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of <h1>Section 2 defines key terms for tax law including income, assessee, capital asset, virtual digital asset, valuation, and exclusions</h1> Section 2 provides comprehensive definitions for terms used throughout the Act, specifying meanings of key concepts such as income, assessee, assessment, advance tax, annual value, business, capital asset (with exclusions), agricultural income, various officer designations, company types, amalgamation, demerger, dividend, transfer, short- and long-term capital assets/gains, virtual digital asset, books of account, fair market value, PAN, tax, total income, and others; it also clarifies interpretive rules, inclusions/exclusions, reference to related statutes and thresholds (e.g., population/distance for agricultural land), and empowers rules or notifications to further define or exclude items.
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