Section 2(41) Income-tax: Relative – Meaning
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 …
Category: Income Tax
Section 2(1A) Income Tax: Agricultural Income – Meaning
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 …
Section 2(24) Income Tax: Income – Meaning
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 …
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 …
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 …
Section 2(26A)/ 2(26B) Income Tax: ‘Infrastructure Capital Company/ Fund’ – Meaning
Definition of ‘Infrastructure Capital Company’ and ‘Infrastructure Capital Fund’ under Sections 2(26A) & S.2(26B) of the Income Tax Act, 1961, is as under: Definition of ‘Infrastructure Capital Company’: Section …
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(10) of Income Tax: Definition of ‘Average Rate of Income-tax’
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 …
Section 2(28A)/ 2(28B) Income Tax: ‘Interest’/ ‘Interest on Securities’ – Meaning
Nowadays, most of the business are run using the finance for different purposes and from different sources. Such financing cost has major component in the form of ‘interest’, which …
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 …