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of <h1>Key Definitions Under Income-tax Act, 1961: Demerger, Dividend, Income, Interest, and More Explained</h1> The statutory provisions define key terms under the Income-tax Act, 1961, including authorities such as Chief Commissioner, Commissioner, and Deputy Commissioner of Income-tax, and entities like companies, domestic and foreign companies, cooperative societies, and firms. Definitions clarify concepts like 'demerger,' specifying conditions for transfer of undertakings between companies, and 'dividend,' detailing various forms of distributions by companies and exclusions. 'Income' encompasses profits, gains, dividends, capital gains, and various specified receipts including winnings and subsidies. Other terms defined include 'interest,' 'legal representative,' 'long-term capital asset,' 'non-resident,' and 'fair market value.' These definitions establish the framework for tax liability, assessment, and administration under the Act, ensuring clarity on the scope and application of income tax provisions.
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