Income Tax slabs for individuals for the financial year 2017-18
No changes have been made to existing income tax slabs. FM reduces income tax rate from 10% to 5% for Income up to 5 lakh Tax Credit of 5% of taxable income. (Maximum of Rs. 2500/-) u/s.87A up to the taxable income of Rs.3.50 lakh-. Surcharge of 10% for Tax on those whose annual income…
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Why Bitcoin is gaining popularity across the world?
Bitcoin is talk of town these days. On one hand, some countries like Japan, China and Australia have begun weighing regulations, while on the other, the Reserve Bank of India cautioned the general public, those users or traders of virtual currencies are doing so at their own risk. RBI in its press releases in 2013…
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What is Contract of Indemnity?
(This article explains the meaning of contract of Indemnity; features of Indemnity Contract, rights and duties of indemnity holder.) Definition of contract of indemnity: Section 124 of contract Acts defines contract of indemnity as “a contract by which one party promises to save the other from loss caused to him by the conduct of the…
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What are the advantages in registration of a partnership firm?
Registration of a partnership firm is not compulsory under law. It is left to the partners of the firm to register their firm or not. However,the advantages of registration of a partnership firm are that the registered firm offers an irrefutable legal proof of the existence partnership and the composition of partners, their address,…
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What is a demand loan?
Demand loan is a form of short term fiance provided by the banks to their customers. Unlike term loans where loans are granted on a fixed tenure and that shall be repaid in installments as per terms and conditions of the sanction, the demand loans work on the specific demand of the lender.In the other…
Bank finance of different types
(This posts elucidates different types of credit facilities extended by the banks) You may be aware that banks lend various types of credit facilities to their customers viz.Demand Loans, consumer loans, home loans, education loans, term lending, working capital finance, export credit, Bank Guarantee, Letter of credit, etc. Bank finance to their customers is not…
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