RBI has issued consolidated/ revised guidelines and instructions for scheduled commercial banks and payment banks, regarding opening of Current Accounts and Cash Credit/ Overdraft (CC/ OD) Accounts in various …
Meaning/ Definition of various terms as per Section 2 of the Income Tax act, 1961: Definitions under Income Tax Act 1961 Section 2(1): Advance Tax Section 2(1A): Agricultural Income …
Definitions of various ranks of Income Tax Officials, like Income Tax Officers/ Commissioners/ Directors, including of the governing body (CBDT) and Appellate Authorities, as per Section 2 of Income …
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 …
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 …
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 …
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 …
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 …
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” …
As per Section 2(45) of Income Tax Act, 1961, the term "total income" means the total amount of income referred to in section 5, computed in the manner laid …