DEFINE AND EXPLAIN FOLLOWING TERMS
ADVANCE TAX
AGRICULTURAL INCOME
"AMALGAMATION "
ADDITIONAL COMMISSIONER
ADDITIONAL DIRECTOR
ASSESSEE
ANNUAL VALUE
APPEROVED GRATUITY
ASSESSING OFFICER
DEFINE AND EXPLAIN FOLLOWING TERMS
ADVANCE TAX
AGRICULTURAL INCOME
"AMALGAMATION "
ADDITIONAL COMMISSIONER
ADDITIONAL DIRECTOR
ASSESSEE
ANNUAL VALUE
APPEROVED GRATUITY
ASSESSING OFFICER
Advance tax means income tax should be paid in advance instead of lump sum payment at year end. It is also known as pay as you earn tax. These payments have to be made in installments as per due dates provided by the income tax department.
" advance tax " means the advance tax payable in accordance with the provisions of chapter XVII-C"
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[[(1B)] "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 amalgamating company or companies and the company with which they merge or which is formed as a result of the merger, as the amalgamated company) in such a manner that—
(i) all the property of the amalgamating company or companies immediately before the amalgamation becomes the property of the amalgamated company by virtue of the amalgamation ;
(ii) all the liabilities of the amalgamating company or companies immediately before the amalgamation become the liabilities of the amalgamated company by virtue of the amalgamation ;
(iii) shareholders holding not less than 18[three-fourths] in value of the shares in the amalgamating company or companies (other than shares already held therein immediately before the amalgamation by, or by a nominee for, the amalgamated company or its subsidiary) become shareholders of the amalgamated company by virtue of the amalgamation,
otherwise than as a result of the acquisition of the property of one company by another company pursuant to the purchase of such property by the other company or as a result of the distribution of such property to the other company after the winding up of the first-mentioned company ;]
[(1C) "Additional Commissioner" means a person appointed to be an Additional Commissioner of Income-tax under sub-section (1) of section 117 ;
(1D) "Additional Director" means a person appointed to be an Additional Director of Income-tax under sub-section (1) of section 117 ;]
22(7) "assessee" means a person by whom [any tax] or any other sum of money is payable under this Act, and includes—
(a) every person in respect of whom any proceeding under this Act has been taken for the assessment of his income 25[or assessment of fringe benefits] or of the income of any other person in respect of which he is assessable, or of the loss sustained by him or by such other person, or of the amount of refund due to him or to such other person ;
(b) every person who is deemed to be an assessee under any provision of this Act ;
(c) every person who is deemed to be an assessee in default under any provision of this Act ;
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