Tag: IT Definitions

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 …

Income from both ‘Business’ and ‘Profession’ is chargeable to income-tax under the head “Profits and gains of business or profession” as per Section 28 of the Income Tax Act, …

Find out what constitutes a 'person' under Section 2(31) of the Income Tax Act in India and what it means for tax purposes.

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 …

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 …

As per Section 2(32) of the Income Tax Act, 1961, unless the context otherwise requires, the term “person who has a substantial interest in the company”, in relation to …

As per S. 2(14) of the Income Tax Act, 1961, unless the context otherwise requires, the term ‘capital asset’ means: (a) property of any kind held by an assessee, …

As per Section 2(10) of the Income Tax Act, 1961, unless the context otherwise requires, the term “Average Rate of Income-tax” has the following Meaning/ Definition: Section 2(10) of the …

As per S.2(15) of the Income Tax Act, 1961, unless the context otherwise requires, the term “charitable purpose” includes relief of the poor, education, yoga, medical relief, preservation of environment …

As per Section 2(25A) of the Income Tax Act, 1961, unless the context otherwise requires, the term “India” means the territory of India as referred to in article 1 …