Different theories of imperialism as articulated by several Marxist theorists like Rudolf Hilferding, Rosa Luxembourg and V. I. Lenin question and challenge the Hobsonian assumption that social reforms can resolve the contradictions created by imperialist expansion….
Functionalism is widely regarded as the most insightful critique of the Realist framework of international politics. The main concern of the functionalist is to develop piecemeal non-political cooperative organizations, which will not only help establish peace and secure….
Globalism is best understood when compared to the more familiar concept of globalization. Globalism, is a perspective consciously promoted by rationalist, humanist and Universalist actors and thinkers of both liberal and socialist political persuasions…
The most important distinguishing feature of the neo-liberals is their declining confidence in human progress. Unlike the traditional liberals, the neo-liberals are far less optimistic about progress and cooperation .This, however, does not mean that they are as pessimistic as…
Foreign aid or external financial assistance refers to only that part of the capital inflow, which is not based on normal market incentives but is made on concessionary terms. Thus, grants of freely convertible currency …..
Subsidy is the cash assistance received during the course of business from any number of agencies. Whether the amount so received is taxable will depend upon the purpose for which the subsidy is granted…
Chief Commissioner or Commissioner are administrative heads with a little difference. The former has mainly administrative functions whereas the Commissioner combines both administrative and Judicial functions and powers…
The Central Board of Direct Taxes (CBDT) is the highest executive authority. It is subject to the overall control of the Central Government. It is authorized to discharge all those functions prescribed in the Act and those…
Sickness of industries is a disease and has been attacked by the Government in many ways. Section 72A was inserted by the Finance Act 1977, with a view to encouraging healthy companies to take over the sick ones and give them life…
There shall be the following types of income tax authorities for the purposes of this Act [116] like the Central Board of Direct Taxes constituted under the Central Board of Revenue Act, 1963…
Refund means 'to repay' or 'restore what was taken'. Under the income-tax and other direct tax laws refund arises in those cases, where the amount of tax paid by a person or on his behalf is great…
Tax planning is highly individualistic in nature and no general rule can be prescribed for all situations. The tax consultant would need to study the situation, make a detailed assessment thereof and assess the environment…
The members of a Hindu Undivided Family carrying on a family business are not partners in the sense that their relationship inter se is not governed by the Partnership Act, 1932, but the Hindu Law while deciding joint ownership…
Income-tax Act, 1961, being a Central enactment, it is the Central Government that is directly responsible for its administration and jurisdiction etc. Ministry of Finance looks after the enactments with…
The Income-tax Act defines a 'company' in a much wider sense than is done by the Companies Act, 1956. According to section 2(17) of the Income-tax Act, 1961, a company means any of the following…
Agricultural income [2(1A)] has not been taxed right from the beginning under the Income-tax Act. The justification for such exemption is that income from agriculture is taxed in the form of land revenue…