Environmental liability principles encompass a range of legal and regulatory frameworks designed to hold individuals, businesses, and governments accountable for environmental damage and pollution. These principles are essential for ensuring that those responsible for environmental harm bear the costs of remediation, restoration, and compensation. By doing so, they promote environmental protection and sustainability.

environmental-liability-principles

Environmental Liability Principles

The conceptual framework of sustainable development serves as a roadmap for achieving a balance between the needs of the present and the ability of future generations to meet their own needs. Rooted in the understanding of the interconnectedness between environmental, social, and economic dimensions, sustainable development aims to foster long-term well-being while respecting the limitations of our planet.

conceptual-framework-of-sustainable-development

Conceptual Framework of Sustainable Development

The Income Tax Act of 1961 provides the legal framework for levying income tax on various entities, categorizing their income into five distinct heads. One of these heads is "Salaries," which encompasses payments made by an employer to an employee for services rendered under a contract of employment.
Sections 15-21 of the Income Tax Act pertain to income taxed under the Salary head. Section 15 establishes the basis of charge, encompassing salary due from or paid by an employer to an employee in the previous year, including arrears not previously taxed.
Allowances, fixed monetary amounts for work-related expenses, are included in salary and taxed. However, specific exemptions apply to certain allowances, such as Conveyance Allowance, House Rent Allowance (HRA), Leave Travel Allowance (LTA), and Medical Allowance.
Perquisites, or additional benefits provided by an employer beyond normal salary, are covered under Section 17. Examples include rent-free accommodation and car loans. Some perquisites are taxable for all employees, while others depend on specific circumstances.
Heads of Income: -
For the calculation of income tax, the govt. has classified the source of income under separate heads and then the income tax is computed accordingly.
According to S. 14 of the Income Tax Act, 1961, there are five main heads of income.
(ⅰ) Salaries
(ii) Income from house prope


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