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Def.
Lex-O-Pedia
When Can a Party Withhold or Set Off Payments Under an Indian Service Agreement?
Indian law confines set-off and withholding to genuinely disputed, documented amounts. Section 59 of the Contract Act, mandatory MSMED interest, TDS mechanics and GST input-credit risk shape every payment clause in an Indian service agreement.
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Def.
Lex-O-Pedia
What is the concept of Income Taxable under the Income Tax Act, 1961?
The Income Tax Act, 1961, taxes income under five heads: salary, house property, business/profession, capital gains, and other sources. Income includes monetary and non-monetary forms, with provisions for deductions, exemptions, and adjustments to compute taxable income.
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