How to Calculate Income from House Property

Scope: Section-24 is confined to “buildings and lands appurtenant thereto which may be conveniently called house property”. Tax under this section is levied upon owner, legal or beneficial and not upon the occupant. It is levied not upon the actual income from the property but upon satisfactory...

Disadvantages of direct taxes

In direct tax, burden of tax cannot be shifted. The disadvantages of direct taxation are mainly due to administrative difficulties and inefficiencies. The extent of direct taxation should depend on the economic state of the country. A rich country has greater scope for direct taxation than a poor...

What is Direct Tax?

A tax that is paid directly by an individual or organization to the imposing entity. A taxpayer pays a direct tax to the government for different purposes, including income tax, wealth tax, property tax, capital gain tax, gift tax, corporate/company tax, et...

Advantage of Direct Tax

In case of direct tax, the tax-payer is the tax-bearer. The impact i.e. the initial burden and its incidence i.e. the ultimate burden of direct tax is on the same person. Advantages/merits of direct taxes:&nbs...

How to induction of a member of a company?

One can be a member of a company by any of the ways mentioned hereunder: 1. by subscribing to the memorandum of association  2. by agreeing in writing  - by application and allotment of shares  - by taking a transfer of shares - by transmission of shares  3. By holding...

Who can become a member of a company?

Every Company is comprised of members though in the contemplation of law a Company is an entity distinct from its constituent members. In all important matters a Company can act only through its members. Only members of a Company are entitles to receive a notice of annual and other general meetings,...

Effect of Alteration in Memorandum or Articles

Notwithstanding any thing in the memorandum or articles of a company, no member of the company shall be bound by an alteration made in the memorandum or articles after the due on which he becomes, member, if and so far as the alteration requires him to take or subscribe for more shares than the number held by him at the date on which the alteration is made, or in any way increases his liability...