Definition of Block of Assets -Section 2(11) of Income Tax Act 1961

“Block of Assets” means a group of assets falling within a class of assets comprising— (a) tangible assets, being buildings, machinery, plant or furniture; (b) intangible assets, being know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature, in respect of which the same percentage of depreciation is prescribed. To work out income tax

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Definition of Assessing Officer-Section 2(7A) of Income Tax Act 1961

The term “Assessing Officer” under the Income Tax means the Assistant Commissioner or Deputy Commissioner or Assistant Director or Deputy Director or the Income-tax Officer who is vested with the relevant jurisdiction by virtue of directions or orders issued under sub-section (1) or subsection (2) of section 120 or any other provision of this Act, and the Additional Commissioner or

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Definition of Approved Gratuity Fund and Approved Superannuation Fund under S.2(5) and 2(6) of the Income Tax Act

The term “approved gratuity fund” under section 2(5) of the Income Tax means a gratuity fund which has been and continues to be approved by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner in accordance with the rules contained in Part C of the Fourth Schedule, and The term “approved superannuation fund” under Section 2(6) of the Income

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Definition of Aagricultural Income – Section 2(1A) of Income Tax Act 1961

The term “Agricultural income” under the Income tax means: (a) any rent or revenue derived from land which is situated in India and is used for agricultural purposes; (b) any income derived from such land by— (i) agriculture; or (ii) the performance by a cultivator or receiver of rent-in-kind of any process ordinarily employed by a cultivator or receiver of

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ACES’ online PAN validation process

Benefits of ACES Reduce Physical Interface with Department Online Registration of Central Excise Assessees and online amendment Online Registration of Service Tax Assesses and online amendment Electronic filing of Central Excise Returns Electronic filing of Service Tax Returns Electronic filing of Claims, Permissions, Intimations Instant E-acknowledgement of documents with Unique Document Identification Number View, File and Track Status of Documents

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