One of the major concerns of the taxpayers, all around the world, is how to reduce their tax liability, without circumventing the law. There are two legitimate ways of reducing an assessee's tax liability, which is a tax deduction and tax credit. Tax Deductions are the claims, which can help in lowering the taxable income of the assessee, provided certain conditions are fulfilled. These can be claimed at the time filing income tax return. Due to some misconception, people juxtapose tax … [Read more...]

An assessee can reduce his/her tax liability, by legitimate means, in two ways - tax planning and tax avoidance. The tax planning is described as the arrangement of financial activities in a way that the assessee can avail maximum tax benefit by making best possible use of all the legal benefits, i..e deductions, exemptions etc. On the other hand, the tax avoidance is a technique of refraining from tax liability, through just and fair means, but intends to defeat the fundamental motive of the … [Read more...]

The chief advisor to the President of India is the Prime Minister, who heads the Council of Ministers and also decides, who will become members of the council. The Council of Ministers is divided into various categories, i.e., the Cabinet, Minister of State, Deputy Minister and Parliamentary Secretaries, based on their seniority and the political importance. It is quite common, that people interchange the terms Cabinet and Council of Ministers, and use it as if they are one and the same … [Read more...]

The President of the country is the first citizen, as well as the head of the State. On the other hand, the Prime Minister along with the other Council of Minister, heads the Government of the country, at the national level. Most of the people have doubts, regarding the roles, responsibilities, powers and authorities of the Prime Minister and President. But the fact is that the difference between the two executives relies on the country we are talking about, i.e. some countries have one or … [Read more...]

The fundamental difference between a money bill and finance bill is that a money bill can be introduced in only the lower house of parliament, i.e. Lok Sabha only, finance bill can be introduced in either of the two houses. Although money bill is a type of finance bill, most of the people use them interchangeably, but they differ in terms of their content. We often hear the term bill, but there are only a few people who actually know what the term means. A Bill refers to the proposal for a … [Read more...]