Taxplore

Category: DEFINITIONS

  • Rebate of Income Tax u/s 87A

    Rebate of Income Tax u/s 87A

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     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…

  • Who is a Representative Assessee

    Who is a Representative Assessee

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    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…

  • Audit of Accounts of Business or Profession-44AB

    Audit of Accounts of Business or Profession-44AB

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    Every person,carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees in any previous year ; or carrying on profession shall, if his gross receipts in profession exceed twenty-five lakh rupees….

  • Amounts Not Deductible-40

    Amounts Not Deductible-40

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    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…

  • Non Applicability of section 11

    Non Applicability of section 11

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    Section 11 describes Income from property held for charitable or religious purposes. In certain situations income from property are held taxable…

  • PERSON WHO HAS A SUBSTANTIAL INTEREST IN THE COMPANY-2(32)

    PERSON WHO HAS A SUBSTANTIAL INTEREST IN THE COMPANY-2(32)

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    PERSON WHO HAS A SUBSTANTIAL INTEREST IN THE COMPANY 2(32) Definition “person who has a substantial interest in the company”, in relation to a company, means a person who is the beneficial owner of shares, not being shares entitled to a fixed rate of dividend whether with or without a right to participate in profits,…

  • PERSON-2(31)

    PERSON-2(31)

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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…

  • FRINGE BENEFITS-2(23B)

    FRINGE BENEFITS-2(23B)

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    Fringe Benefits are given in addition to salary/wage.it includes free or concessional ticket ,any contribution by the employer,provision of hospitality,any expenditure on or payment through paid vouchers which are not transferable,etc…

  • FIRM-PARTNER-PARTNERSHIP-2(23)

    FIRM-PARTNER-PARTNERSHIP-2(23)

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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…

  • FAIR MARKET VALUE-2(22B)

    FAIR MARKET VALUE-2(22B)

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    FAIR MARKET VALUE is used to compute….the price that the capital asset would ordinarily fetch on sale in the open market on the relevant date ; and…..