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(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(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 …
Section 2(12A) Income Tax: ‘Books or Books of Account’ – Meaning
As per Section 2(12A) of the Income Tax Act, 1961, unless the context otherwise requires, the term ‘Books or Books of Account’ has the following Meaning/ Definition: Section 2(12A) …
House Rent Allowance (HRA) Exemption: Section 10(13A) Income Tax
Salaried individuals normally get House Rent Allowance (HRA) as a component of their salary which is partly exempt from income tax subject to certain conditions, stipulated in Section 10(13A) …
ICAI’s Ceiling Limit on Specified Number of Tax Audits by CA Firm (AY 2022-23)
ICAI’s Ceiling Limit on Specified Number of Tax Audits by a CA Firm during AY 2022-23 is 60, exclusive of tax audits conducted u/s 44AD, 44ADA and 44AE (Presumptive …
Send ITR-V to CPC Bengaluru using New/ Unique Pincode ‘560500’
Taxpayers should send their communications to the CPC at new address, like sending ITR-V to CPC Bengaluru using New/ Unique Pincode '560500'.
Section 2(47A) Income-tax: Virtual Digital Asset (VDA) – Meaning
As per Section 2(47A) of Income Tax Act, 1961, unless the context otherwise requires, the term “Virtual Digital Asset (VDA)” means,- (a) any information or code or number or …
Section 2(22) Income Tax: Dividend – Meaning
As per S. 2(22) of the Income Tax Act, 1961, unless the context otherwise requires, the term “dividend” includes- (a) any distribution by a company of accumulated profits, whether capitalised …
List of ‘Standards on Internal Audit (SIA)’ issued by ICAI
ICAI’s Standards on Internal Audit (SIA) are comprehensive and address all aspects of the internal audit function. They are essential reading for all those with an interest in the …