Clause 314 - Interpretations in this Code.

Interpretation provisions define key tax concepts determining liability, taxable heads, and business reorganisation treatment under the Code.

This Chapter furnishes comprehensive definitions and interpretive rules central to the Code: it defines key subjects such as assessee, income, tax and tax bases, differentiates capital and business assets, specifies modes of transfer including business reorganisation forms (amalgamation, demerger, slump sale) and sets out procedural identities and measures (Assessing Officer, assessments, notices, due dates, fair market value and cost indices) that determine liability, computation and compliance under the Code.