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of <h1>Section 66 defines key terms for Part D of the Income-tax Act, 2025, clarifying treatment of payments, services, and entities</h1> Section 66 defines terms for Part D of the Income-tax Act, 2025, clarifying meanings of key concepts: 'agreement' (including informal or unenforceable arrangements), 'banking company'/'non-scheduled bank', 'commission or brokerage', 'commodities/securities transaction tax', 'fees for technical services', 'housing finance company', 'Keyman insurance policy', 'limited liability partnership', 'long-term finance' (repayment =5 years), 'paid' (actual payment or incurred under accounting method), 'permanent establishment', 'plant' (includes ships, vehicles, apparatus), 'predecessor'/'successor entity', 'rural branch', 'scientific research', 'service' (broad list of activities), 'speculative/ specified derivative transaction', and prescribed banking/online modes.
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