Section 2(47) Income-tax: Transfer – Meaning
The definition of ‘Transfer’ in section 2(47) of the Income Tax Act of 1961 is broad and should be interpreted broadly. It should be noted that the term “transfer” …
Category: Income Tax
Section 2(30)/ 2(42) Income Tax: Non-resident/ Resident – Meaning
The residential status of a person, i.e. whether they are resident or non-resident, has a significant financial impact on the tax liability of the concerned assessee; therefore, it is …
Section 2(48) Income Tax: Zero Coupon Bonds – Meaning & Tax Treatment
No/ Zero interest is payable while the investor holds the Zero Coupon Bonds, which is sold at a discounted price as compared to the final maturity value. Such discount …
Section 2(13A) Income Tax: Business Trust – Meaning
As per Section 2(13A) of the Income Tax Act, 1961, unless the context otherwise requires, the term ‘business trust’ means a trust registered as; (i) an Infrastructure Investment Trust …
Meaning of ‘Assessment Year’ / ‘Previous Year’: Sec. 2(9)/ 2(34) Income Tax:
For better understanding of the concept of Previous Year & Financial Year vis-a-vis Assessment Year in the case of a layman, the terms ‘Assessment Year’ and ‘Previous Year’ have …
Section 2(14) Income Tax: Capital Asset – Meaning
As per S. 2(14) of the Income Tax Act, 1961, unless the context otherwise requires, the term ‘capital asset’ means: (a) property of any kind held by an assessee, …
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(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 …