relatives

How Relatives Affect Taxation of Income in Six Types of Transactions !

Income Tax Act has provisions which are dependent upon the transactions with relatives and the you may have to pay tax more, may be...

What is Meaning of Lineal Descendants ?

Income Tax Act has used the word lineal descendants or ascendants at many places , specially when in the provision where the term relative...

Meaning of Profession and Vocation Explained ?

Readers are informed that under Income Tax Act , many provisions are not same for business and profession. Therefore meaning of word “profession “...

What is Meaning of Body of Individuals Under Income Tax Act ?

The Body of Individual is a person under Income Tax Act. Then Association of Person is also a person under the I.T.Act. often ,...

What is Meaning of Accumulated Profit Used in Sec. 2(22) of The Income Tax...

The definition of word Dividend is provided under section 2(22) of the Income Tax Act which includes the word "accumulated profits" . However ,...

What is the meaning of word “Property ” used in definition of Capital Asset...

The definition of capital asset is provided in section 2(14) of the income tax Act . It is seen that the definition starts "capital...

What is Meaning of Business Under Income Tax Act ?

The word business has seen a lot of dispute between tax payer and the tax department , because the income from business is assessed...

What is Meaning of Assessment Under Income Tax Act ?

Section 2(8) of the Income tax Act defines assessment as "assessment includes reassessment". So , you see the definition of assessment is not there...

What is the Meaning of Assessee Under Income Tax Act ?

The word "assessee" is defiend under section 2(7) of the Income Tax Act . As per the meaning assigned to this word , the...

What is the meaning of Agriculture Land ?

It is well known that agriculture income is tax exempt under section 10(1) of the Income Tax Act . So , even sale of...

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