tax laws

Tax Laws You Should Know Before Quitting Business or Profession !

If you are closing business, then law requires you to inform the assessing officer about the discontinuance of business or profession. In fact the...

What is an AOP i.e Association of Persons under Income Tax Act ?

AOP or Association of Person is defined as  a person under section 2(31)(v ) of the Income Tax Act . However, what is an...

How to compute remuneration in case of partners change during the year ?

Kaushik Jagad of Bahvnagar asks "I have a partnership firm having 2 partners having equal shares i.e. 50 %. On 18/09/2009, 1 partner was...