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Atmanirbhar Bharat Abhiyan

  The draft circular sent by the finance ministry to banks, detailing the implementation of collateral-free automatic loans for businesses, including micro, small and medium enterprises (MSMEs), says banks can charge up to 9.25% interest, said a senior banker, requesting anonymity. The scheme was part of the 20-trillion Atmanirbhar Bharat Abhiyan to kickstart the economy amid the covid-19 outbreak. According to the draft, the ₹3 trillion scheme comprises ₹2.8 trillion in automatic loans,

7th Pay Commission Highlights

7th Pay Commission Highlights The Union Cabinet on Wednesday approved the implementation of the recommendations of 7th Pay Commission on pay and pensionary benefits. It will come into effect from January 01, 2016. The 7th Pay Commission recommendations are being implemented within 6 months from the due date. The Cabinet also decided that arrears of pay and pensionary benefits would be paid during the current financial year (2016-17) itself, unlike in the past when parts of arrears were paid in

Partnership Firm

Section 2(23)(i) of the Income-tax Act, 1961 takes the meaning of the “firm " from Indian Partnership Act, 1932. Section 4 of the Indian Partnership Act, 1932 defines firm as under: “Persons who have entered into partnership with one another are called individually "partners" and collectively "a firm", and the name under which their business is carried on is called the "firm name". The firm shall include a limited liability partnership as defined in the Limited Liability Partnership

LLP

Introduction A limited liability partnership (LLP) is a body corporate formed and incorporated under the Limited Liability Partnership Act, 2008. It is a legally separated entity from that of its partner. A LLP is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP. Since liability of the partners is limited to their agreed contribution in the LLP, it contains elements of both a corporate structure as well as a partnership firm

DOMESTIC COMPANY

Meaning : As per Section 2(22A), "domestic company" means an Indian company, or any other company which, in respect of its income liable to tax under this Act, has made the prescribed arrangements for the declaration and payment, within India, of the dividends (including dividends on preference shares) payable out of such income Tax Rates A. Income-tax In the case of a domestic company 30 per cent of the total income; The amount of income-tax computed shall, be increased by a surcharge,- (a) in
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