Tax Recovery Officer (TRO) Under the section 2(44) Income Tax Act, 1961
In India, the Tax Recovery Officer (TRO) plays a pivotal role in ensuring the collection of overdue taxes. As defined under Section 2(44) of the Income-tax Act, 1961, the Tax…
Role and Elimination of the Tax Recovery Commissioner in India
Tax recovery has always been a critical component of the financial ecosystem in India. Ensuring smooth recovery of taxes owed by taxpayers requires a well-defined administrative structure, which was, for…
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Tax Credit Certificate [Section 2(43A)] Income Tax Act
The term "Tax Credit Certificate" holds historical significance in the Indian Income-tax system. Introduced via the Finance Act of 1965, this concept was aimed at incentivizing taxpayers while simplifying tax…
Definition of “Tax” under Section 2(43) of the Income Tax Act
The concept of "tax" under Section 2(43) of the Income-tax Act, 1961, has evolved over time through legislative amendments and judicial interpretations. This article breaks down its historical context, legislative…
Slump Sale Under Section 2(42C) of the Income-Tax Act
In the world of business reorganization, a slump sale plays a crucial role in simplifying transactions involving the transfer of an entire undertaking. Understanding the slump sale provisions in Indian…
7 Basic Things You Need to Know About Short-Term Capital Gains Taxation in India
Introduction to Short-Term Capital Gains (STCG) The concept of short-term capital gains (STCG) has become a pivotal aspect of the Indian Income Tax Act, especially after its introduction by the…
Perceive Short-Term Capital Assets under Section 2(42A) of the Income Tax Act
Capital gains taxation is a crucial part of the Indian Income Tax Act, which dictates how profits from the sale of assets are taxed. Among these, short-term capital assets have…
Definition of “Resident” Under Section 2(42) of the Income Tax Act, 1961
When it comes to the Indian Income Tax Act, one of the key terms that frequently comes up is "resident." This term is defined under Section 2(42) of the Income…
Concept of “Resulting Company” under Section 2(41A) of the Income-Tax Act
Business reorganization is a complex process that involves restructuring a company's assets, liabilities, and operations to enhance efficiency, competitiveness, and profitability. Among the various forms of business reorganization, demergers have…
Principal findings About the Term “Relative” Under the Income-tax Act, 1961
The term "relative" is crucial in the Income-tax Act, 1961, as it directly influences several provisions, including taxation of gifts, income clubbing, and deductions. Defined under Section 2(41), the meaning…