Section 2(2) of Income Tax: Definition of ‘Annual Value’
As per Section 2(2) of the Income Tax Act, 1961, unless the context otherwise requires, the term “Annual Value” has the following Meaning/ Definition: Section 2(2) of the Income Tax …
Category: Income Tax
Section 2(1) of Income Tax: Definition of ‘Advance Tax’
As per Section 2(1) of the Income Tax Act, 1961, unless the context otherwise requires, the term “Advance Tax” has the following Meaning/ Definition: Section 2(1) of the Income Tax …
Section 2(15) Income Tax: Charitable Purpose – Meaning
As per S.2(15) of the Income Tax Act, 1961, unless the context otherwise requires, the term “charitable purpose” includes relief of the poor, education, yoga, medical relief, preservation of environment …
Section 2(25A) Income Tax: India – Meaning
As per Section 2(25A) of the Income Tax Act, 1961, unless the context otherwise requires, the term “India” means the territory of India as referred to in article 1 …
Section 2(19AA)/ 2(19AAA) Income Tax: Demerger/ Demerged Company – Meaning
We live in a corporate era where restructuring through mergers and demergers is quite common. However, it is critical to understand the Income Tax implications of such strategic restructuring …
Section 2(20)/ 2(35) Income Tax: Director, Manager, Managing Agent & Principal Officer – Meaning
Definition of the terms ‘Director, Manager, Managing Agent & Principal Officer’ under Sections 2(20) and 2(35) of the Income Tax Act: a) Definition of ‘Director/ Manager/ Managing Agent’: Section …
Section 2(37A): Income Tax Rates in Force – Meaning
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 …
Section 2(22B) Income Tax: Fair Market Value – Meaning
As per Section 2(22B) of the Income Tax Act, 1961, unless the context otherwise requires, the term “fair market value”, in relation to a capital asset, means- (i) the …
Section 2(40) Income-tax: Regular Assessment – Meaning
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 …
Section 2(23) Income Tax: Meaning of ‘Partner’, ‘Partnership’ & ‘Firm’
Meaning of the terms ‘Partner’, ‘Partnership’ & ‘Firm’ under Section 2(23) of the Income Tax Act: a) Definition of ‘Firm’ – Section 2(23)(i) Income Tax As per Section 2(23)(i) …