming more complex with the passing time. The reconstruction of business organisations requires a number of steps and Read more…
Introduction: Limited Liability Partnership is a hybrid form of business consisting of the elements of both a general partnership and a company. The main advantage is the limited liability of the partners and firm having a separate legal entity along with the benefits of having flexible operations in accordance with Read more…
INTRODUCTION The word tax comes from its Latin root ‘taxare’ which means to estimate. The taxation system in India traces its origins from texts like Manusmriti and Arthashastra. As mentioned in these texts, traders, handicrafts workers, farmers, would pay taxes in the form of silver, gold, and agricultural produces. Taking Read more…