A director is a member of a company’s board of directors, which is responsible for making important decisions that shape the company’s direction and strategy. Directors are appointed by the shareholders of the company, and their primary role is to represent the interests of the shareholders. Directors are responsible for overseeing the management of the …
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As an employee in India, it is important to understand the rules and regulations applicable to the employees working in private limited companies, limited companies, or government companies and how they affect your in-hand salary. Income tax in India is calculated on the bases of taxable income. It is important to understand that income tax …
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What is GST The Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. It was introduced on July 1, 2017 and subsumed a number of indirect taxes that were previously levied by the central and state governments, such as the Value Added Tax (VAT), …
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The employees are constantly worried about their income tax because they fall into the high tax bracket, which is 30 per cent plus cess and surcharges. The high-paying salaried employees are always worried about the income tax withheld by their employer. Generally, in the month of January, the company where you are working asks you …
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The goods and services act was introduced in 2017 which included a tax on supply of goods as well as services, unlike the VAT which covered the goods and finance act which covered the service tax. The purpose of the goods and service act was to simplify and make GST compliance easy. Two forms are …
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The word ‘Income’ is defined under section 2(24) of the income tax act. The section defines the ‘income’ as Inclusive, not exhaustive. Anything which can be defined as income is taxable under the income tax act unless exempted. The object of the income tax act 1961 is to tax ‘income’. The word ‘income’ is more …
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Who is the assessee under the income tax act? Assessee means a person who has been assessed to income tax or who pays income tax under the income tax act 1961. In the income tax act, a person is referred to as an assessee. There are seven categories of assessees chargeable under the income tax …
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