MANAGEMENT

Detailed explanation-1: -What is business? Answer: Business is a habitual engagement in a commercial activity involving the sale of goods or services for a profit.

Detailed explanation-2: -For example, if the holding company provides service to the subsidiary company without consideration, then it fulfills the condition that the activity is not for any pecuniary benefits and hence fulfills the definition of ‘Business’ as per GST law and hence said service is in course or furtherance of business.

Detailed explanation-3: -[As amended by Finance Act, 2022] FILING THE RETURN OF INCOME. The taxpayer has to communicate the details of his taxable income/loss to the Income-tax Department. These details are communicated to the Income-tax Department in the form of return of income.

Detailed explanation-4: -A tax haven is a foreign country or corporation used to avoid or reduce income taxes, especially by investors from another country. A tax haven is a country or place that has a low rate of tax so that people choose to live there or register companies there in order to avoid paying higher tax in their own countries.