Trusts and institutions are not-for-profit organizations that are established to advance a social cause or provide public benefits. Though their primary objective is not centered on generating profits, these organizations require funding to operate and accomplish their goals. Contributions from donors are a significant source of income for trusts and institutions. Donations, grants, bequests, and […]
Computers have become an integral aspect of our daily lives and are utilized for a vast range of activities, including communication, entertainment, education, and business. Nevertheless, it is the computer programs or software that adds real value to these machines. In this article, we will explore the significance of computer programs in specific fields. A
Income derived from property held for charitable or religious objectives is a distinct concept in the realm of taxation. Charities and religious institutions commonly possess assets that are leveraged to advance their benevolent or spiritual objectives, including structures for worship or education, shelters for the homeless, or centers for community outreach. In principle, revenue produced
The North-Eastern part of India is a region comprising of eight states with immense potential for the expansion of industrialization. To encourage and promote industrial growth, the government has enacted specific measures. The North-East Industrial and Investment Promotion Policy (NEIIPP) of 2007 outlines the special provisions for certain industrial undertakings aimed at boosting industrialization, generating
Exporting specific items or products from one country to another requires adherence to particular laws and regulations. Governments worldwide may limit or restrict the export of specific goods due to reasons such as national security, environmental protection, or economic interests. Therefore, special provisions are established for the export of certain articles or things. The special
Entities with a primary focus on exporting goods and services to foreign markets are known as export-driven ventures (EDVs). To promote the growth of this sector, several governments have enacted . The aim is to offer these ventures a competitive edge and incentivize them to increase their production and export volumes. The tax exemption or
Special Economic Zones (SEZs) are defined regions offering specific economic regulations, tax incentives, and other amenities to attract investment, promote industrial growth and stimulate exports. Introduced by the Indian government in 2005, SEZs have been established throughout the country. Newly established units within SEZs receive several provisions to encourage investment and export activities. Here are
The Indian government has launched a plan called the Special Provision for Newly Established Undertakings in Free Trade Zone, etc. This strategy is designed to promote investment in particular regions of the country by providing tax benefits and other incentives to newly established undertakings operating in Free Trade Zones (FTZs) and Special Economic Zones (SEZs).
The Income Tax Act provides for various types of income that are not taxable and are thus excluded from an individual’s total income. Let’s discuss some of the most common examples of such income. Agricultural income is a typical category of income that is exempt from tax. It refers to any income earned from selling
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