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 …
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(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(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 …
Section 2(40) Income-tax: Regular Assessment – Meaning
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 …
Section 2(37A): Income Tax Rates in Force – Meaning
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 …
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(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(29C) Income Tax: Maximum Marginal Rate – Meaning
As per Section 2(29C) of Income Tax Act, 1961, unless the context otherwise requires, the term “maximum marginal rate” means the rate of income-tax (including surcharge on income-tax, if …
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 …