Extra Cultivation

I have question for you that how much networth of a company's employee after resigning from that company after doing job more than 15 years specially when the employee's starting salary was $50,000 a year. It can be $1,00,000 or $1 millions or $ 10 millions what if told to you that there is an employee who is billionaire after left to that company. There is person who is billionaire right now and his name is Steve Ballmer he is the former employee of the Microsoft Corporation. He joined to the microsoft when it was startup and able to making the profit and left to the microsoft when it survived Dot com bubble & many more events. He was the person who make microsoft a big corporation from the startup with Bill Gates. Steven Anthony Ballmer who was born on March-24-1956 i Detroit, Michigan, United States but he grew up in Farming Hills, Michigan, United States, his parents name was Frederic Henry Ballmer & Beatrice Dworkin. From the chil...

Do you know what the profit after tax of the Reliance company in Financial Year(F.Y.)2023-24? The Value was Rs. 79,022 Crore ($9.5 Billion). The huge profit. One of the best company in the whole world who operates in multiple sectors. The biggest company foundation led by the Mr. Dhirubhai Ambani. The Man who leads to the people and through ideas, run multiple business and become a business tycoon. You are now going to learn about his ideas through his life journey and their businesses, through all of them learn from him, how he thought differently from others. Welcome to you in the journey, how the Reliance's company foundation was laid by Mr. Dhirubhai Ambani. His full name was Dhirajlal Hirachand Ambani and one of the 4th child from Hirachand Gordhanbhai Ambani who was the teacher and Jamnaben who was the housewife and was born on 28th December, 1932 in Chorwad, Junagarh District, Gujarat. During the early life, his family faced money problem, so he decided to sel...

Have you ever heard about any one of the brands : Zara or Pull & Berar or Bershka or Massimao Dutti or stradivarius any of them. These all brand own by 1 company and the name is Inditex, which own and founded by AMANCIO ORTEGA. Today we, are going to know how he build this brand and make company profitable in the business's corporate world, you will also know about his life story and other facts regarding to the company. Which force us to know how and through which strategy, these brands become popular among the latest design, style lover people around the world. His full name is Amancio Ortega Gaona and was born on March 28th, 1936, in the village of Spain, where he lived with his parents and siblings, his father worked at local railway station and his mother was housewife. They were not rich at that time, sometime his mother lend to the goods from the shopkeeper for the food, but one day she got rejected and criticized by the shopkeepe...

INCOME TAX NOTES PART - 08 PARTNERSHIP FIRMS INCOME TAX NOTES PART - 08 PARTNERSHIP FIRMS Scheme of taxation of partnership firms 1. Any salary, bonus, commission or remuneration (by whatever name called), paid/ payable to partners is allowed as deduction to the firm subject to some restrictions in the hands of firm. The amount which is allowed as deduction to the firm is taxable in the hands of partners. 2. The firm can claim deduction in respect of interest paid to the partners subject to a maximum of 12% p.a. This amount of interest, allowed as deduction in the hands of the firm, is taxable in the hands of partners. 3. The income of the firm is taxed at a flat rate of 30% plus surcharge @ 12% (if taxable income is more than Rs. 1 crore) plus cess @ 4%. When remuneration/ interest is deductible Payment of remuneration and interest is deductible if the following conditions are satisfied – 1. Conditions of section 184; and 2. Conditions of section 40(b) In other wo...

Income Tax Notes Part - 07 SET OFF AND CARRY FORWARD OF LOSSES INCOME TAX NOTES PART - 07 SET OFF AND CARRY FORWARD OF LOSSES Steps to be applied for set-off and carry forward The process of setting off of losses and their carry forward is covered in the following three steps: Step 1: Inter-source (Intra-head) adjustment under the same head of income. Step 2: Inter-head adjustment in the same assessment year (Step 2 is applied only if a loss cannot be set off under step 1). Step 3: Carry forward of a loss (Step 3 is applied only if a loss cannot be set off under step 1 and 2). Inter-source (Intra head) adjustment If the net result for any assessment year, in respect of any source under any head of income, is a loss, the assessee can set-off this loss against his income from any other source under the same head of income for the same assessment year subject to the following provisions – House property Loss from a house property can be set-off against profits of other house...

Income Tax Notes Part - 06 Income from other Sources Income Tax Notes Part - 06 Income from other Sources The following ten incomes are always taxable under the head “Income from other sources”: 1. Dividend income; 2. Income from winnings from lotteries, crossword puzzles, races including horse races, etc.; 3. Any sum received by the assessee from his employees as contributions to any staff welfare schemes, if the same is not taxed as business income; 4. Income by way of interest on securities, if the same is not taxed as business income; 5. Income from letting out machinery, plant or furniture, if the same is not taxed as business income”; 6. Income from letting out of machinery, plant or furniture along with letting out of building and the two lettings are not separable (if the income is not taxed as business income); 7. Any sum received under a Keyman insurance policy (including bonus), if such income is not taxable as salary income or business income; 8. If any sum of mone...