Typically, a joint venture is a contractual agreement, between two or more parties, for a common commercial purpose. The concerned parties agree to share markets, profits, intellectual property, assets and knowledge for the new business venture. Further, the concerned parties own the shares of the joint venture company in prior agreed proportion. Formations of joint ventures in India are governed by company law.
Individuals who have attained 65 years are judged as senior citizens in India for taxation purposes. This segment enjoys a high tax exemption limit, which is Rs.2,40,000 for the assessment year 2010-2011. This implies that a senior citizen is only liable to pay taxes when his/her income exceeds this level.
Income tax is paid by an individual during an assessment year, on the income earned during the previous year. As a result, tax collection is delayed until the conclusion of the previous year. TDS (Tax Deduction at Source) is a method of collecting income tax from salaried individuals, wherein the applicable tax amount is deducted at the time of computing the income itself. An individual who has authorized TDS receives his/her salary after deduction of the tax. The tax deducted from the assessee’s (tax-payer) salary account is deposited with the Government treasury within a specified time, helping in faster collections.
The revised Union Budget was announced by the Finance Minister, Pranab Mukherjee at the end of February, 2010. The budget has bought with it several reasons to celebrate as well as lament. While the budget, like the previous ones, is aimed at empowering the ‘aam admi’ (common man), its outcome on the average individual’s pocket is debatable.
On February 26, 2010, the entire Indian subcontinent was eager to watch the Indian Finance Minister, Mr. Pranab Mukherjee, present the Union Budget 2010-2011. Everyone has been praying for the budget to be a balanced bag and questions about what will be hiked were bubbling in everyone’s minds! Will the minister sense the public needs and offer them what they want? Well, as the finance budget is before us now, let us have a look at its provisions.