Definition changes in income-tax law expand 'firm', introduce 'electoral trust', define 'manufacture', and include scheduled bank references. The Income-tax Act's section 2 is amended to broaden charitable-purpose language to include environmental and heritage preservation, to insert a new definition of 'electoral trust' approved by the Board under a Central Government scheme, to redefine 'firm', 'partner', and 'partnership' to include limited liability partnerships and minor partners, to add a statutory definition of 'manufacture' covering transformation or creation of distinct non-living objects, and to extend references to 'public sector company' to include 'scheduled bank' with a cross-referenced Explanation.
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Definition changes in income-tax law expand 'firm', introduce 'electoral trust', define 'manufacture', and include scheduled bank references.
The Income-tax Act's section 2 is amended to broaden charitable-purpose language to include environmental and heritage preservation, to insert a new definition of "electoral trust" approved by the Board under a Central Government scheme, to redefine "firm", "partner", and "partnership" to include limited liability partnerships and minor partners, to add a statutory definition of "manufacture" covering transformation or creation of distinct non-living objects, and to extend references to "public sector company" to include "scheduled bank" with a cross-referenced Explanation.
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