Definition of Allowance U/S 10 of Income Tax Act 1961. House Rent Allowance — Section 10(13A) Prescribed special allowances — Section 10(14) Entertainment Allowance – Section 16 (ii) Format for Computation of Income from Salary Allowances are given to employees for their services or as compensation for working in unusual conditions. Section 10 of the…
Introduction. Flow of GST. Reverse Charge. Liability to Pay under RCM Time of Supply of Services under Reverse Charge. Input Tax Credit Introduction : Under GST, usually the supplier of goods or services has to pay the tax to the Government. However, under the Reverse Charge Mechanism, the liability to pay GST is cast on…
THE INDIAN PARTNERSHIP ACT’ 1932 Section.4 of the Indian Partnership Act, 1932 defines Partnership in the following terms: “ Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.” Partnership Deed Partnership Deed is a written agreement among the partners specifying rules and regulations and is signed…