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of <h1>Section 2 defines key terms and scope for the Income-tax Act 2025, including virtual digital assets and valuation rules</h1> Section 2 furnishes comprehensive definitions for terms used throughout the Income-tax Act, 2025, specifying meanings and inclusions/exclusions for key concepts such as income, assessee, assessment, advance tax, agricultural income, capital asset, transfer, dividend, amalgamation, demerger, business trust, block of assets, books of account, virtual digital asset, and various offices and entities (Commissioner, Assessing Officer, Board, PAN, resident/non-resident, etc.). It clarifies scope, statutory cross-references, treatment of electronic records, valuation and holding periods, and exceptions, thereby establishing normative interpretive rules for applying the Act's provisions.
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