Income Tax|Total Income |Residence Income

Income Tax|Total Income |Residence Income

Indian Taxation: The constitutional scheme The governing Act is the Income-tax Act, 1961. It was supposed to simplify the law as it had developed under the Income-tax Act, 1922. Numerous amendments have, however, followed since its enactment, and simplicity seems an unattainable goal. The charging section: The Act lays down in section 4 that income […]

Law of Taxation |Income Tax |Taxation

Taxation |Income Tax

Taxes have been the lifeblood for good governance. Contemporary ambitious developmental schemes for all round progress of the society rests on the revenue, generated through the medium of taxation. The power to levy taxes is vested with the sovereign. The tax proceeds go to the general revenues of the state and the taxpayer gets no […]

Accounting | Definition of Accounting

Accounting | Definition of Accounting

Before attempting to define accounting, it may be added that there is no unanimity among accountants as to its precise definition. However, some of the definitions are as given below. According to L.C.Copper, “Book-keeping may be described as the science of recording transactions in money or money’s worth in such a manner that, at any […]

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