AI Drafter 
TaxTMI 
TaxTMI 
TaxTMI 
Definitions [Clause (15A) to Clause (30)] - "Chief Commissioner" to "Non-resident"
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....Director General of Income-tax] under sub-section (1) of section 117;] ^2[^3[(15B)] "child", in relation to an individual, includes a step-child and an adopted child of that individual;] ^88[(16) "Commissioner" means a person appointed to be a Commissioner of Income-tax or a Director of Income-tax or a Principal Commissioner of Income-tax or a Principal Director of Income-tax under sub-section (1) of section 117;] ^6[(16A) "Commissioner (Appeals)" means a person appointed to be a Commissioner of Income-tax (Appeals) under sub-section (1) of section 117 ;] ^7[(17) "company" means- (i) any Indian company, or (ii) any body corporate incorporated by or under the laws of a country outside India, or (iii) any institution, association or body which is or was assessable or was assessed as a company for any assessment year under the Indian Income-tax Act, 1922 (11 of 1922), or which is or was assessable or was assessed under this Act as a company for any assessment year commencing on or before the 1st day of April, 1970, or (iv) any institution, association or body, whether incorporated or not and whether Indian or non-Indian, which is declare....
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...., namely :- (A) shares in the company (not being shares entitled to a fixed rate of dividend whether with or without a further right to participate in profits) were, as on the last day of the relevant previous year, listed in a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956), and any rules made thereunder ; ^13[(B) shares in the company (not being shares entitled to a fixed rate of dividend whether with or without a further right to participate in profits) carrying not less than fifty per cent of the voting power have been allotted unconditionally to, or acquired unconditionally by, and were throughout the relevant previous year beneficially held by- (a) the Government, or (b) a corporation established by a Central, State or Provincial Act, or (c) any company to which this clause applies or any subsidiary company of such company ^14[if the whole of the share capital of such subsidiary company has been held by the parent company or by its nominees throughout the previous year.] Explanation.-In its application to an Indian company whose business consists mainly in ....
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....es in the demerged company (other than shares already held therein immediately before the demerger, or by a nominee for, the resulting company or, its subsidiary) become shareholders of the resulting company or companies by virtue of the demerger, otherwise than as a result of the acquisition of the property or assets of the demerged company or any undertaking thereof by the resulting company; (vi) the transfer of the undertaking is on a going concern basis; (vii) the demerger is in accordance with the conditions, if any, notified under sub-section (5) of section 72A by the Central Government in this behalf. Explanation 1.-For the purposes of this clause, "undertaking" shall include any part of an undertaking, or a unit or division of an undertaking or a business activity taken as a whole, but does not include individual assets or liabilities or any combination thereof not constituting a business activity. Explanation 2.-For the purposes of this clause, the liabilities referred to in sub-clause (ii), shall include- (a) the liabilities which arise out of the activities or operations of the undertaking; (b) the specific loans or borrowings (i....
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....he Official Gazette in this behalf;] (19AAA) "demerged company" means the company whose undertaking is transferred, pursuant to a demerger, to a resulting company;] (19B) "Deputy Commissioner (Appeals)" means a person appointed to be a Deputy Commissioner of Income-tax (Appeals) ^105[****] under sub-section (1) of section 117 ;] ^20[(19C) "Deputy Director" means a person appointed to be a Deputy Director of Income-tax ^21[****] under sub-section (1) of section 117 ;] (20) "director", "manager" and "managing agent", in relation to a company, have the meanings respectively assigned to them in the Companies Act, 1956 (1 of 1956) ; ^89[(21) "Director General or Director" means a person appointed to be a Director General of Income-tax or a Principal Director General of Income-tax or, as the case may be, a Director of Income-tax or a Principal Director of Income-tax, under sub-section (1) of section 117, and includes a person appointed under that sub-section to be an Additional Director of Income-tax or a Joint Director of Income-tax or an Assistant Director or Deputy Director of Income-tax;] (22) "dividend" includes- (a) any distribution by a company of ....
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....ate in the surplus assets ; ^27[(ia) a distribution made in accordance with sub-clause (c) or sub-clause (d) in so far as such distribution is attributable to the capitalised profits of the company representing bonus shares allotted to its equity shareholders after the 31st day of March, 1964, ^28[and before the 1st day of April, 1965] ;] (ii) any advance or loan made to a shareholder ^29[or the said concern] by a company in the ordinary course of its business, where the lending of money is a substantial part of the business of the company ; ^110[(iia) any advance or loan between two group entities, where,-- (A) one of the group entity is a "Finance Company" or a "Finance Unit"; and (B) the parent entity or principal entity of such group is listed on stock exchange in a country or territory outside India other than the country or territory outside India as may be specified by the Board in this behalf;] (iii) any dividend paid by a company which is set off by the company against the whole or any part of any sum previously paid by it and treated as a dividend within the meaning of sub-clause (e), to the extent to which it is so se....
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....ry services as per the relevant regulations made by the International Financial Services Centres Authority established under section 4 of the said Act; (d) "group entity", "parent entity" and "principal entity" shall be such entities which satisfy such conditions as prescribed in this behalf.] ^33[(22A) "domestic company" means an Indian company, or any other company which, in respect of its income liable to tax under this Act, has made the prescribed arrangements for the declaration and payment, within India, of the dividends (including dividends on preference shares) payable out of such income;] ^34[(22AA)"document" includes an electronic record as defined in clause (t)of sub-section (1) of section 2 of the Information Technology Act, 2000 (21 of 2000);] ^78[(22AAA) "electoral trust" means a trust so approved by the Board in accordance with the scheme made in this regard by the Central Government;] ^35[^36[(22B)] "fair market value", in relation to a capital asset, means- (i) the price that the capital asset would ordinarily fetch on sale in the open market on the relevant date ; and (ii) where the price referred to in sub-clause (i) i....
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....t ; (iiib) any allowance granted to the assessee either to meet his personal expenses at the place where the duties of his office or employment of profit are ordinarily performed by him or at a place where he ordinarily resides or to compensate him for the increased cost of living ;] (iv) the value of any benefit or perquisite, whether convertible into money or not, obtained from a company either by a director or by a person who has a substantial interest in the company, or by a relative of the director or such person, and any sum paid by any such company in respect of any obligation which, but for such payment, would have been payable by the director or other person aforesaid ; ^43[(iva) the value of any benefit or perquisite, whether convertible into money or not, obtained by any representative assessee mentioned in clause (iii) or clause (iv) of sub-section (1) of section 160 or by any person on whose behalf or for whose benefit any income is receivable by the representative assessee (such person being hereafter in this sub-clause referred to as the "beneficiary") and any sum paid by the representative assessee in respect of any obligation which, but f....
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....se (10D) of section 10 ;] ^54[(xii) any sum referred to in ^55[clause (va)] of section 28;] ^97[(xiia) the fair market value of inventory referred to in clause (via) of section 28; ] ^56[(xiii) any sum referred to in clause (v) of sub-section (2) of section 56;] ^57[(xiv) any sum referred to in clause (vi) of sub-section (2) of section 56;] ^81[(xv) any sum of money or value of property referred to in clause (vii) ^83[or clause (viia)] of sub-section 2 of section 56;] ^86[(xvi) any consideration received for issue of shares as exceeds the fair market value of the shares referred to in clause (viib) of sub-section (2) of section 56;] ^90[(xvii) any sum of money referred to in clause (ix) of sub-section (2) of section 56;] ^95[ (xviia) any sum of money or value of property referred to in clause (x) of sub-section (2) of section 56; ] ^98[(xviib) any compensation or other payment referred to in clause (xi) of sub-section (2) of section 56;] ^106[(xviic) any sum referred to in clause (xii) of sub-section (2) of section 56; (xviid) any sum referred to in clause (xiii) of sub-section (2) of....
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....4[(26A) "infrastructure capital company" means such company which makes investments by way of acquiring shares or providing long-term finance to any enterprise or undertaking wholly engaged in the business referred to in sub-section (4) of section 80-IA or sub-section (1) of section 80-IAB or an undertaking developing and building a housing project referred to in sub-section (10) of section 80-IB or a project for constructing a hotel of not less than three-star category as classified by the Central Government or a project for constructing a hospital with at least one hundred beds for patients; (26B) "infrastructure capital fund" means such fund operating under a trust deed registered under the provisions of the Registration Act, 1908 (16 of 1908) established to raise monies by the trustees for investment by way of acquiring shares or providing long-term finance to any enterprise or undertaking wholly engaged in the business referred to in sub-section (4) of section 80-IA or sub-section (1) of section 80-IAB or an undertaking developing and building a housing project referred to in sub-section (10) of section 80-IB or a project for constructing a hotel of not less than three-star....
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....hy;ing from the transfer of a long-term capital asset;] ^82[(29BA) "manufacture", with its grammatical variations, means a change in a non-living physical object or article or thing,- (a) resulting in transformation of the object or article or thing into a new and distinct object or article or thing having a different name, character and use; or (b) bringing into existence of a new and distinct object or article or thing with a different chemical composition or integral structure;] ^72[(29C) "maximum marginal rate" means the rate of income-tax (including surcharge on income-tax, if any) applicable in relation to the highest slab of income in the case of an individual ^73[, association of persons or, as the case may be, body of individuals] as specified in the Finance Act of the relevant year ;] (29D) ^74[****] (30) "non-resident" means a person who is not a "resident" ^75[, and for the purposes of sections 92, 93 ^76[****] and 168, includes a person who is not ordinarily resident within the meaning of clause (6) of section 6] ; ***************** NOTES:- 1. Inserted vide Section 3 of the Direct Tax Laws (Am....
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....ired unconditionally by, and were throughout the relevant previous year beneficially held by- (a) the Government, or (b) a corporation established by a Central, State or Provincial Act, or (c) any company to which this clause applies or any subsidiary company of such company where such subsidiary company fulfils the conditions laid down in clause (b) of section 108 (hereinafter in this clause referred to as the subsidiary company), or (d) the public (not being a director, or a company to which this clause does not apply): (ii) the said shares were at any time during the relevant previous year the subject of dealing in any recognised stock exchange in India or were freely transferable by the holder to other members of the public ; and (iii) the affairs of the company, or the shares carrying more than fifty per cent of its total voting power were at no time during the relevant previous year controlled or held by five or less persons." Earlier, Amended vide Section 4 of the Finance Act, 1965 w.e.f. 01-04-1965 And was Amended vide Section 4 of the Finance Act, 1966 w.e.f. 01-04-1966 13. Substituted vi....
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....h subsidiary company fulfils the conditions laid down in clause (b) of section 108" 15. Inserted vide Section 3 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 16. Omitted vide Section 4 of the Finance (No. 2) Act, 1998 w.e.f. 01-10-1998 before it was read as, "or an Additional Commissioner of Income-tax" Earlier, Inserted vide Section 3 of the Finance Act, 1994 w.e.f. 01-06-1994 17. Inserted vide Section 3 of the Finance Act, 1999 w.e.f. 01-04-2000 18. Substituted vide Section 3 of the Finance Act, 2000 w.e.f. 01-04-2000 before it was read as, "the conditions specified in sub-clauses (i) to (vii) of this clause, to the extent applicable" 19. Inserted vide Section 3 of the Finance Act, 1994 w.e.f. 01-06-1994 20. Inserted vide Section 3 of the Finance Act, 1994 w.e.f. 01-06-1994 21. Omitted vide Section 4 of the Finance (No. 2) Act, 1998 w.e.f. 01-10-1998 before it was read as, "or an Additional Director of Income-tax" 22. Substituted vide Section 3 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 before it was read as,&nb....
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....(Amendment) Act, 1987 w.e.f. 01-04-1989 before it was read as, ", not being contributions made with a specific direction that they shall form part of the corpus of the trust or institution" 41. Substituted vide Section 3 of the Finance Act, 2006 w.e.f. 01-04-2007 before it was read as, "or by any university or other educational institution referred to in sub-clause (vi) or by any hospital or other institution referred to in sub-clause (via)" Earlier, inserted vide Section 3 of the Finance Act, 2006 w.e.f. 01-04-1999 42. Inserted vide Section 2 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1962 43. Inserted vide Section 3 of the Finance (No. 2) Act, 1980 w.e.f. 01-04-1980 44. Inserted vide Section 3 of the Finance Act, 1990 w.e.f. 01-04-1962 45. Inserted vide Section 3 of the Finance Act, 1990 w.e.f. 01-04-1962, w.e.f. 01-04-1967 46. Inserted vide Section 3 of the Finance Act, 1990 w.e.f. 01-04-1972 47. Re-lettered vide Section 3 of the Finance Act, 1990 w.e.f. 01-04-1962 before it was read as, "(va)" Earlier, Amended vide Section 4 of the Finance Ac....
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....e Section 3 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 before it was read as, "(27) "Inspecting Assistant Commissioner" means a person appointed to be an Inspecting Assistant Commissioner of Income-tax under sub-section (2) of section 117;" 66. Substituted vide Section 3 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 before it was read as, "sub-section (2)" 67. Inserted vide Section 3 of the Finance Act, 1976 w.e.f. 01-06-1976 68. Inserted vide Section 3 of the Finance Act, 1988 w.e.f. 01-04-1989 69. Inserted vide Section 3 of the Finance Act, 2001 w.e.f. 01-04-2002 70. Inserted vide Section 4 of the Finance (No. 2) Act, 1998 w.e.f. 01-10-1998 71. Inserted vide Section 3 of the Finance Act, 1987 w.e.f. 01-04-1988 72. Inserted vide Section 3 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 73. Inserted vide Section 3 of the Finance (No. 2) Act, 1991 w.e.f. 01-04-1991 74. Clause (29D) was to be inserted vide Schedule of the National Tax Tribunal Act, 2005 However, National Tax Tribunal Act, 20....
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....ointed to be a Chief Commissioner of Income-tax under sub-section (1) of section 117;]" 88. Substituted vide Section 3 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 before it was read as, "^4[(16) "Commissioner" means a person appointed to be a Commissioner of Income-tax ^84[or a Director of Income-tax] under sub-section (1) of section 117 ^5[****] ;]" 89. Substituted vide Section 3 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 before it was read as, "^22[(21) "Director General or Director" means a person appointed to be a Director General of Income-tax or, as the case may be, a Director of Income-tax, under sub-section (1) of section 117, and includes a person appointed under that sub-section to be ^23[an Additional Director of Income-tax or] a ^24[Joint Director] of Income-tax or an ^25[Assistant Director or Deputy Director] of Income-tax ;]" 90. Inserted vide Section 3 of the Finance (No. 2) Act, 2014 w.e.f. 01-04-2015 91. Inserted vide Section 3 of the Finance Act, 2015 w.e.f. 01-04-2016 92. Inserted vide Section 3 of the Finance Act, 2016 w.e.f. 01-06-20....