Ind AS 2- Inventories

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TDS Rates [Assessment year 2022-23]

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Important Definitions Under OECD TP Guidelines 2022

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The term “total income” has been defined in section 2 (45) of the Income-tax Act, 1961 (“the Act”) as, “the total amount of income referred to in section 5, computed in the manner laid down in the Act”. Therefore, while computing the total income, one has to have regard to the scope of income as specified in section 5 of the Act and then compute the income in the manner laid down in the Act. Section 5 prescribes scope of taxable total income for residents, not ordinarily residents and non-residents. Since the scope of taxable income and the tax liability varies with the residential status of the assessee it is important to determine the residential status of the assessee. The residential status has to be determined in accordance with section 6 of the Act. Scope of Total Income – Residents – Section 5 (1) Persons who are ‘Resident” are charged to tax on – (a) income received or deemed to be received in India in the accounting year, by or on behalf of such person, the date or place of it...
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