Category Archives for "DEFINITIONS"

Rebate of Income Tax u/s 87A

 Rebate of income-tax in case of certain individuals (87A) With effect from the 1st day of April, 2014, An assessee, being an individual resident in India, whose total income does not exceed five hundred thousand rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this […]

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Who is a Representative Assessee

in respect of the income of a non-resident specified in sub-section (1) of section 9, the agent of the non-resident, including a person who is treated as an agent under section 163,in respect of the income of a minor, lunatic or idiot, the guardian or manager who is entitled to receive or is in receipt of such income on behalf of such minor, lunatic or idiot…….

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Amounts Not Deductible-40

Amounts not deductible (40)   Section 40. Notwithstanding anything to the contrary in sections 30 to 38, the following amounts shall not be deducted in computing the income chargeable under the head “Profits and gains of business or profession”,—  (a)  in the case of any assessee—  [(i)  any interest (not being interest on a loan […]

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PERSON 2(31) Definition “person” includes—  (i)  an individual, (ii)  a Hindu undivided family, (iii)  a company, (iv)  a firm, (v)  an association of persons or a body of individuals, whether incorporated or not, (vi)  a local authority, and (vii)  every artificial juridical person, not falling within any of the preceding sub-clauses.  [Explanation.—For the purposes of […]

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“Firm” shall have the meaning assigned to it in the Indian Partnership Act, 1932 (9 of 1932), and shall include a limited liability partnership as defined in the Limited Liability Partnership Act, 2008 (6 of 2009);

(ii) “Partner” shall have the meaning assigned to it in the Indian Partnership Act, 1932 (9 of 1932), and shall include,—

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