Category: Income Tax
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 …
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 …
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 …
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 …
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) …
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(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 …
As per S.2(24) of the Income Tax Act, 1961, unless the context otherwise requires, the term “income” includes- (i) profits and gains; (ii) dividend; (iia) voluntary contributions received by …
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 …
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 …