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Section 40A(2) is an over-riding sections which provide that even if an expenditure or allowance comes within the purview of any other section, there treatment should only be done as...

If a person receives Gifts (either in cash or in kind) from any person, gift tax would be liable to be paid by the person receiving the gifts. Such income...

As per Section 40(b) of the Income Tax Act 1961, Interest & Salary paid to the Partners by the Partnership Firm are allowed to be deducted as an expense only...

Although Partnership Firms don’t have a separate legal entity, for the purpose of Income Tax, they are treated as different from their partners. Partnership Firms whether registered or unregistered are...

Partnerships in India are governed by the Indian Partnership Act, 1932 and as per this act a partnership deed may be registered or unregistered. However, there are certain benefits of...

Partnership and Proprietorship are the 2 most popular forms of business organisations in India. The reason why these 2 forms of organisations are so popular is because they are relatively...

The most common forms of business organisational structure in India are Proprietorship, Partnership and Company. Proprietorship form of organisation is used when there is a single owner of the business....

Persons who have entered into partnership with one another to carry on a business are individually called “Partners“; collectively called as a “Partnership Firm”; and the name under which their...

ICSI has simplified the process for Registration for CS Foundation/ CS Executive/ CS Professional and the student can now register online as well through the website of ICSI. Recommended Read:...