AI Drafter 
TaxTMI 
TaxTMI 
TaxTMI 
Definitions [Clause (31) to Clause (48)] - "Person" to "Zero Coupon Bond"
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.... object of deriving income, profits or gains;] (32) "person who has a substantial interest in the company", in relation to a company, means a person who is the beneficial owner of shares, not being shares entitled to a fixed rate of dividend whether with or without a right to participate in profits, carrying not less than twenty per cent of the voting power ; (33) "prescribed" means prescribed by rules made under this Act ; (34) "previous year" means the previous year as defined in section 3 ; ^67[(34A) "Principal Chief Commissioner of Income-tax" means a person appointed to be a Principal Chief Commissioner of Income-tax under sub-section (1) of section 117; (34B) "Principal Commissioner of Income-tax" means a person appointed to be a Principal Commissioner of Income-tax under sub-section (1) of section 117; (34C) "Principal Director of Income-tax" means a person appointed to be a Principal Director of Income-tax under sub-section (1) of section 117; (34D) "Principal Director General of Income-tax" means a person appointed to be a Principal Director General of Income-tax under sub-section (1) of section 117;] (35) "principal officer", used with reference to....
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....194BB] ^25[and 194D], the rate or rates of income-tax specified in this behalf in the Finance Act of the relevant year ;] ^26[(iii) for the purposes of deduction of tax under ^75[section 194LBA or] ^77[section 194LBB or section 194LBC or] section 195, the rate or rates of income-tax specified in this behalf in the Finance Act of the relevant year or the rate or rates of income-tax specified in ^27[an agreement entered into by the Central Government under section 90, or an agreement notified by the Central Government under section 90A, whichever is applicable by virtue of the provisions of section 90, or section 90A, as the case may be;]] (38) "recognised provident fund" means a provident fund which has been and continues to be recognised by the ^73[Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner] in accordance with the rules contained in Part A of the Fourth Schedule, and includes a provident fund established under a scheme framed under the Employees' Provident Funds Act, 1952 (19 of 1952) ; (39) ^29[****] (40) "regular assessment" means the assessment made under ^30[sub-section (3) of section 143] or section ....
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.... referred to in the said section ; ^82[(ba) in the case of a capital asset referred to in clause (via) of section 28, the period shall be reckoned from the date of its conversion or treatment;] ^40[(c) in the case of a capital asset being a share or shares in an Indian company, which becomes the property of the assessee in consideration of a transfer referred to in clause (vii) of section 47, there shall be included the period for which the share or shares in the amalgamating company were held by the assessee;] ^41[(d) in the case of a capital asset, being a share or any other security (hereafter in this clause referred to as the financial asset) subscribed to by the assessee on the basis of his right to subscribe to such financial asset or subscribed to by the person in whose favour the assessee has renounced his right to subscribe to such financial asset, the period shall be reckoned from the date of allotment of such financial asset ; (e) in the case of a capital asset, being the right to subscribe to any financial asset, which is renounced in favour of any other person, the period shall be reckoned from the date of the offer of such right by ....
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....olidating scheme of the mutual fund were held by the assessee; (he) in the case of a capital asset, being share or shares of a company, which is acquired by the non-resident assessee on redemption of Global Depository Receipts referred to in clause (b) of sub-section (1) of section 115AC held by such assessee, the period shall be reckoned from the date on which a request for such redemption was made;] ^80[(hf) in the case of a capital asset, being equity shares in a company, which becomes the property of the assessee in consideration of a transfer referred to in clause (xb) of section 47, there shall be included the period for which the preference shares were held by the assessee; ] ^81[(hg) in the case of a capital asset, being a unit or units, which becomes the property of the assessee in consideration of a transfer referred to in clause (xix) of section 47, there shall be included the period for which the unit or units in the consolidating plan of a mutual fund scheme were held by the assessee; ] ^84[(hh) in the case of a capital asset, being a unit or units in a segregated portfolio referred to in sub-section (2AG) of section 49, there shall....
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....e the meaning assigned to it in clause (47);] ^48[(43) "tax" in relation to the assessment year commencing on the 1st day of April, 1965, and any subsequent assessment year means income-tax chargeable under the provisions of this Act, and in relation to any other assessment year income-tax and super-tax chargeable under the provisions of this Act prior to the aforesaid date ^49[and in relation to the assessment year commencing on the 1st day of April, 2006, and any subsequent assessment year includes the fringe benefit tax payable under section 115WA] ;] ^50[(43A) "tax credit certificate" means a tax credit cer­tificate granted to any person in accordance with the provisions of Chapter XXII-B^[51] and any scheme made thereunder; (43B) ^52[****] ^53[(44) "Tax Recovery Officer" means any Income-tax Officer who may be authorised by the ^74[Principal Chief Commissioner or Chief Commissioner] or ^74A[Principal Commissioner or Commissioner], by general or special order in writing, to exercise the powers of a Tax Recovery Officer ^54[and also to exercise or perform such powers and functions which are conferred on, or assigned to, an Assessing Officer under this Act a....
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....ion, with the promise or representation of having inherent value, or functions as a store of value or a unit of account including its use in any financial transaction or investment, but not limited to investment scheme; and can be transferred, stored or traded electronically; (b) a non-fungible token or any other token of similar nature, by whatever name called; (c) any other digital asset, as the Central Government may, by notification in the Official Gazette specify: ^100[(d) any crypto-asset being a digital representation of value that relies on a cryptographically secured distributed ledger or a similar technology to validate and secure transactions, whether or not such asset is included in sub-clause (a) or sub-clause (b) or sub-clause (c):] Provided that the Central Government may, by notification in the Official Gazette, exclude any digital asset from the definition of virtual digital asset subject to such conditions as may be specified therein. Explanation.-For the purposes of this clause,- (a) "non-fungible token" means such digital asset as the Central Government may, by notification in the Official Gazette, specify; ....
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....Substituted vide Section 3 of the Finance Act, 1976 w.e.f. 01-06-1976 before it was read as, "in a case not falling under section 164" 8. Inserted by the Section 3 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 9. Inserted vide Section 3 of the Finance Act, 2002 w.e.f. 01-04-2003 10. Inserted vide Section 3 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 11. Omitted vide Section 2 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1989 before it was read as, "or section 167A" Earlier, Inserted vide Section 3 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 12. Inserted vide Section 3 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 13. Substituted vide Section 3 of the Finance Act, 1976 w.e.f. 01-06-1976 before it was read as, "in a case falling under section 164, the rate specified in that section" 14. Inserted vide Section 3 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 15. Inserted vide Section 3 of the ....
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....ommissioner" 29. Omitted vide Section 3 of the Finance Act, 1992 w.e.f. 01-04-1993 before it was read as, "(39) "registered firm" means a firm registered under the provisions of clause (a) of sub-section (1) of section 185 or deemed to be registered under the provisions of sub-section (6) of that section or under those provisions read with sub-section (7) of section 184;" Earlier, Omitted vide Section 3 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 before it was read as, "(39) "registered firm" means e firm registered under the provisions of clause (a) of sub-section (1) of section 185 or under that provision read with sub-section (7) of section 184;" And was Reintroduced vide Section 95 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1989 And was Substituted vide Section 2 of the Direct Tax Laws (Second Amendment) Act, 1989 w.e.f. 01-04-1989 before it was read as, "(39) "registered firm" means e firm registered under the provisions of clause (a) of sub-section (1) of section 185 or under that provision read with sub-section (7) of section 184;" 30. ....
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....1994 w.e.f. 1-4-1995. 42. Inserted vide Section 3 of the Finance Act, 1995 w.e.f. 01-04-1996. 43. Inserted vide Section 3 of the Finance Act, 1999 w.e.f. 01-04-2000 44. Inserted vide Section 3 of the Finance Act, 2003 w.e.f. 01-04-2004. 45. Inserted vide Section 3 of the Finance Act, 1994 w.e.f. 1-4-1995. 46. Inserted vide Section 3 of the Finance Act, 1987 w.e.f. 01-04-1988. 47. Inserted vide Section 3 of the Finance Act, 1999 w.e.f. 01-04-2000. Earlier clause (42C) was inserted vide Section 2 of the Direct Tax Laws (Second Amendment) Act, 1989 w.e.f. 01-04-1990 And later on Omitted vide Section 3 of the Finance Act, 1990 w.e.f. 01-04-1990 before it was read as, "(42C) "security" means a Government security as defined in clause (2) of section 2 of the Public Debt Act, 1944 (18 of 1944);". 48. Substituted vide Section 4 of the Finance Act, 1965 w.e.f. 01-04-1965 before it was read as, "(43) "tax" means income-tax and super-tax chargeable under the provisions of this Act;" 49. Inserted vide Section 3 of the Finance Act, 2005 w.e.f. 1-4-2006. 50. ....
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....46) "total world income" includes all income wherever accruing or arising, except incomes which are not included in the total income under any of the provisions of Chapter III and except any capital gains which are not includible in the total income of an assessee;" 56. Substituted vide Section 2 of the Taxation Laws (Amendment) Act, 1984 w.e.f. 01-04-1985 before it was read as, "(47) "transfer", in relation to a capital asset, includes the sale, exchange or relinquishment of the asset or the extinguishment of any rights therein or the compulsory acquisition thereof under any law;" 57. Inserted vide Section 3 of the Finance Act, 1987 w.e.f. 01-04-1988. 58. Inserted vide Section 3 of the Finance Act, 2005 w.e.f. 1-4-2006. 59. Inserted vide Section 3 of the Finance Act, 1987 w.e.f. 01-04-1988. 60. Inserted vide Section 3 of the Finance Act, 2005 w.e.f. 01-04-2006. Earlier clause (48) was omitted vide Section 3 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989. It was later re-introduced vide Section 95 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1989 ....
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..... 01-04-2016 76. Inserted vide Section 3 of the Finance Act, 2015 w.e.f. 01-04-2016 77. Inserted vide Section 3 of the Finance Act, 2016 w.e.f. 01-06-2016 78. Inserted vide Section 3 of the Finance Act, 2016 w.e.f. 01-04-2017 79. Inserted vide Section 3 of the Finance Act, 2017 w.e.f. 01-04-2018 80. Inserted vide Section 3 of the Finance Act, 2017 w.e.f. 01-04-2018 81. Inserted vide Section 3 of the Finance Act, 2017 w.e.f. 01-04-2018 82. Inserted vide Section 3 of the Finance Act, 2018 w.e.f. 01-04-2019 83. Substituted vide Section 3 of the Finance Act, 2018 w.e.f. 01-04-2019 before it was read as, "the Explanation to clause (38) of section 10" 84. Inserted vide Section 3 of the Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 85. Substituted vide Section 3 of the Finance Act, 2021 dated 28-03-2021 w.e.f. 01-04-2021 before it was read as, "undertakings as a result of the sale" 86. Inserted vide Section 3 of the Finance Act, 2021 dated 28-03-2021 w.e.f. 01-04-2021 87. Inserted vide Section 3 of the Finance Act, 2021 dated 28-03-2021....