Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Equity Linked Savings Scheme 2005: Key Definitions Explained, Including 'Act,' 'Assessee,' and 'Investment' as per Income-tax Act.</h1> In the Equity Linked Savings Scheme, 2005, the term 'Act' refers to the Income-tax Act of 1961. An 'assessee' includes individuals, Hindu undivided families, or certain associations of persons, specifically those governed by community property laws in Goa and certain Union Territories. 'Investment' pertains to investments in Unit Trust or Mutual Fund units under the scheme. 'Mutual Fund' is defined as per the Income-tax Act, while 'Unit Trust' refers to entities under the Unit Trust of India Act, 2002. The term 'year' denotes the period from the date of unit allotment or holding. Undefined terms follow the Income-tax Act definitions.
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