Category: Income Tax
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 …
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 …
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 …
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(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 …