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COMPANY 2(17) Definition “Company” means—  (i)  any Indian company, or (ii)  any body corporate incorporated by or under the laws of a country outside India, or (iii)  any institution, association or body which is or was assessable or was assessed as a company for any assessment year under the Indian Income-tax Act, 1922 (11 of […]

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CHILD 2(15B) Defintion “child”, in relation to an individual, includes a step-child and an adopted child of that individual ;]   explanation: step child- a child of one’s husband or wife by a previous marriage.

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CHARITABLE PURPOSE 2(15) Meaning Charitable purpose means working towards any act of general public utility. Charitable institutions and donations towards charitable purposes is elegible for tax exemptions or for claiming deductions. Definition “charitable purpose”includes relief of the poor, education, medical relief, [preservation of environment (including watersheds, forests and wildlife) and preservation of monuments or places […]

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Capital Asset-2(14)

Capital Asset means assets not connected with business or profession or used for personal use or prescribed securities. Usually capital assets will be used for a period more than one year. Sale proceeds from capital assets constitute Capital Gain.

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Block of Assets is used for charging same rate of depreciation to a particular class of assets having same or similar characteristics. Income Tax Act has prescribed different rates for charging depreciation for different blocks of assets such as buildings,intangible assets,etc…Depreciation is charged mainly for the purpose of computing Capital Gain

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Amalgamation”, in relation to companies, means the merger of one or more companies with another company or the merger of two or more companies to form one company (the company or companies which so merge being referred to as the amalgamating company or

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