Tag: IT Definitions

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 …

We live in a corporate era where restructuring through mergers and demergers is quite common. However, it is critical to understand the Income Tax implications of such strategic restructuring …

As per Section 2(37A) of Income Tax Act, 1961, unless the context otherwise requires, the term “rate or rates in force” or “rates in force”, in relation to an …

Definition of the terms ‘Director, Manager, Managing Agent & Principal Officer’ under Sections 2(20) and 2(35) of the Income Tax Act: a) Definition of ‘Director/ Manager/ Managing Agent’: Section …

As per Section 2(38) of Income Tax Act, 1961, unless the context otherwise requires, the term “recognised provident fund” means a provident fund which has been and continues to …

The Income Tax Act of 1961 and the Rules framed thereunder provide for different treatment of different types of companies based on their residential status. A company can be …

As per Section 2(40) of Income Tax Act, 1961, unless the context otherwise requires, the term “regular assessment” means the assessment made under sub-section (3) of section 143 or …