Question
Under which section of the Income Tax Act, 1961, is the
term "person" defined?Solution
The term "person" is defined under Section 2(31) of the Income Tax Act, 1961. This definition is crucial in determining the tax liabilities and responsibilities of various entities and individuals under the Act.
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Selling price of article ‘A’ when sold at a profit of 25% is Rs. 250 more than its selling price when sold at a loss of 55%. If the cost price of ar...
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Article ‘P’, if sold at a profit of 35% earns a profit of Rs. 700. If article ‘P’ is marked 30% above its cost price and then sold after offerin...
The cost price of two dozen bananas is Rs. 96. After selling 18 bananas at the rate of Rs. 36 per dozen, the shopkeeper reduced the rate to Rs. 24 per d...
When a person sold an article, his profit% is 65% of the selling price. If the cost price is increased by 80% and the selling price remains the same, th...
