The Constitution of India grants the power to the Union to raise revenue by levying cess. Article 270 of Constitution of India states that the Government can collect tax in the name of cess for generating revenue but it shall...

When a NRI invests in the stock market of India, he is subject to capital gain tax on the profit earned through trading done in India. There are two types of capital gains applicable in India: Short Term Capital Gains...

One might wonder about the reason of early implementation of E-Way Bill because initially the government had planned to introduce it from April 2018. But instead in the GST council meeting the E-way bill was re-visited and the rules for...

Take home salary is the amount received by an employee after subtracting all the deductions from his package or CTC (Cost to Company). The formula for computing the take home salary is Take home salary= Basic Salary + Allowances – Deductions...

This article highlights the income tax treatment on purchase/sale of a property below the Stamp Duty Value under Section 50C & Section 56(2)(x). Before the explaining the treatment, lets first understand the meaning of Stamp Duty Value. Circle Rate/ Stamp...

The Indian Income Tax Act gives certain tax benefits to Senior Citizens and also tries to ensure that income tax e-filing is a hassle free process. The complete list of all the tax benefits available to senior citizens is compiled...

Section 44AE, Section 44AD & Section 44ADA deal with Presumptive Taxation of Business. Section 44AE is applicable for Business of plying, hiring or leasing goods carriages whereas Section 44ADA is applicable for Professionals & Section 44AD is applicable for Other Businesses. The...

A chit fund is a collective instrument tool where there are two participants, one is the organizer and the other is the member. There are various members who collectively come together and agree to pool-in a specified sum of money...

A seasonal business, like a Christmas decorations shop, a ski lodge, or even a tax preparation office, would have their revenue inflow only on a seasonal basis. Thus, they may find it difficult to meet their fixed costs during the...

Nowadays, many people are keen to set up a business in the United States. It builds more trust in international customers. Also, the facilitation of payments is much more easier. But the first question that arises in the mind of...