General Agreement on Tariffs and Trade (GATT) was made in the year 1947, that aimed at initiating an international trade, by liberalizing policies and removing tariffs. It was succeeded by World Trade Organization (WTO), which is a global organization, that encourages and facilitates inter-country trade and also helps in resolving trade disputes. GATT is a multilateral agreement, between several nations of the world, that regulates international trade. Its primary objective is to reduce … [Read more...]

When we talk about life insurance, we often hear the terms nomination and assignment. The former refers to the appointment of a person, to receive the proceeds upon the demise of the policyholder, whereas the latter implies the legal transfer of rights to the benefits of the policy to another person, i.e. assignee. In the nomination, the property or amount secured by the policy remains at the disposal of the assured, till the time he/she is alive and the person appointed as the nominee is … [Read more...]

e-Government implies the implementation of information and communication technology like internet, to improve government activities and process, with the aim of increasing efficiency, transparency, and citizen involvement. On the other hand, e-Governance means governing or administering a country/state or organization, with the help of information and communication technology. Many think that these two are related to delivering government services through the internet, but the fact is they … [Read more...]

'Lien,' a right to keep in possession, the movable goods belonging to another person, till the time the debt owed by that person is realized. It can be classified as the general lien and particular lien. When one party is entitled to retain the goods belonging to another party, until all the dues are discharged, is called general lien. In contrast, particular lien implies the right of retention of specific goods, until the claims related to those goods are realized. Lien is tied with … [Read more...]

Monopolies and Restrictive Trade Practices (MRTP) Act, 1969 was revoked and replaced by Competition Act, 2002. MRTP Act was enacted to deal with monopolistic, restrictive and unfair trade practices, but due to certain limitations, Competition Act was introduced, which changed the focus from curbing monopolies to promoting competition. Both the acts apply to whole India, except the state of Jammu and Kashmir. While the old act belongs to pre-liberalisation period, the new Act, came into force … [Read more...]

Law implies a system of rules, recognized by a country to regulate the actions of the citizens. On the other hand, Act is that segment of legislation, that deals with specific circumstances and people. Many use the two legal terms interchangeably, but there is notable difference between act and law, as the former is a subset of the latter. Laws plays a pivotal role in every country's legislation, i.e. whether we talk of market, factory, office, school or any any other place, it safeguards … [Read more...]

When it comes to legal proceedings, people highly juxtapose, the epithets 'lawyer' and 'attorney', as these two share a number of common characteristics. A lawyer is a person who studies law and gives legal advice to the clients. These are the members at the bar. On the other hand, an attorney is a person who is so appointed to act on behalf of the client, in legal matters. To become an attorney, there is no compulsion to clear the bar exam, but if one wants to become lawyer, it becomes … [Read more...]

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...]