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Definitions [Clause (1) to Clause (15)] - "Advance Tax" to "Charitable Purpose"
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....d occupied by the receiver of the rent or revenue of any such land, or occupied by the cultivator or the receiver of rent-in-kind, of any land with respect to which, or the produce of which, any process mentioned in paragraphs (ii) and (iii) of sub-clause (b) is carried on : ^4[Provided that- (i) the building is on or in the immediate vicinity of the land, and is a building which the receiver of the rent or revenue or the cultivator, or the receiver of rent-in-kind, by reason of his connection with the land, requires as a dwelling house, or as a store-house, or other out-building, and (ii) the land is either assessed to land revenue in India or is subject to a local rate assessed and collected by officers of the Government as such or where the land is not so assessed to land revenue or subject to a local rate, it is not situated- (A) in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee or by any other name) or a cantonment board and which has a population of not less than ten thousand ^44[****] ; or ^4....
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....mated company by virtue of the amalgamation ; (ii) all the liabilities of the amalgamating company or companies immediately before the amalgamation become the liabilities of the amalgamated company by virtue of the amalgamation ; (iii) shareholders holding not less than ^10[three-fourths] in value of the shares in the amalgamating company or companies (other than shares already held therein immediately before the amalgamation by, or by a nominee for, the amalgamated company or its subsidiary) become shareholders of the amalgamated company by virtue of the amalgamation, otherwise than as a result of the acquisition of the property of one company by another company pursuant to the purchase of such property by the other company or as a result of the distribution of such property to the other company after the winding up of the first-mentioned company ;] ^11[(1C) "Additional Commissioner" means a person appointed to be an Additional Commissioner of Income-tax under sub-section (1) of section 117; (1D) "Additional Director" means a person appointed to be an Additional Director of Income-tax under sub-section (1) of section 117;] (2) ....
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....Assistant Commissioner" means a person appointed to be an Assistant Commissioner of Income-tax ^25[or a Deputy Commissioner of Income-tax] under sub-section (1) of section 117;] ^26[(9B) "Assistant Director" means a person appointed to be an Assistant Director of Income-tax under sub-section (1) of section 117;] (10) "average rate of income-tax" means the rate arrived at by dividing the amount of income-tax calculated on the total income, by such total income ; ^27[(11) "block of assets" means a group of assets falling within a class of assets comprising- (a) tangible assets, being buildings, machinery, plant or furniture; (b) intangible assets, being know-how, patents, copyrights, trade-marks, licences, franchises or any other business or commercial rights of similar nature, ^60[not being goodwill of a business or profession,] in respect of which the same percentage of depreciation is prescribed ;] (12) "Board" means the ^28[Central Board of Direct Taxes constituted under the Central Boards of Revenue Act, 1963 (54 of 1963)]; ^29[(12A) "books or books of account" includes ledgers, day-books, ca....
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.... (e) sculptures; or (f) any work of art. Explanation .-For the purposes of this sub-clause, "jewellery" includes- (a) ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whether or not containing any precious or semi-precious stone, and whether or not worked or sewn into any wearing apparel; (b) precious or semi-precious stones, whether or not set in any furniture, utensil or other article or worked or sewn into any wearing apparel;] ^31[(iii) agricultural land in India, not being land situate- (a) in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand ^47[****] ; or ^48[(b) in any area within the distance, measured aerially,- (I) not being more than two kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than ten ....
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....mmerce or business, for a cess or fee or any other consideration, irrespective of the nature of use or application, or retention, of the income from such activity, unless- (i) such activity is undertaken in the course of actual carrying out of such advancement of any other object of general public utility; and (ii) the aggregate receipts from such activity or activities during the previous year, do not exceed twenty per cent. of the total receipts, of the trust or institution undertaking such activity or activities, of that previous year;] ***************** NOTES:- 1. Inserted vide Section 3 of the Direct Tax Laws (Amendment) Act, 1987 dated 24-01-1988 w.e.f. 01-04-1989 2. Renumbered vide Section 3 of the Direct Tax Laws (Amendment) Act, 1987 dated 24-01-1988 w.e.f. 01-04-1989 before it was read as, "(1)" 3. Substituted vide Section 2 of the Taxation Laws (Amendment) Act, 1970 w.e.f. 01-04-1962 before it was read as, "(a) any rent or revenue derived from land which is used for agricultural purposes and is either assessed to land revenue in India or is subject to ....
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....nbsp;Finance (No. 2) Act, 1998 w.e.f. 01-10-1998 21. Inserted vide Section 3 of the Finance Act, 2007 w.e.f. 01-06-1994 22. Inserted vide Section 3 of the Finance Act, 2007 w.e.f. 01-06-1994 w.e.f. 01-10-1996 23. Substituted vide Section 4 of the Finance (No. 2) Act, 1998 w.e.f. 01-10-1998 before it was read as, "Deputy Commissioner or Deputy Director" Earlier, "or Deputy Director" was inserted vide Section 3 of the Finance (No. 2) Act, 1996 w.e.f. 01-10-1996 24. Inserted vide Section 3 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 25. Inserted vide Section 4 of the Finance (No. 2) Act, 1998 w.e.f. 01-10-1998 26. Inserted vide Section 3 of the Finance Act, 2007 w.e.f. 01-04-1988 27. Substituted vide Section 4 of the Finance (No. 2) Act, 1998, w.e.f. 01-04-1999 before it was read as, "(11) "block of assets" means a group of assets falling within a class of assets, being buildings, machinery, plant or furniture, in respect of which the same percentage of depreciation is prescribed ;" Earlier, Omitted vide Section 4 of the Finance Act, 1965&n....
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.... 36. Inserted vide Section 3 of the Finance Act, 1999 w.e.f. 01-04-2000 37. Omitted vide Section 3 of the Finance Act, 1983 w.e.f. 01-04-1984 before it was read as, "not involving the carrying on of any activity for profit" 38. Inserted vide Section 3 of the Finance Act, 2008 w.e.f. 01-04-2009 39. Substituted vide Section 3 of the Finance Act, 2008 w.e.f. 01-04-2009 before it was read as, "(15) "charitable purpose" includes relief of the poor, education, medical relief, and the advancement of any other object of general public utility ^37[****];" 40. Inserted vide Section 3 of the Finance (No. 2) Act, 2009 w.e.f. 01-04-2009 41. Inserted vide Section 3 of the Finance Act, 2010 w.e.f. 01-04-2009 42. Substituted vide Section 3 of the Finance Act, 2011 w.e.f. 01-04-2012 before it was read as, "ten lakh rupees" 43. Inserted vide Section 3 of the Finance Act, 2012 w.e.f. 01-04-1962 44. Omitted vide Section 3 of the Finance Act, 2013 w.e.f. 01-04-2014 before it was read as, "according to the last preceding census of which the relevant figures hav....
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.... was read as, "Chief Commissioner" 53C. Substituted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 before it was read as, "Chief Commissioner" 54. Substituted vide Section 3 of the Finance Act, 2015 w.e.f. 01-04-2016 before it was read as, "^49[(13A) "business trust" means a trust registered as an Infrastructure Investment Trust or a Real Estate Investment Trust, the units of which are required to be listed on a recognised stock exchange, in accordance with the regulations made under the Securities Exchange Board of India Act, 1992 [15 of 1992] and notified by the Central Government in this behalf;]" 55. Inserted vide Section 3 of the Finance Act, 2015 w.e.f. 01-04-2016 56. Substituted vide Section 3 of the Finance Act, 2015 w.e.f. 01-04-2016 before it was read as, "Provided that the advancement of any other object of general public utility shall not be a charitable purpose, if it involves the carrying on of any activity in the nature of trade, commerce or business, or any activity of rendering any service in relation to any tra....