Tag: Definitions IT
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:
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:
As per S. 2(5) of the Income Tax Act, 1961, unless the context otherwise requires, the term "approved gratuity fund", means a gratuity fund which has been and continues …
As per S. 2(6) of the Income Tax Act, 1961, unless the context otherwise requires, the term "approved superannuation fund" means a superannuation fund or any part of a …
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 …
Concept of Previous Year & Financial Year vis-a-vis Assessment Year is very confusing for layman. For better understanding of these concepts, let's look at the definitions thereof under the …
Proper calculation of Depreciation based on WDV of each block of assets has been prescribed under Income Tax. This is required to determine exact tax liability on capital gains/ …
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.
Definitions of various ranks of Income Tax Officers/ Commissioners/ Directors along with the governing Central Board of Direct Taxes (CBDT), as per Section 2 of Income Tax.
As per S.2(19AA) of the Income Tax Act, 1961, unless the context otherwise requires, the term "demerger", in relation to companies, means the transfer, pursuant to a scheme of …