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of <h1>Finance Act 2001 Expands Definitions: Books Include Electronic Records, Lotteries Cover All Prizes, Insurers Defined Under Insurance Act</h1> The Finance Act, 2001, amends the Income-tax Act by adding new definitions and clarifications. Effective June 1, 2001, 'books or books of account' now include both physical and electronic records. The term 'document' is expanded to include electronic records as per the Information Technology Act, 2000. From April 1, 2002, 'lottery' encompasses all prize winnings from chance-based schemes, and 'card game and other game of any sort' includes competitive entertainment programs. Additionally, 'insurer' refers to Indian insurance companies registered under the Insurance Act, 1938.
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