DEEKSHITH KUMAR PUTTUR

Law of Contracts The law of contract is that branch of law which determines the circumstances in which promises made by the parties to a contract shall be legally binding in them. The law relating to contracts is contained in the Indian Contract Act, 1872 . The Act deals with (1) the general principles of the law of contracts and (2) some special contracts.   Definition: A contract is an agreement made between two or more parties which the law will enforce . Sec. 2(h) defines contract as an agreement enforceable by law . This definition is based on Pollock’s definition which is as follows: “Every agreement and promise enforceable at law is a contract.” Sir William Anson defines a contract as “a legally binding agreement between two or more persons by which rights are acquired by one or more to acts or forbearances (abstaining from doing something) on the part of others.” According to Salmond , a contract is “an agreement creating and defining obligations between the parties.” If w

 Introduction Income tax is a very important direct tax. it is an important and most significant source of revenue of the government. the government deeds money to maintain law and order in the country; safeguard the security of the country from foreign powers and promote the welfare of the people. Who is liable to pay income tax Every person, whose taxable income for the previous financial year exceeds the minimum taxable limit is liable to pay to the central government income tax during the current financial year on the income of the previous financial year at the rates in force during the current financial year. Income Tax Act, 1961 has been brought into force with effect from 1st April, 1962. It applies to the whole of India. Since 1962 several amendments of far-reaching nature have been made in the Income Tax Act by the Union Budget every year, which also contains Finance Bill. After it is passed by both the Houses of Parliament, and receives the assent of the President of India,

Introduction of Law As a social being, man comes into contact with people in different capacities. He comes into  contact, for example, with a landlord as a tenant, with Government as a taxpayer, with customers  as a seller and with suppliers as a buyer. These contacts or associations are the inevitable  consequence of modern civilisation. In all these associations, he is expected to observe a code  of conduct or a set of rules. The object of these rules is to make human associations possible  and conducive to the welfare of the State and its people. The word 'law' is a general term and has different connotations for different people, eg.. 1. A citizen may think of law as a set of rules which he must obey. 2. A lawyer who practices law may think of law as a vocation. 3. A legislator may look at law as something created by him. 4. A judge may think of law as guiding principles to be applied in making decisions. In the legal sense 'law includes all the rules and principle