Section 2(32) Income Tax: Meaning of Substantial Interest of a Person in Company
Learn the meaning of substantial interest under Section 2(32) of the Income Tax Act and its impact on related party transactions and expense disallowances.
Tag: IT Definitions
Various terms defined u/s 2 of the Income Tax Act, 1961
Meaning/ Definition of various terms as per Section 2 of the Income Tax act, 1961: Definitions under Income Tax Act 1961 Section 2(1): Advance Tax Section 2(1A): Agricultural Income …
Section 2 Income Tax: Definitions of Income Tax Officers/ Commissioners/ Directors/ CBDT
Definitions of various ranks of Income Tax Officials, like Income Tax Officers/ Commissioners/ Directors, including of the governing body (CBDT) and Appellate Authorities, as per Section 2 of Income …
Section 2(2) of Income Tax: Definition of ‘Annual Value’
As per Section 2(2) of the Income Tax Act, 1961, unless the context otherwise requires, the term “Annual Value” has the following Meaning/ Definition: Section 2(2) of the Income Tax …
Section 2(1) of Income Tax: Definition of ‘Advance Tax’
As per Section 2(1) of the Income Tax Act, 1961, unless the context otherwise requires, the term “Advance Tax” has the following Meaning/ Definition: Section 2(1) of the Income Tax …
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(10) of Income Tax: Definition of ‘Average Rate of Income-tax’
As per Section 2(10) of the Income Tax Act, 1961, unless the context otherwise requires, the term “Average Rate of Income-tax” has the following Meaning/ Definition: Section 2(10) of the …
Section 2(15) Income Tax: Charitable Purpose – Meaning
As per S.2(15) of the Income Tax Act, 1961, unless the context otherwise requires, the term “charitable purpose” includes relief of the poor, education, yoga, medical relief, preservation of environment …
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(19AA)/ 2(19AAA) Income Tax: Demerger/ Demerged Company – Meaning
We live in a corporate era where restructuring through mergers and demergers is quite common. However, it is critical to understand the Income Tax implications of such strategic restructuring …