Company definition determines taxable status and includes Indian and foreign corporations, firms, and associations declared as companies. The statutory definition of Company for income-tax purposes includes Indian companies, foreign bodies corporate, institutions or associations assessed as ... Summary
Company definition determines taxable status and includes Indian and foreign corporations, firms, and associations declared as companies.
The statutory definition of Company for income-tax purposes includes Indian companies, foreign bodies corporate, institutions or associations assessed as companies under predecessor or current law within specified assessment years, and entities declared by the Board to be companies for specified years; a separate explanatory provision expressly includes firms and associations of persons or bodies of individuals within the term for a specified procedural section.
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