Section 2(1) to 2(15) - Definitions [Clause (1) to Clause (15)] - 'Advance Tax' to 'Charitable Purpose'

Key Definitions Under Income-tax Act, 1961: Advance Tax, Agricultural Income, Amalgamation, Assessee, and Capital Asset

The statutory provisions define key terms under the Income-tax Act, 1961, including 'advance tax,' 'agricultural income,' 'amalgamation,' 'assessee,' 'assessment year,' 'block of assets,' 'business,' 'capital asset,' and 'charitable purpose.' Agricultural income encompasses rent or revenue from land used for agriculture, with specific exclusions for income from non-agricultural use. Amalgamation refers to the merger of companies under prescribed conditions. The term 'assessee' includes any person liable to pay tax or involved in assessment proceedings. Capital asset excludes stock-in-trade, personal effects (except certain valuables), and specified agricultural land. Charitable purpose includes relief of the poor, education, medical relief, environmental preservation, and advancement of public utility, subject to limitations on business activities generating receipts beyond prescribed thresholds. Definitions also cover various tax authorities and funds relevant to tax administration.