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  INDIA, UK SIGN A HISTORIC FREE TRADE AGREEMENT TO DOUBLE BILATERAL TRADE BY 2030 The great news especially for India as it singed a historical Free Trade pact, technically “Comprehensive Economic and Trade Agreements (CETA) on 24 th July, 2025. For years, an invisible wall stood between India and the UK. It wasn't made of bricks, but of staggering 150% taxes that made British cars unaffordable, and frustrating red tape that could block Indian biscuits over a simple label. Professionals couldn't work freely, and businesses were stuck in a frustrating gridlock. This historic Free Trade Agreement is the sledgehammer that finally smashes through that wall. It's more than a document; it’s the key unlocking a new superhighway for trade, talent, and opportunity, turning decades of ‘what if’ into ‘what now.’ Existing Gaps in Bilateral Trade   1.         The High Tariff Wall:  Think of this as a huge import tax. For example, a British...

  INCOME TAX - BASIC CONCEPTS AND DEFINITIONS  1 Give the Meaning of Tax   A tax is a  compulsory financial charge  levied by a government on an individual, organization, or transaction. The revenue collected is used to fund public expenditures like infrastructure (roads, bridges), healthcare, defense, and education. It is not a voluntary payment or donation; it is a mandatory contribution. 2. What are the different Types of Tax ?   Taxes are broadly classified based on what is being taxed. The main types include: ·          Income Tax:  Tax on personal or corporate income/profits. ·          Goods and Services Tax (GST):  Tax on the supply of goods and services. ·          Customs Duty:  Tax on goods importe...

  HOUSE RENT ALLOWANCE (HRA) House Rent Allowance (HRA) is a common component of a salary package given by an employer to an employee to meet the cost of living in a rented accommodation. While the HRA you receive from your employer is part of your total salary, you can claim a partial or full exemption on it from your taxable income under Section 10(13A) of the Income Tax Act. Exemption to HRA SALARY= BASIC PAY+DA (Forming part)+ % of Commission on Turnover achieved by him Least of the following is exempted 1.         50 %   of SALARY ( for Metropoletan Cities) 40% for other Cities 2.         HRA received from employer 3.         Rent paid -10 % of SALARY Taxable HRA     HRA Received XXX Less: Exemption   XXX Taxable HRA XXX