Taxplore

Category: DEFINITIONS

  • BlOCK OF ASSETS-2(11)

    BlOCK OF ASSETS-2(11)

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    SREENU .T
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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

  • ANNUAL VALUE-2(2)

    ANNUAL VALUE-2(2)

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    SREENU .T
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    Annual value is determined to compute income under the head Income from House Property,the Gross Annual Value (GAV), also called just the Annual Value, of a property is used in calculating the tax or rent which should be applied to the property

  • AMALGAMATION-2(1B)

    AMALGAMATION-2(1B)

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    SREENU .T
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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