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(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 Assessee: Section 2(7) of Income Tax
As per S. 2(7) of the Income Tax Act, 1961, unless the context otherwise requires, the term “assessee” means a person by whom any tax or any other sum …
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'.