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of <h1>Income-tax Act Definitions: Key Terms Like Person, Transfer, Short-Term Capital Asset, and Virtual Digital Asset Explained</h1> The statutory provisions define key terms under the Income-tax Act, 1961, including 'person,' encompassing individuals, Hindu undivided families, companies, firms, associations, local authorities, and artificial juridical persons. Definitions cover 'substantial interest' in a company, 'previous year,' 'principal officer,' 'profession,' 'public sector company,' and 'public servant.' The term 'transfer' of a capital asset is broadly defined to include sale, exchange, relinquishment, compulsory acquisition, conversion to stock-in-trade, maturity of zero coupon bonds, and transactions involving immovable property. 'Short-term capital asset' refers to assets held for not more than twenty-four months, with shorter periods for specified securities and zero coupon bonds. The Act also defines 'resident,' 'slump sale,' 'tax,' 'tax credit certificate,' 'Tax Recovery Officer,' 'total income,' 'virtual digital asset,' and 'zero coupon bond,' specifying their scope and applicability for income tax purposes. Various explanations clarify computation periods and inclusions for capital gains and asset holding.
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