india

Residential Status

Residential status has been defined in section 6[1] of the Income-tax Act, 1961. This section covers the residential status of every person as stated in section 2(31)[2] of the act. The Individual and Hindu Undivided Family (HUF) has divided the residential status as resident and non-resident and the resident is further divided as a resident …

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Cannons of Taxes

The cannons of taxes were introduced by Adam Smith in the eighteenth century in his famous book called ‘Wealth of Nations.’ There are four cannons of taxes. 1. Canon of Equity The country should make such provision of the tax where all the persons are treated in a fair manner. Everyone should pay the taxes …

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