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![Read more about the article Definition of Principal Commissioner of Income-Tax [Section 2(34B) of the Income Tax Act]](https://smarttaxsaver.com/wp-content/uploads/2024/11/all-types-of-income-tax-assessment-1.jpg)
The Principal Commissioner of Income-Tax (PCIT) is a vital designation within the framework of the Indian Income Tax Act. Introduced through the Finance (No. 2) Act, 2014, under Section 2(34B),…
![Read more about the article Principal Chief Commissioner of Income-Tax [Section 2(34A) of the Income Tax Act]](https://smarttaxsaver.com/wp-content/uploads/2024/11/images-22.jpg)
The Income Tax Act, 1961, is the backbone of India's tax administration, providing a comprehensive framework for taxation. One of its key updates came through the Finance (No. 2) Act,…
![Read more about the article Perceive Previous Year [Section 2(34)] of the Income Tax Act](https://smarttaxsaver.com/wp-content/uploads/2024/11/previous-year-vs-assessment-year.jpg)
The term "Previous Year" is a foundational concept in the Income Tax Act, 1961, as it determines the period for which income is calculated and assessed for tax purposes. Defined…
https://www.sahiprojectreport.com/Tax laws in India are structured to ensure clarity, precision, and consistency. Among the many definitions provided under the Income Tax Act, 1961, the term "prescribed", as defined under Section…
Introduction The Income Tax Act, 1961, defines various terms to simplify its interpretation and application. One such term is "person who has a substantial interest in the company," as defined…
Understanding the definition of a person is fundamental to interpreting the provisions of the Income Tax Act, 1961. Section 2(31) provides an inclusive definition, which lays the groundwork for determining…
The term "non-resident" is a significant classification under the Indian Income Tax Act, defined explicitly in Section 2(30). This designation impacts how income is taxed in India, especially for individuals…
Introduction The concept of the National Tax Tribunal was introduced under the National Tax Tribunal Act, 2005. The tribunal was established to centralize tax litigation and provide an efficient mechanism…
![Read more about the article Maximum Marginal Rate [Section 2(29C) of the Income Tax Act]](https://smarttaxsaver.com/wp-content/uploads/2024/11/Income-Tax-Surcharge.jpg)
When it comes to taxation, terms like the "Maximum Marginal Rate" play a critical role in defining the tax liability of individuals, associations, and bodies. This blog aims to provide…
The Income Tax Act, 1961, has consistently evolved to address ambiguities and provide clarity for taxpayers. One such development is the introduction of the term “manufacture” under Section 2(29BA), which…