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The two sides of a coin are profit and loss. Losses, of course, are difficult to accept. However, the Income-tax law in India does afford some benefits to taxpayers who suffer losses. Let us understand the Provisions of set off and carry forward of losses and their principles. Set-off and…

In the current climate, the cosmetics industry is not only thriving in India, but it is also predicted to grow in the next five years. Businesses involved in herbal cosmetics will also continue to promote the expansion of the beauty sector in 2018. In India, awareness of cosmetic goods and…

Union Budget of 2021 amends the Income Tax Act of 1961 ("Act") to prohibit depreciation on an organization’s goodwill. The Income Tax Act prohibits depreciation on self-generated goodwill. From 01st February 2021, devaluation on utilizing goodwill of an ownership interest will be not being permissible. Goodwill is specifically immune from…

We agree that Return Filling Process for tax audits can sometimes be tough, particularly the cases since you are youth and have just received a few Income returns. Nevertheless, the benefits of the same are way more than the amount of time needed to submit it. And it is the…

With effect from Assessment Year 2019-20, a new deduction under Section 80PA of Income Tax Act 1961 has been permitted to encourage producer enterprises to market and process agricultural produce. In India's income tax regulations, under Chapter VI-A, under the heading 'C. – Deductions in respect of certain incomes,' there are…

Financial Elements to Understand for Startup Entrepreneurs are some steps that need to be followed in today’s world for setting up any business venture by young entrepreneurs.  It plays an important role in lifting the business to heights and for the growth of business in the modern world. Now, let…

The Government of India has established Income Tax laws governing the taxable income of all individuals who are individuals, HUFs, Companies, Firms, LLP, People's Organizations, and any other legal person. Everyone eligible to become a citizen of India is required to pay tax on the income taxable. Every financial year,…

The poultry business produces countless work opportunities in the nation and is vital for the public economy. The poultry business is to a great extent absolved by the provisions of the Central Goods and Services Tax Act, 2017. Nonetheless, there are sure issues that need detailed analysis and clarifications. In…

Introduction Plenty of us have considered donating to charity and helping the community at a certain stage in life. It is admirable to contribute to a cause that sincerely believes in and create change. Given the noble nature of this act of kindness, the government fully supports charitable services. Donations…

  Table of Contents Introduction Goals of Income Tax Search and Seizure Income Tax Raids Authority to conduct search and Seizure Power Rights of Individual During Search and Seizure Conclusion Introduction One of the most important powers of the Income Tax Department is the ability to conduct a search in…