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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What is Private Limited Company and Benefits of Private Limited Company Registration A private limited company is a type of business structure that is popular in many countries, including the United Kingdom, United States, and India. A private limited company is a separate legal entity from its owners, which means that it can enter into …
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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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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A partnership firm in a real sense is an agreement between two or more persons to carry out the business with certain terms and conditions incorporated in the deed of partnership. The business of the partnership is carried on by the working partners. Where the firm’s business was carried on by another partnership firm, it …
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