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of <h1>Finance Act 1994 Updates Income-tax Act: Adds Roles, Defines 'Security' & Revises Capital Asset Period</h1> The Finance Act, 1994, amends the Income-tax Act by updating section 2 to include additional roles and definitions. It adds 'Additional Commissioner of Income-tax' to clauses (19A) and (19B), effective June 1, 1994. Clause (19C) introduces the term 'Deputy Director' for specific appointments. Clause (21) is expanded to include 'Additional Director of Income-tax.' Clause (42A), effective April 1, 1995, is updated to include securities listed on recognized stock exchanges and units of specified mutual funds. It also introduces new explanations regarding the period reckoning for capital assets and defines 'security' as per the Securities Contracts (Regulation) Act, 1956.
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