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India's tax system is designed to ensure that individuals, companies, and other entities are taxed fairly based on their residence status. For an individual, the tax liabilities depend largely on…
In India, individuals residing in Goa and the Union Territories of Dadra and Nagar Haveli, and Daman and Diu, are often governed by the Portuguese Civil Code of 1860. One…
Understanding the scope of total income is critical for individuals and businesses navigating the Indian tax system. Section 5 of the Indian Income Tax Act, 1961, defines the income taxable…
Income tax serves as the backbone of any economy, and its collection is governed by clear legal frameworks. In India, Section 4 of the Income Tax Act, 1961, is the…
In the realm of income tax, the term "previous year" plays a vital role in determining an individual's or entity's taxable income for a given assessment year. Over time, the…
Introduction to Zero Coupon Bonds (ZCBs)Zero coupon bonds (ZCBs) are unique financial instruments offering significant benefits for long-term investors. Unlike traditional bonds, ZCBs do not pay periodic interest or "coupons."…
The world of digital assets has seen explosive growth over the past few years, with cryptocurrencies, Non-Fungible Tokens (NFTs), and other digital assets becoming integral to the global financial ecosystem.…
The term "transfer" plays a pivotal role in the context of capital gains tax in India. Defined under Section 2(47) of the Income-tax Act, 1961, the concept has undergone several…
The concept of "Total World Income" plays a significant role in the income tax laws of many countries, particularly in how income is taxed for individuals and entities. In India,…
When it comes to income tax in India, understanding the concept of total income is crucial for both taxpayers and tax professionals. One of the most important definitions under the…