Tag: IT Definitions
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.
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 …
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 …
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 …
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 …
The residential status of a person, i.e. whether they are resident or non-resident, has a significant financial impact on the tax liability of the concerned assessee; therefore, it is …
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 …
For better understanding of the concept of Previous Year & Financial Year vis-a-vis Assessment Year in the case of a layman, the terms ‘Assessment Year’ and ‘Previous Year’ have …
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 …
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, …