Tag: IT Definitions
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 …
Nowadays, most of the business are run using the finance for different purposes and from different sources. Such financing cost has major component in the form of ‘interest’, which …
As per Section 2(45) of Income Tax Act, 1961, the term "total income" means the total amount of income referred to in section 5, computed in the manner laid …
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 …
As per Section 2(29C) of Income Tax Act, 1961, unless the context otherwise requires, the term “maximum marginal rate” means the rate of income-tax (including surcharge on income-tax, if …
The definition of ‘Transfer’ in section 2(47) of the Income Tax Act of 1961 is broad and should be interpreted broadly. It should be noted that the term “transfer” …
Section 2(11) of Income Tax defines ‘Block of Assets’ as a ‘group of assets’ in respect of which the same percentage of depreciation is to be applied, i.e. proper …
The residential status of a person, i.e. whether they are resident or non-resident, has a significant financial impact on the tax liability of the concerned assessee; therefore, it is …