As per the Income Tax Act, salary, bonus, remuneration, or commission are collectively referred to as “remuneration” for the purpose of Section 40(b)(v) of the Act. This means that the Assessing Officer is not required to make any disallowance when the ‘remuneration’ (aggregate of salary, bonus, commission, and remuneration) paid to working partners during the …
In the case of Tapas Kumar Basak v. Assistant Director of Income Tax, International Taxation-II & Ors., the petitioner, Tapas Kumar Basak, challenged an order by the Director of Income Tax (International Taxation) in Kolkata that treated him as a “Resident” for having stayed in India for 182 days during the relevant previous year under …
Permanent Establishment (PE) in India is defined in Section 9 of the Income Tax Act, 1961. Under Indian tax laws, a PE is defined as a fixed place of business through which a foreign company carries on its activities in India. A PE can be a place of management, branch, office, factory, workshop or any …
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DTAA full form is Double Taxation Avoidance Agreement (DTAA). A Double Taxation Avoidance Agreement (DTAA) is a tax treaty signed between two or more countries to prevent taxpayers from being taxed twice on the same income. The primary purpose of these agreements is to provide relief from double taxation, which occurs when the same income …
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Deciding whether to rent or buy a house is a crucial decision with long-term financial and lifestyle implications. It is important to carefully consider the pros and cons of both options before making a decision. Renting provides flexibility and lower upfront costs, but homeownership offers long-term financial benefits, security, and the ability to build equity. …
Salary refers to the amount of money that an employee is paid for their work, usually on a regular basis such as weekly, bi-weekly, or monthly. Salaries can vary widely depending on a number of factors, including the employee’s level of experience, education, and the type of industry or job they are in. Some jobs …
Chartered Accountants (CAs) are not only experts in accounting, taxes and financial regulations, they are also well-versed in various legal compliance requirements that businesses must adhere to. There are several reasons why a startup should consider hiring a Chartered Accountant (CA) for their legal compliances: Hiring a chartered accountant can provide a startup with the …
What is a Partnership Firm A partnership firm is a type of business organization in India where two or more individuals come together to carry on a business with a view to profit. All the partners are jointly and severally liable for the debts and liabilities of the firm. This means that each partner is …
YouTube bloggers, also known as “YouTubers,” are individuals or groups who create and upload video content to the YouTube platform. They may create a variety of content, such as vlogs, tutorials, reviews, and more. They earn money through a variety of methods, including advertising revenue, sponsored content, and merchandise sales. Advertisers pay to have their …
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A Startup is a company or organization that is in the initial stages of operation, often characterized by high uncertainty, risk, and a lack of established performance or revenue. These companies are often working to develop a unique product or service, or to establish a new market. The goal of most startups is to grow …
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