ACCOUNTING AND TAXATION: Article explains Taxation of Partnership Firms /LLP which includes Income Tax Rate applicable, Provisions related to Interest and Remuneration to Partners/Designated Partners, Conditions for assessment as a firm, Partners’ assessments, Losses of the firm, Due dates for filing return of firm, Allowability of remuneration and interest vis-a-vis presumptive taxation, Due dates for filing return Read More →

No wonder that even the industry biggies are mulling over the tragic effect that GST (Goods and Services Tax) will cause to the economy post its implementation. The question of the hour is we are ready to absorb this paradigm shift in the system or the economy will succumb to this transition.  While we are Read More →

Tax Free

20 Tax free Incomes in India Tax is your single largest expense; Tax collected from an individual is used for building the nation (infrastructure & other development), to increase arms and ammunition for the defense of the country and for other welfare-related work. That’s why it is said that “Taxes are paid nation are made”. Read More →

Provisions for Taxation of Partnership Firms Partnership firm is subjected to taxation under the Income Tax Act,1961. It is the umbrella Act for all the matters relating to income tax and empowers the Central Board of Direct Taxes (CBDT) to formulate rules (The Income Tax Rules,1962) for implementing the provisions of the Act. The CBDT Read More →

taxes

What are the Different Types of Taxes Taxes may be categorized into different as their nature as direct taxes, indirect taxes, progressive taxes, regressive taxes etc. Direct Tax A direct tax is the one, which is paid by the person or entity on whom it is legally imposed. It is collected from the persons or Read More →