Tag: IT Definitions
Explore the comprehensive definition of "company" under Section 2(17) of the Income Tax Act, 1961, encompassing Indian and foreign entities, deemed institutions, and their tax implications for accurate compliance.
Section 2(26) of Income Tax Act defines 'Indian company' to include entities registered under Companies Act, 1956 (now 2013), statutory corporations, specified regional bodies with principal office in India, …
Explore Section 2(18) of the Income Tax Act, 1961, defining companies with substantial public interest. Learn criteria for tax benefits, including government ownership and shareholding patterns.
Explore the definition of "public sector company" under Section 2(36A) of the Income Tax Act, 1961, including ties to the Companies Act, 2013. Understand government ownership thresholds, subsidiaries, and …
Learn what a recognised provident fund means under Section 2(38) of the Income-tax Act, 1961. Understand tax deductions under Section 80C, exemptions on interest and withdrawals, and compliance rules …
Learn the difference between domestic and foreign companies under the Income Tax Act, 1961. Understand definitions, tax rates, and compliance rules for Indian and foreign entities. Updated with Finance …
Learn about approved gratuity and superannuation funds under the Income Tax Act, 1961. Understand tax benefits, compliance rules, and key limits for Indian employers and employees.
Understand Section 2(11) of the Income Tax Act. Learn what a block of assets is, its purpose, depreciation rules, and key compliance tips.
Understanding the difference between 'business' and 'profession' is crucial for taxpayers in India. This distinction impacts various aspects of taxation.
Find out what constitutes a 'person' under Section 2(31) of the Income Tax Act in India and what it means for tax purposes.
