Section 3 of Income Tax Act 1961
Section 3 of Income Tax Act 1961-Previous year For the purposes of this Act, "previous year" means the financial year immediately preceding the assessment year : Provided that, in the case…
Transfer
Transfer-Section 2(47) of Income Tax Act 1961 in relation to a capital asset, includes,— (i) the sale, exchange or relinquishment of the asset ; or (ii) the extinguishment of any…
Short-term Capital Asset
Short-term Capital Asset-Section 2(42A) of Income Tax Act 1961 means a capital asset held by an assessee for not more than twenty-four months immediately preceding the date of its transfer : Provided that…
Rates in force
Rates in force-Section 2(37A) of Income Tax Act 1961 in relation to an assessment year or financial year, means— (i) for the purposes of calculating income-tax under the first proviso…
Section 2(24) of Income Tax Act 1961
Section 2(24) of Income Tax Act 1961-Income includes— (i) profits and gains ; (ii) dividend ; (iia) voluntary contributions received by a trust created wholly or partly for charitable or…
Section 2(22) of Income Tax Act 1961
Section 2(22) of Income Tax Act 1961-Dividend includes— (a) any distribution by a company of accumulated profits, whether capitalised or not, if such distribution entails the release by the company…
Section 2(19AA) of Income Tax Act 1961
Section 2(19AA) of Income Tax Act 1961-Demerger in relation to companies, means the transfer, pursuant to a scheme of arrangement under sections 391 to 394 of the Companies Act, 1956…
Section 2(18) of Income Tax Act 1961
Section 2(18) of Income Tax Act 1961-Company in which the public are substantially interested a company is said to be a company in which the public are substantially interested— (a)…
Section 2(14) of Income Tax Act 1961
Section 2(14) of Income Tax Act 1961-Capital Asset means— (a) property of any kind held by an assessee, whether or not connected with his business or profession; (b) any securities…
Section 2(1B) of Income Tax Act 1961
Section 2(1B) of Income Tax Act 1961-Amalgamation in relation to companies, means the merger of one or more companies with another company or the merger of two or more companies…
Section 1 of Income Tax Act 1961
Section 1 of Income Tax Act 1961-Short title, extent and commencement (1) This Act may be called the Income-tax Act, 1961. (2) It extends to the whole of India. (3)…