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of <h1>Finance Act 2007: New Definitions for Income-tax Roles, Clarifies Personal Effects, Updates 'India' Definition & Capital Assets Rules.</h1> The Finance Act, 2007 amends section 2 of the Income-tax Act by introducing new definitions and modifying existing ones. It defines roles such as 'Additional Commissioner,' 'Additional Director,' and 'Assistant Director' of Income-tax, with retrospective effect from various dates. The amendment clarifies that personal effects exclude items like jewelry and artworks. It updates the definition of 'India' to align with the Territorial Waters Act, 1976. Additionally, it addresses capital assets related to specified securities and sweat equity shares, defining the period from the date of allotment or transfer for tax purposes.
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