Author: Kewal Garg
As per Section 2(10) of the Income Tax Act, 1961, unless the context otherwise requires, the term “Average Rate of Income-tax” has the following Meaning/ Definition: Section 2(10) of the …
As per Section 2(1A) of the Income Tax Act, 1961, unless the context otherwise requires, the term “agricultural income” means: (a) any rent or revenue derived from land which …
For better understanding of the concept of Previous Year & Financial Year vis-a-vis Assessment Year in the case of a layman, the terms ‘Assessment Year’ and ‘Previous Year’ have …
No/ Zero interest is payable while the investor holds the Zero Coupon Bonds, which is sold at a discounted price as compared to the final maturity value. Such discount …
The definition of ‘Transfer’ in section 2(47) of the Income Tax Act of 1961 is broad and should be interpreted broadly. It should be noted that the term “transfer” …
As per Section 2(45) of Income Tax Act, 1961, the term "total income" means the total amount of income referred to in section 5, computed in the manner laid …
Slump sale basically means transfer of one or more undertakings as a result of the sale for a lump sum consideration, without values being assigned to the individual assets …
As per Section 2(41) of Income Tax Act, 1961, unless the context otherwise requires, the term “relative”, in relation to an individual, means the husband, wife, brother or sister …
As per Section 2(40) of Income Tax Act, 1961, unless the context otherwise requires, the term “regular assessment” means the assessment made under sub-section (3) of section 143 or …
As per Section 2(37A) of Income Tax Act, 1961, unless the context otherwise requires, the term “rate or rates in force” or “rates in force”, in relation to an …