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of <h1>Definition of 'Substantial Interest' in Income-tax Act: 20% Voting Power and Non-fixed Dividend Shares Under Section 2(32).</h1> A 'person who has a substantial interest in the company' under clause (32) of section 2 of the Income-tax Act 1961 refers to an individual who is the beneficial owner of shares in a company. These shares must not be entitled to a fixed rate of dividend, whether with or without a right to participate in profits, and must carry at least twenty percent of the voting power.
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