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of <h1>Clause 66 of the Income Tax Bill 2025 Defines Key Terms for Sections 26-66, Clarifying Taxation Provisions</h1> Clause 66 of the Income Tax Bill, 2025, provides definitions for terms used in sections 26 to 66. It includes interpretations for terms like 'agreement,' 'banking company,' 'commodity derivative,' 'housing finance company,' 'Indian Institute of Technology,' 'limited liability partnership,' 'micro enterprise,' 'mineral oil,' 'National Housing Bank,' 'non-scheduled bank,' 'permanent establishment,' 'plant,' 'predecessor entity,' 'primary agricultural credit society,' 'public company,' 'rate of exchange,' 'recognised commodity exchange,' 'rent,' 'royalty,' 'rural branch,' 'scientific research,' 'service,' 'small enterprise,' 'speculative transaction,' 'State Government undertaking,' 'State Industrial Investment Corporation,' 'State Financial Corporation,' 'successor entity,' 'taxable commodities transaction,' 'taxable securities transaction,' and 'University.' These definitions clarify the application of the bill's provisions related to taxation on business profits and professional gains.
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