Definition of ‘Annual Value’ | Section 2(2) of Income Tax
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:
Tag: Definitions IT
Definition of ‘Advance Tax’ | Section 2(1) of 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:
Approved Gratuity Fund – Meaning – S.2(5) Income Tax
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 …
Approved Superannuation Fund – Meaning – S. 2(6) Income Tax
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 …
Assessee – Meaning – S. 2(7) Income Tax: Normal/ Representative/ Deemed/ Defaulter Assessee
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 …
Meaning of ‘Assessment Year’ & ‘Previous Year’ under Income Tax
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 …
Block of Assets – Meaning & Concept
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/ …
Definition of ‘Average Rate of Income-tax’ | Section 2(10) of Income Tax
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 Income Tax Officers/ Commissioners/ Directors / CBDT
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.
Agricultural Income – Meaning – S.2(1A) Income Tax
In view of the availability of exemption for the agriculture/ agricultural income, it's advisable to have a clear understanding of the meaning of the term agriculture/ agricultural income under …