Tag: IT Definitions
As per Section 2(41) of Income Tax Act, 1961, unless the context otherwise requires, the term “relative”, in relation to an individual, means the husband, wife, brother or sister …
Meaning of the terms ‘Partner’, ‘Partnership’ & ‘Firm’ under Section 2(23) of the Income Tax Act: a) Definition of ‘Firm’ – Section 2(23)(i) Income Tax As per Section 2(23)(i) …
The term ‘resulting company’ finds significance from the term ‘demerger’ which is defined u/s 2(19AA) of the Income Tax Act, 1961, wherein one of the conditions for tax neutrality …
As per Section 2(1A) of the Income Tax Act, 1961, unless the context otherwise requires, the term “agricultural income” means: (a) any rent or revenue derived from land which …
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 …
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 …
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 …
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 …
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 …
Approved Gratuity Fund and Approved Superannuation Fund are prominent retirement savings options, which are commonly used by Employers and Employees of most of the Organizations, to take advantage of …