Specified person definitions govern tax deduction, collection, contractor payments, digital asset transfers, and compliance treatment of trusts and institutions.

Specified person has distinct meanings under the Income-tax Act, 2025 according to the operative context. For tax deduction at source and tax collection at source, it includes any person other than an individual or Hindu undivided family, and an individual or Hindu undivided family whose business sales, gross receipts or turnover exceed one crore rupees, or whose professional receipts exceed fifty lakh rupees, in the immediately preceding tax year. It also applies to a wholly owned subsidiary meeting specified residence and investment conditions and to persons registered for non-profit organisation purposes.

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