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(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” …
Section 2(45) Income-tax: Total Income – Meaning
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 …
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 …