Section 2(24) Income Tax: Income – Meaning
As per S.2(24) of the Income Tax Act, 1961, unless the context otherwise requires, the term “income” includes- (i) profits and gains; (ii) dividend; (iia) voluntary contributions received by …
Tag: IT Definitions
IT Section 2(29AA/ 29B/ 42A/ 42B): Short/ Long Term Capital Asset/ Gains – Meaning
In view of the fact that the tax rates for capital gains are different for assets held for short term and for long term. Therefore its relevant to know …
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(26A)/ 2(26B) Income Tax: ‘Infrastructure Capital Company/ Fund’ – Meaning
Definition of ‘Infrastructure Capital Company’ and ‘Infrastructure Capital Fund’ under Sections 2(26A) & S.2(26B) of the Income Tax Act, 1961, is as under: Definition of ‘Infrastructure Capital Company’: Section …
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 …
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” …