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What Constitutes Vocation?

VOCATION The word “vocation” comes from the Latin vocare, meaning “to call.”A vocation is an occupation, either professional or voluntary, that is carried out more for its unselfish benefit than for income, which might be regarded as a secondary aspect of the vocation, however beneficial. Vocations can be seen as fulfilling a psychological or spiritual […]

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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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“Domestic company” means an Indian company, or any other company which, in respect of its income liable to tax under this Act, has made the prescribed arrangements for the declaration and payment, within India, of the dividends (including dividends on preference shares) payable out of such income.

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Any distribution by a company of accumulated profits, whether capitalised or not, if such distribution entails the release by the company to its shareholders of all or any part of the assets of the company,any distribution to its shareholders by a company of debentures, debenture-stock, or deposit certificates….

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Demerger means all the properties and liabilities of the undertaking, being transferred by the demerged company, immediately before the demerger, becomes the property of the resulting company by virtue of the demerger…

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