Lecture basic features of income tax background/History Income Tax Act of 1922


Firm means the relation between persons who have agreed to share the profits of a business carried on by all or anyone of them acting for all; Trust



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Firm means the relation between persons who have agreed to share the profits of a business carried on by all or anyone of them acting for all;
Trust means an obligation annexed to the ownership of a property and arising out of the confidence reposed in and accepted by the owner, or declared and accepted by the owner for the benefit of another, or of another and the owner, and includes a “unit trust”; and
Unit trust” means any trust under which beneficial interest are divided into units such that the entitlements of the beneficiaries to income or capital are determined by the number of units held.





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