Slump Sale Under Income Tax Act, 1961: A Comprehensive Guide A "slump sale" is a prevalent method of business restructuring in India, allowing companies to transfer an undertaking as a going concern. This article provides a detailed examination of slump sale provisions under the Income Tax Act, 1961, focusing on its definition, conditions, tax implications, […]
Understanding Short-Term Capital Assets Under Indian Income Tax Law Capital gains tax is a significant aspect of the Indian Income Tax Act, 1961. It levies a tax on the profits arising from the transfer of a capital asset. A crucial element in determining the applicable tax rate and treatment is whether the asset is classified
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Regular Assessment Under Income Tax Act, 1961 (India) Understanding Regular Assessment: A Comprehensive Guide Regular assessment, also known as "assessment under Section 143(3)" of the Income Tax Act, 1961, is a crucial process within the Indian tax system. It is the most comprehensive type of assessment where the Assessing Officer (AO) examines the income tax
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Understanding Registered Firms Under Income Tax in India The Income Tax Act, 1961 governs the taxation of various entities in India, including partnerships. A "Registered Firm" holds a specific meaning under the Act and is taxed differently from an "Unregistered Firm." This article aims to provide a comprehensive understanding of the concept of a Registered
Public Servant Under Income Tax Law in India: A Comprehensive Guide This article delves into the definition, implications, and relevant provisions concerning "Public Servant" as defined and interpreted under the Income Tax Act, 1961, and other related laws in India. Understanding this definition is crucial for both taxpayers and tax authorities, as it directly impacts
Understanding the Role of the Principal Officer Under Income Tax Law in India Navigating the complexities of Indian Income Tax Law requires a clear understanding of various defined terms and responsibilities. One such crucial term is the "Principal Officer." This article delves into the definition, roles, responsibilities, and legal implications surrounding the Principal Officer as
Understanding "Person Who Has a Substantial Interest in the Company" Under Income Tax Act, India The Income Tax Act, 1961, uses the concept of a "person who has a substantial interest in the company" in several provisions to determine tax liabilities and obligations. Understanding who qualifies as such a person is crucial for both individuals
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Artificial Juridical Person Under Income Tax in India The Income Tax Act, 1961, defines a "person" broadly, encompassing not just individuals but also various entities capable of holding property, entering into contracts, and being taxed. One such entity is the Artificial Juridical Person (AJP). This article delves into the concept of AJP under Indian Income
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Local Authority Person Under Person: Income Tax Implications in India Understanding who qualifies as a "person" under the Income Tax Act, 1961 is crucial for determining tax liabilities and obligations. The definition extends beyond individuals and encompasses various entities, including "local authorities." But how does a local authority function as a "person," and what are
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Body of Individuals (BOI) under Income Tax Act, 1961: A Comprehensive Guide Understanding the various entities that are assessed for income tax purposes is crucial for individuals and businesses alike. In the Indian Income Tax Act, 1961, besides individuals, Hindu Undivided Families (HUFs), firms, companies, and other artificial juridical persons, a "Body of Individuals" (BOI)
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