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 …
Tag: IT Definitions
Section 2(28A)/ 2(28B) Income Tax: ‘Interest’/ ‘Interest on Securities’ – Meaning
Nowadays, most of the business are run using the finance for different purposes and from different sources. Such financing cost has major component in the form of ‘interest’, which …
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 …
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(29C) Income Tax: Maximum Marginal Rate – Meaning
As per Section 2(29C) of Income Tax Act, 1961, unless the context otherwise requires, the term “maximum marginal rate” means the rate of income-tax (including surcharge on income-tax, if …
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(30)/ 2(42) Income Tax: Non-resident/ Resident – Meaning
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 …
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 …
Meaning of ‘Assessment Year’ / ‘Previous Year’: Sec. 2(9)/ 2(34) Income Tax:
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 …
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 …