2024 Section 2 19aa of income tax act 1961

Section 2 19aa of income tax act 1961

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August undefined, 2024

WebDefinitions. 2. In this Act, unless the context otherwise requires,— 3 [(1) "advance tax" means the advance tax payable in accordance with the provisions of Chapter XVII-C;]. 4 [5 (1A)] 6 "agricultural income" 7 means 8 —. 9 [(a) any rent 10 or revenue 10 derived 10 from land 10 which is situated in India and is used for agricultural purposes;] (b) any income derived …

Section 2(19AA) Demerger of Income Tax Act 1961.

Web1 Apr 2024 · As per Section 2 (1B) of the Income Tax Act, 1961, unless the context otherwise requires, the term “amalgamation”, in relation to companies, means the merger of one or more companies with another company or the merger of two or more companies to form one company (the company or companies which so merge being referred to as the … WebThe demerger under Section 2(19AA) of Income-tax Act, 1961 is defined as follows: Demerger means the transfer of one or more undertakings to any resulting company … cfpst

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WebSection 17: “Salary”, “perquisite” and “profits in lieu of salary” defined. Section 22: Income from house property. Section 23: Annual value how determined. Section 24: Deductions from income from house property. Section 25: Amounts not deductible from income from house property. Web• Section 2(19AA) of the Income Tax Act defines “demerger ” as under : ““demerger”, in relation to the companies, means the transfer, pursuant to a scheme of arrangement under sections 391 to 394 of the Companies Act, 1956, by a demerged company of its one or more undertakings to Web9 Mar 2016 · Demerger [Section 2 (19AA)] : “Demerger”, in relation to companies, means the transfer, pursuant to a scheme of arrangement under sections 391 to 394 of the Companies Act, 1956, by a demerged company of its one or more undertaking to any resulting company in such a manner that –. cfp stc

Demergers - DEMERGERS DEMERGER: As per Section 2(19AA) of …

Section 2(19AA)/ 2(19AAA) Income Tax: Demerger/ …

Web22 Oct 2024 · Section 2(19AA) of The Income Tax Act, 1961(hereinafter referred to as “ Act ”) has made demerger of company to the Resulting Company (if both the companies are … WebChapter IV (Sections 14 to 59) of the Income Tax Act 1961 deals with the provisions related to computation of total income. Section 47A of IT Act 1961-2024 provides for withdrawal of exemption in certain cases. Recently, we have discussed in detail section 47 (transactions not regarded as transfer) of IT Act 1961. byb bond nail glueWebAmended and updated notes on section 2 of Income Tax Act 1961 as amended by the Finance Act 2024 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to definitions. ... [Explanation 6 of clause (19AA) of section 2 has been amended (inserted) w.e.f. 1st April, 2024 by the Finance Act, 2024] ... bybat discord

"Web30 Dec 2024 · (1) These rules may be called the Income-tax (16 th Amendment) Rules, 2024. (2) They shall come into force from 1st day of January, 2024. 2. In the Income-tax … " - Section 2 19aa of income tax act 1961

Section 2 19aa of income tax act 1961

Tax Implications on Demerger of Company under IT Act

Web44 [(4) Where the capital gain arises from the transfer of a property, the value of which has been subject to income-tax under clause (vii) 44a [or clause (viia)] of sub-section (2) of section 56, the cost of acquisition of such property shall be deemed to be the value which has been taken into account for the purposes of the said clause (vii) 44a [or clause (viia)].] WebAs per Explanation 1 to section 2 (19AA), ‘undertaking’ shall include any part of an undertaking or a unit or division of an undertaking or a business activity taken as a whole, but does not include individual assets or liabilities or any combination thereof not constituting a business activity.

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Web9 Apr 2024 · Home › article › Utilisation of Special Economic Zone Re-investment Reserve created u/s 10AA of the Income Tax Act, 1961 ... Undertaking is defined in Explanation 1 to section 2(19AA) of the Act to include “any part of undertaking, or a unit or division of an undertaking or a business activity taken as a whole but does not include ... Web5 Aug 2024 · The concept of slump sale originates from the Income Tax Act, 1961. The IT Act, in section 2 (42C) defines slump sale as the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales.

Web28 Mar 2024 · undertaking to a new company on a going concern basis. Section 2 (19AA) (vi) of the Income-tax Act, 1961 imposes this as a pre-condition to the statutory definition of de-merger. The condition has been interpreted by the Delhi High Court in Indorama Textile Limited2 as meaning Web23 Jul 2012 · P.V. Kapur, learned senior counsel for Applicant submitted that the intention of the Scheme of Arrangement was to transfer to IRTL the undertaking of the spinning business as a going concern within the meaning of Section 2(19AA) of the Income Tax Act, 1961 (hereinafter referred to as ''the Act, 1961''). In this connection, he relied upon Clauses …

Web14 Sep 2008 · Several sections of the Income Tax Act, 1961 deal with these issues. The statutory provisions in the Income Tax Act : A. Section 2(19AA) says that a ‘demerger’ means a transfer pursuant to a scheme under Sections 391-394 of the Companies Act, 1956 (by a demerged company of its one or more undertakings to any resulting company) such … WebAs per Explanation 1 to section 2(19AA), ‘undertaking’ shall include any part of an undertaking or a unit or division of an undertaking or a business activity taken as a whole, …

Web21 Oct 2024 · The demerger is defined under Secretion 2(19AA) of the Incomes Tax Act 1961. It means a transfer of demerged company or its undertaking into a resulting company. According to Section 2(19AAA), a “demerged Company” is a company whose undertaking is transferred to the resulting company under the demerger.

Webas per the specific slump sale provisions under the Income-tax Act, 1961. Facts: Devi Sea Foods Ltd. (taxpayer) ... Undertaking has been defined under Explanation 1 to section 2(19AA) of the ITA to include any part of an undertaking, or a unit or division of an undertaking or a business activity taken as a whole, but by bb hWebExplanation 2. —For the removal of doubts, it is hereby declared that the determination of the value of an asset or liability for the sole purpose of payment of stamp duty, registration … cfps soft checkWebSection 47 of Income Tax Act "Transactions not regarded as transfer". 47. Nothing contained in section 45 shall apply to the following transfers :-. (viaa) any transfer, in a scheme of amalgamation of a banking company with a banking institution sanctioned and brought into force by the Central Government under sub-section (7) of section 45 of ... cfp stands for what in footballWeb14 Mar 2024 · What is a demerger. Demerger is defined under Section 2 (19AA) of the Income-Tax Act, 1961. An analysis of the definition is as follow; It is a Scheme of Arrangement and has to be sanctioned by the National Company Law Tribunal. The property and liabilities of the undertaking that are transferred by the demerged company become … bybb park clothingWebPrior to the substitution, subclause (iii), as inserted by the Finance (No. 2) Act, 1991, w. e. f. 1- 10- 1991, read as under:" (iii) for the purposes of deduction of tax under section 195, the rate or rates of income- tax specified in section 115A or the rate or rates of income- tax specified in this behalf in the Finance Act of the relevant ... cfp ste-agatheWeb15 Jul 2024 · Currently, the provisions of section 2(19AA) of the Income-tax Act, 1961 (Act) define “demerger” in relation to companies, as a means of transfer undertaken pursuant … by bb\\u0026tWeb8 Feb 2024 · Section 2(19AA) Demerger of Income Tax Act 1961. #taxationinindia #directtaxation #taxguru #taxes - YouTube. Section 2(19AA) of Income Tax Act 1961. #taxguruji #icaistudents … byb business