Section 14-Heads of income

Heads of income Incomes of income-tax shall  be classified under the following heads of income :— A. Salaries. B. Interest on securities omitted Finance Act, 1988, w.e.f. 1-4-1989. C. Income from house property. D. Profits and gains of business or profession. E. Capital gains. F. Income from other sources.


Conversion of Partnership Firm into Private Limited Company

Conversion of Partnership Firm into Private Limited Company Conversion of a Partnership firm into Private Limited Company requires complying with the requirements of Part IX of the Companies Act. Generally registration of partnership firm is not mandatory but the process of conversion becomes very difficult if the firm is not registered. Pre conditions to be…