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        Income Tax

        Section 66 - Interpretation.

        Income-tax Act, 2025
        Part D
        Profits and gains of business or profession

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        Definitions for business income provisions clarify agreement, paid, plant, scientific research, speculative transactions, and specified derivative transaction rules. Section 66 supplies definitions for Part D of the chapter on profits and gains of business or profession. It expands key expressions such as agreement, banking company, long-term finance, paid, plant, scientific research, service, speculative transaction, and specified derivative transaction, and links several terms to meanings given in other enactments or chapters. It also sets out exclusions and conditions for speculative and derivative transactions, including screen-based trading and contract-note requirements.
                    Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                      Provisions expressly mentioned in the judgment/order text.

                          Definitions for business income provisions clarify agreement, paid, plant, scientific research, speculative transactions, and specified derivative transaction rules.

                          Section 66 supplies definitions for Part D of the chapter on profits and gains of business or profession. It expands key expressions such as agreement, banking company, long-term finance, paid, plant, scientific research, service, speculative transaction, and specified derivative transaction, and links several terms to meanings given in other enactments or chapters. It also sets out exclusions and conditions for speculative and derivative transactions, including screen-based trading and contract-note requirements.


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