Goods and Services Tax (GST) is a comprehensive, destination-based indirect tax levied on the supply of goods and services in India. Introduced on 1st July […]
Category: LLB 6th Sem Law of Taxation
Osmania Univerisity 3YDC 6th SEM Law of Taxation
6. Carry forward of business losses
Under Indian Income Tax Laws, a taxpayer is allowed to carry forward business losses to set them off against future income, thereby reducing their tax […]
5. Capital gains
Capital gains refer to the profit or gain that arises when a capital asset is transferred by an assessee. Under Indian tax laws, such gains […]
22. Clubbing income
What Is Clubbing of Income? Clubbing of income is a concept under Indian tax laws that prevents tax avoidance by transferring income to another person, […]
12. Tax deducted at souree /TDS
Tax Deducted at Source (TDS) is a mechanism under Indian tax laws where tax is collected at the very point of income generation. It ensures […]
4. Profit in lieu of salary
Profit in lieu of salary refers to any amount received by an employee from an employer or a third party, in addition to or in […]
3. Concept of tax
Tax is a mandatory financial charge or levy imposed by the Government on individuals, businesses, or other entities to generate revenue for public expenditure. In […]
11. PAN
PAN, or Permanent Account Number, is a 10-character alphanumeric identifier issued by the Income Tax Department of India to individuals, companies, and other entities. It […]
21. Declared goods
What Are Declared Goods? Declared goods, as per Indian tax laws, are those goods that have been classified by the Central Government as being of […]
2. Advance Tax
Advance Tax is a system under Indian taxation wherein taxpayers are required to pay their income tax liability in installments during the financial year itself, […]