In today’s world, sustainable practices have become a significant focus for businesses and governments alike. As urbanization increases and environmental challenges mount, managing bio-degradable waste has become crucial. Recognizing this,…
India's North-Eastern region is known for its rich culture and natural resources, but industrial growth in this area has historically lagged behind other regions of the country. To stimulate economic…
Section 80-IAB of the Income Tax Act is a beneficial provision aimed at encouraging the development of Special Economic Zones (SEZs) in India. By offering tax incentives, the government encourages…
Tax incentives play a crucial role in promoting industrial growth and economic development. One such provision in the Indian tax framework is Section 80-I of the Income Tax Act, which…
Section 45(2) of the Income Tax Act, 1961, addresses the tax implications when a capital asset is converted into stock-in-trade by its owner. This provision ensures that any profits or…
In the ever-evolving financial landscape, the reorganisation of co-operative banks has become a strategic necessity. Whether through amalgamation, demerger, or conversion into a banking company, these reorganisations require careful consideration…
When it comes to computing profits and gains from business or profession, the provisions of the Income Tax Act, 1961, particularly Sections 30 to 38, play a crucial role. These…
When managing a business or professional practice, unforeseen losses can arise, such as the death or permanent disability of animals used in operations or the inability to recover debts. The…
As a business owner, optimizing your tax liability is crucial to maintaining a healthy financial status. One of the ways to reduce taxable income under "Profits and Gains of Business…
The Income Tax Act, 1961, has undergone numerous amendments over the years, particularly in relation to the deduction of bonus or commission paid to employees under Section 36(1)(ii). This section…