Section 2(41A) Income-tax: Resulting Company – Meaning
The term ‘resulting company’ finds significance from the term ‘demerger’ which is defined u/s 2(19AA) of the Income Tax Act, 1961, wherein one of the conditions for tax neutrality …
Author: Kewal Garg
Section 2(1B) Income Tax: Amalgamation – Meaning
As per Section 2(1B) of the Income Tax Act, 1961, unless the context otherwise requires, the term “amalgamation”, in relation to companies, means the merger of one or more companies …
IT Section 2(29AA/ 29B/ 42A/ 42B): Short/ Long Term Capital Asset/ Gains – Meaning
In view of the fact that the tax rates for capital gains are different for assets held for short term and for long term. Therefore its relevant to know …
Section 2(42C) Income Tax: Slump Sale – Meaning & Tax Treatment
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 …
Section 2(29A) of Income Tax: Definition of ‘Liable to Tax’
As per Section 2(29A) of the Income Tax Act, 1961, unless the context otherwise requires, the term “Liable to Tax”, in relation to a person and with reference to …
Section 2(12A) Income Tax: ‘Books or Books of Account’ – Meaning
As per Section 2(12A) of the Income Tax Act, 1961, unless the context otherwise requires, the term ‘Books or Books of Account’ has the following Meaning/ Definition: Section 2(12A) …
House Rent Allowance (HRA) Exemption: Section 10(13A) Income Tax
Salaried individuals normally get House Rent Allowance (HRA) as a component of their salary which is partly exempt from income tax subject to certain conditions, stipulated in Section 10(13A) …
ICAI’s Ceiling Limit on Specified Number of Tax Audits by CA Firm (AY 2022-23)
ICAI’s Ceiling Limit on Specified Number of Tax Audits by a CA Firm during AY 2022-23 is 60, exclusive of tax audits conducted u/s 44AD, 44ADA and 44AE (Presumptive …
Send ITR-V to CPC Bengaluru using New/ Unique Pincode ‘560500’
Taxpayers should send their communications to the CPC at new address, like sending ITR-V to CPC Bengaluru using New/ Unique Pincode '560500'.
Section 2(47A) Income-tax: Virtual Digital Asset (VDA) – Meaning
As per Section 2(47A) of Income Tax Act, 1961, unless the context otherwise requires, the term “Virtual Digital Asset (VDA)” means,- (a) any information or code or number or …