AI Drafter 
TaxTMI 
TaxTMI 
Definitions
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....poration owned or controlled by the Government under any law for the time being in force; and (b) all profits of the company up to the date of distribution or payment of dividend or upto the date of liquidation, as the case may be, in any other case; 5. "actual cost" in relation to a business capital asset shall be the cost computed under section 42; 6. "advance-tax" means the advance income-tax payable in accordance with the provisions of section 204; and 7. "advance ruling" shall have the meaning assigned to it in section 249; 8. "agreement" includes any arrangement or understanding or action in concert, whether or not such arrangement, understanding or action, is- (a) in writing; (b) formal; or (c) intended to be enforceable by legal proceedings; 9. "agreement of association" means,- (a) a partnership deed in relation to a firm; or (b) an oral, or written, agreement between the participants of any other unincorporated body; 10. "agreement for non-compete" means an agreement for,- (a) not carrying out any activ....
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....malgamated company; and (iii) the scheme of amalgamation is in accordance with the provisions of the Companies Act, 1956;and (b) a co-operative society means the merger of an amalgamating co-operative with an amalgamated co-operative, if - (i) all the assets and liabilities of the amalgamating co-operative immediately before the merger become the assets and liabilities of the amalgamated co-operative; (ii) the members holding seventy-five per cent. or more voting rights in the amalgamating co-operative become members of the amalgamated cooperative; and (iii) the shareholders holding seventy-five per cent or more in value of the shares in the amalgamating co-operative (other than the shares held by the amalgamated co-operative or its nominee or its subsidiary, immediately before the merger) become shareholders of the amalgamated co-operative; or (c) an unincorporated body or a proprietory concern means the succession of an amalgamating unincorporated body or proprietory concern with....
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....base; (b) who files a return of his tax base, regardless of the fact that he is otherwise not required to do so; (c) who is required to furnish any information or document under this Code; (d) in respect of whom any proceeding under this Code has been initiated; (e) by whom any tax, or any other sum of money, is payable under this Code; (f) to whom any amount of refund is payable under this Code; (g) who is deemed to be an assessee under any provision of this Code;or (h) who is an assessee in default; 24. "assessee in default" means,- (a) an assessee who has failed to fulfill his obligation under this Code and has consequently failed to make payment of any amount due from him to the Central Government; or (b) an assessee who is deemed to be assessee in default under any provision of this Code; 25. "Assessing Officer" means the Income Tax Officer, Assistant Commissioner, Assistant Director, Deputy Commissioner, Deputy Director, Joint Commissioner, Joint Director, Additional Commissi....
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....ncome" means the income for the period commencing from the date on which the debt instrument is acquired by the person or the beginning of the financial year, whichever is later, and ending on the date on which the security is sold, and calculated in the prescribed manner; 40. "business" includes - (a) any trade, commerce or manufacture; (b) any adventure, or concern of that nature; (c) any profession;and (d) any vocation; 41. "business asset" means- (a) business trading asset; or (b) business capital asset; 42. "business capital asset" means,- (a) any capital asset self -generated in the course of business; (b) any intangible capital asset in the nature of,- (i) goodwill of a business, (ii) a trade mark or brand name associated with the business, (iii) a right to manufacture or produce any article or thing, (iv) right to carry on any business....
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....business commences production or operation, in so far as such capital, debentures and long-term borrowings have been issued or obtained in connection with the extension of the business or the setting up of the new business of the company; 48. "capital gains" means the income as computed under section 47; 49. "Capital Gains Savings Scheme" means the scheme framed and prescribed by the Central Government in this behalf; 50. "card game and other game of any sort" includes any game show, an entertainment programme on television or electronic mode, in which people compete to win prizes or any other similar game; 51. "Chief Commissioner" means a person appointed to be a Chief Commissioner of Income-tax or Director General of Income-tax under section 130; 52. "child" in relation to an individual, includes a step-child and an adopted child of that individual; 53. "closely-held company" means a company which is not a widely held company; 54. "Coffee Board" means the Coffee Board constituted under section 4 of the Coffee Act, 1942; 55. "cold chain facility" means a chain of facilities for storage or transportation of agricultural and forest produce, meat and meat prod....
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....n stock of the family; or (b) any property which has been transferred by the individual, directly or indirectly, to the family otherwise than for adequate consideration; 66. "co-operative bank" shall have the meanings assigned to it in Part V of the Banking Regulation Act, 1949; 67. "co-operative sector company" means a company in which not less than fifty-one per cent of the paid up equity share capital is beneficially held by, one or more co-operative societies throughout the financial year; 68. "co-operative society" means a co-operative society registered under the Cooperative Societies Act, 1912 or under any State or Provincial Act for the time being in force for the registration of co-operative societies; 69. "Cost Inflation Index" in relation to a financial year means the index as the Central Government may specify by Notification in the Official Gazette, having regard to seventy-five per cent. of the average rise in the consumer price index for urban manual employees for the immediately preceding financial year; 70. "cost of construction" in relation to a building means all expenditure incurred on- (a) cost of land ....
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....under Chapter XI; 79. "deductor" means a person responsible for making any payment in respect of which he is liable to deduct tax at source under sub-chapter A of Chapter-XI; 80. "demerged company" means - (a) the company whose undertaking is transferred, pursuant to a demerger, to a resulting company; or (b) the authority or the body constituted or established under a Central, State or Provincial Act, or a local authority or a public sector company, which is split up or reconstructed, to form a resulting company; 81. "demerger" means - (a) the transfer, pursuant to a scheme of arrangement under sections 391 to 394 of the Companies Act, 1956, by a demerged company of one or more of its undertakings to any resulting company, if- (i) all the assets and liabilities of the undertaking or undertakings immediately before the transfer become the assets and liabilities of the resulting company; (ii) the assets and the liabilities are transferred at values (other than change in the value of assets consequent to their revaluation) appearin....
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....sp; (i) any distribution by a company of accumulated profits, whether capitalised or not, if such distribution entails the release by the company to its shareholders of all or any part of the assets of the company; (ii) any distribution to its shareholders by a company of debentures, debenture-stock, or deposit certificates in any form, whether with or without interest, and any distribution to shareholders of its preference shares by way of bonus, to the extent to which the company possesses accumulated profits, whether capitalised or not; (iii) any distribution made to the shareholders (other than shareholders not entitled in the event of liquidation to participate in the surplus assets) of a company on its liquidation, to the extent to which the distribution is attributable to the accumulated profits of the company immediately before its liquidation, whether capitalised or not; (iv) any distribution to its shareholders (other than shareholders not entitled in the event of liquidation to participate in the surplus assets) by a company on the reduction ....
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....o it under clause (d) of section 2 of the Disaster Management Act, 2005; 94. "due date" means,- (a) in relation to the return of tax bases, - (i) the 30th June following the financial year if the person is not a company and does not derive any income from business; or (ii) the 31st August following the financial year, in all other cases; or (b) in relation to any other return, the date as may be prescribed for such return; 95. "electoral trust" means a trust so approved by the Board in accordance with rules made in this regard by the Central Government. 96. "employer" means an entity which controls and directs an individual under an express or implied contract of employment and is obligated to pay compensation to him; 97. "equity oriented" in relation to a scheme means the scheme - (a) of a Mutual Fund registered under the Securities and Exchange Board of India Act, 1992 or regulations made thereunder; and (b) which invests sixty-five per cent or more of its investible funds in the form of equity shares i....
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.... agricultural land; (b) the building is used- (i) as a dwelling house, store-house, or other out-building, for agricultural purpose; or (ii) to carry out any process to render the produce raised or received by the owner fit to be taken to the market;and (c) the building is - (i) occupied by the cultivator or the receiver of rent-in-kind;or (ii) owned and occupied by the receiver of rent; 105."fees for technical services" (a) means any consideration (including any lump sum consideration) paid or payable directly or indirectly for - (i) rendering of any managerial, technical or consultancy services; (ii) provision of services of technical or other personnel; or (iii) development and transfer of a design, drawing, plan or software, or any other service of similar nature; and (b) does not include consideration for any construction, assembly, mining or like project undertaken by....
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....an Partnership Act, 1932 and shall include a limited liability partnership as defined in the Limited Liability Partnership Act, 2008; 111. "foreign company" means a company which is not a domestic company; 112."foreign currency" shall have the meanings assigned to it in section 2 of the Foreign Exchange Management Act, 1999; 113. "forward contract" means a contract with an authorised dealer, as defined in section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999), for providing a specified sum in a foreign currency on or after a stipulated future date at the rate of exchange specified in the contract; 114. "general public" shall have the same meaning assigned to in section 96; 115. "Global Depository Receipts" means any instrument (by whatever name called)- (a) created by the Overseas Depository Bank outside India against issue of foreign currency convertible bonds or ordinary shares, of a domestic company; and (b) issued to non-residents; 116. "gross total income" for a financial year means the aggregate of the gross total income from ordinary sources and the gross total income from special sources, for that fi....
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....n accordance with the Housing Finance Companies (NHB) Directions, 1989 given under section 30 and section 31 of the National Housing Bank Act, 1987; 126. "however" shall mean an alternative intention, or a contrast, with the previous section, sub-section, clause, sub-clause, item or phrase, as the case may be, and a modification of it under such circumstances as specified therein. 127. "incidental financial charges" means any fee, commission, brokerage, premium, tax payable or any other similar expenditure incurred for the purposes of borrowing or raising capital or incurring any debt or in respect of any credit facility which has not been utilized; 128. "income" includes,- (a) gross salary referred to in section 21; (b) gross rent referred to in section 25; (c) the amount of any accrual or receipt from the businesses referred to in column (2) of Table-1 in sub-section (2) of section 30; (d) gross earnings from the business referred to in section 31; (e) full value of the consideration received or accruing as a result of the transfer of any investment asset r....
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.... economic zone or any other maritime zone as defined in the Territorial Waters, Continental Shelf, Exclusive Economic Zone and Other Maritime Zones Act, 1976; (c) the air space above its territory and territorial waters; or (d) the seabed and the subsoil underlying the territorial waters; 142. "Indian company" means a body corporate which,- (a) is registered or established by or under,- (i) the Companies Act, 1956; or (ii) a Central, State or Provincial Act; (iii) any law relating to companies formerly in force in any part of India other than the State of Jammu and Kashmir; (iv) any law for the time being in force in the State of Jammu and Kashmir; and (b) has its registered or, as the case may be, principal office in India; 143. "Indian income-tax" means income-tax charged in accordance with the provisions of this Code; 144. "Indian rate of tax" means the rate determined by dividing the amount of Indian income-tax after deductio....
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....n by - (a) an employer on the life of an employee or a former employee; or (b) a person on the life of another person who is, or was, connected in any manner whatsoever with the business of the first-mentioned person; 156. "khadi" and "village industries" have the meanings respectively assigned to them in the Khadi and Village Industries Commission Act, 1956 ; 157. "know-how" means any industrial information or technique likely to assist in the manufacture or processing of goods or in the working of a mine, oil-well or other sources of mineral deposits (including searching for discovery or testing of deposits for the winning of access thereto); 158. "legal representative" has the meaning assigned to it in clause (11) of section 2 of the Code of Civil Procedure, 1908; 159. "liabilities" in relation to a demerger or slump sale shall include- (a) the liabilities which arise out of the activities or operations of the undertaking; (b) the specific loans or borrowings (including debentures) raised, incurred and utilised solely for the activities or operations of the undertaking; and ....
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....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; 168. "material" includes any books of account, document, money, bullion, jewellery or other valuable article or thing; 169. "maximum marginal rate" means the rate of income-tax applicable in relation to the highest slab of income in the case of an individual, as specified in the First Schedule; 170. "medical authority" means,- (i) the medical authority referred to in clause (p) of section 2 of the Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995; or (ii) such other medical authority as may be notified by the Central Government for this purpose. 171. "mineral" includes a group of associated minerals specified in Part A or....
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....ion 96; 183. "non-resident" means a person who is not a resident; 184. "non-resident deductee" means a person who is non-resident in India and receives any amount which is liable to deduction of tax at source under Chapter XI; 185. "notice" means the legal instrumentality by which intimation is provided; 186. "option" in relation to sweat equity shares means a right but not an obligation, granted to an employee to apply for the sweat equity shares at a predetermined price; 187. "original investment asset" means an investment asset in respect of which deduction under section 53 is claimed; 188. "Overseas Depository Bank" means a bank authorised by the issuing company to issue Global Depository Receipts against issue of Foreign Currency Convertible Bonds or ordinary shares of the issuing company; 189. "owner" in relation to a house property and land appurtenant thereto shall include,- (a) an individual who transfers otherwise than for adequate consideration any house property to his or her spouse, not being a transfer in connection with an agreement to live apart, or to a minor child not being a married daughter; (b) th....
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....f the enterprise is wholly or partly carried on; 199. "permitted derivative transaction" means any transaction in derivatives, if- (a) it is carried out electronically on screen-based systems of a recognised stock exchange; (b) it is carried out by a bank or mutual fund or any other person, through a financial intermediary; and (c) it is supported by a time stamped contract note issued by the financial intermediary to every client indicating in the contract note - (i) the unique client identity number allotted under any relevant Act; and (ii) the permanent account number allotted under this Code; 200. "permitted financial institution" means,- (a) a banking company or a scheduled bank; (b) a non-banking financial company; (c) a public financial institution; (d) State financial corporations; (e) State industrial investment corporations; or (f) a housing-finance development company; 201. "permitted s....
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....use (j) of section 2 of the National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities Act, 1999. 208. "person with severe disability" means,- (i) a person with eighty per cent or more of one or more disabilities, as referred to in sub-section (4) of section 56 of the Persons With Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995; or (ii) a person with severe disability referred to in clause (o) of section 2 of the National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities Act, 1999. 209. "personal effect" in relation to a capital asset means any movable property (including wearing apparel and furniture) held for personal use by the assessee or any member of his family dependant on him, but excludes,- (a) jewellery; (b) archaeological collections; (c) drawings; (d) paintings; (e) sculptures; and (f) any work of art; 210. "perquisite" means the following ame....
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....development bank" means a society having its area of operation confined to a taluk and the principal object of which is to provide for long-term credit for agricultural and rural development activities; 218. "principal officer" in relation to a person, being a local authority or any other public body or a company or an unincorporated body, means- (a) the secretary, treasurer, manager or agent of the person, or (b) any person connected with the management or administration of the person upon whom the Assessing Officer has served a notice of his intention of treating him as the principal officer thereof; 219. "private discretionary trust" means any entity, whether incorporated or not, which fulfills the following conditions:- (a) the shares of its beneficiaries are indeterminate or unknown; (b) it is not a non-profit organisation; and (c) it is not registered under any law of the Central, State or Provincial Government for the regulation of the religious endowments; 220. "profits in lieu of, or in addition to, any salary" includes- (a) the....
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.... said country in respect of double taxation, divided by the whole amount of the income as assessed in the said country; 228. "rate in force" , in relation to a financial year means the rate of income-tax specified for the relevant purpose - (a) in this Code; (b) in the Finance Act of the relevant year; or (c) in the relevant agreement entered into by the Central Government under section 258; 229. "reassessment" means any assessment of tax base in pursuance to a notice issued under section 166, whether or not,- (a) a return of tax bases has been filed before, or after, the issue of the notice; or (b) an assessment of the tax base has been made before the issue of this notice; 230. "recognised stock exchange" means a recognised stock exchange as referred to in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956 and which fulfils such conditions as may be prescribed and notified by the Central Government for this purpose; 231. "recognised commodity exchanges" means a "registered association" as defined in clause (jj) of section 2 of the Forwa....
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....f the recipient chargeable under the head "Capital gains") for- (a) the transfer of all or any rights (including the granting of a licence) in respect of a patent, invention, model, design, secret formula, process, trade mark or similar property; (b) the imparting of any information concerning the working of, or the use of, a patent, invention, model, design, secret formula, process, trade mark or similar property; (c) the use of any patent, invention, model, design, secret formula, process, trade mark or similar property; (d) the imparting of any information concerning technical, industrial, commercial or scientific knowledge, experience or skill; (e) the use or right to use of any industrial, commercial or scientific equipment including ship or aircraft but excluding the amount, referred to in item numbers 10 and 11 of Table in the Fourteenth Schedule, which is subjected to tax in accordance with the provision of that schedule; (f) the use or right to use of transmission by satellite, cable, optic fiber or similar ....
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.... or termination of service or voluntary separation; (l) any payment received by an employee in respect of any period of leave not availed by him; (m) the contribution made by the employer in the financial year, to the account of an employee maintained with the permitted savings intermediaries referred to in sub-section (2) of section 66; (n) any contribution by the employer to any fund other than an approved fund or the interest, if any, on such contributions; (o) any annuity, pension or any commutation thereof; (p) any gratuity; 245. "scheduled bank" means any bank listed in the Second Schedule to the Reserve Bank of India Act, 1934; 246. "Scheduled Caste" and "Scheduled Tribe" shall have the meanings respectively assigned to them in clauses (24) and (25) of article 366 of the Constitution; 247. "scientific research and development" shall mean systemic investigation and search in a field of technology, natural or applied science (including agriculture, animal husbandary or fisheries) if,- (a) it is carri....
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....s accounting, banking, merchant banking, communication, conveying of news or information, advertising, entertainment, amusement, education, financing, insurance, chit funds, real estate, construction, transport, storage, processing, supply of electrical or other energy, boarding and lodging; 253. "Sikkimese" means,- (a) an individual, whose name is recorded in the register maintained under the Sikkim Subjects Regulation, 1961 read with the Sikkim Subject Rules, 1961 (herein after referred to as the "Register of Sikkim Subjects"), immediately before the 26th day of April, 1975; (b) an individual, whose name is included in the Register of Sikkim Subjects by virtue of the Government of India Order No.26030/36/90-I.C.I., dated the 7th August, 1990 and Order of even number dated the 8th April, 1991; or (c) any other individual, whose name does not appear in the Register of Sikkim Subjects, but it is established beyond doubt that the name of such individual's father or husband or paternal grandfather or brother from the same father has been recorded in that register; 254. "slump sale" means th....
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....; (b) information technology service; (c) entertainment service; (d) pharmaceutical industry; (e) bio-technology industry; and (f) any other industry or service, as may be specified by the Central Government, by notification in the Official Gazette; 261. "specified territory" means any area outside India and notified as such by the Central Government. 262. "speculative transaction" means a transaction in which a contract for the purchase or sale of any commodity, including stocks and shares, is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips other than the following transactions: (a) a permitted derivative transaction; (b) a contract in respect of raw materials or merchandise entered into by a person in the course of his manufacturing or merchandising business to guard against loss through future price fluctuations in respect of his contracts for actual delivery of goods manufactured by him or merchandise sold by him; &n....
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....ved under section 151 for the immediately preceding financial year; 270. "subsidiary" shall have the meaning assigned to it in section 4 of the Companies Act, 1956 and includes subsidiary incorporated outside India; 271. "successor" in relation to a business reorganisation means - (a) the amalgamated company or amalgamated cooperative, in the case of amalgamation; (b) the merged company in the case of business reorganisation referred to in subclause (b) of clause (45). (c) the resulting company, in the case of demerger; 272. "successor in business" means,- (a) a successor in relation to a business reorganisation; (b) a firm which succeeds another firm carrying on a business; and (c) a person who succeeds any other person in a business; 273. "sweat equity share" means,- (a) any security underlying any employees stock option granted under any plan, or scheme, of the employer; or (b) any security issued by a company to its employee or director, at a dis....
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....s of the predecessor or to ensure that the business reorganisation is for genuine business purpose. 281. "threshold limit" means the maximum amount which is not liable to income-tax. 282. "tonnage income scheme" means a scheme for computation of profits of business of operating qualifying ships under the provisions of the Tenth Schedule; 283. "total income" of a financial year means the total income computed under section 71 for that financial year; 284. "total income from special sources" of a financial year means the net result of the aggregation under sub-section (4) of section 59 for that financial year. 285. "total turnover" in relation to a business means the gross sum received or receivable by the assessee, directly or indirectly, in respect of his world-wide sale of goods or supply of services, as the case may be, of the business including any tax, duty, cess or fee (by whatever name called) collected or collectible in respect of the sale or supply; 286. "trade debt" means a debt,- (a) which has been taken into account in computing the income of the assessee in any financial year; or (b) which is mone....
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....eneficial interest in the securities held by a depository as registered owner; (o) distribution of the asset to a participant in an unincorporated body on account of his retirement from the body; and (p) any disposition, settlement, trust, covenent, agreement or arrangement. 288. "Transfer Pricing Officer" means an Additional Commissioner, Joint Commissioner, Deputy Commissioner or Assistant Commissioner, authorised by the Board to perform all or any of the functions for determining the arm's length price in respect of an international transaction and levy any panealty connected thereto, in respect of any person or class of persons; 289. "transportation charge" includes - (a) any amount paid (whether in or out of India) to the assessee, or to any person on his behalf, on account of the carriage of passengers, livestock, mail or goods shipped to, or from, any place in India; (b) any amount received or deemed to be received in India by or behalf of the assessee on account of the carriage of passengers, livestock, mail or goods shipped at any place outside India;....
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....means - (a) an area 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 more than ten thousand according to the last preceding census of which the relevant figures have been published before the first day of the financial year; or (b) an area within such distance from the local limits of any municipality or cantonment board referred to in item (a), as the Central Government may having regard to the extent of, and scope for, urbanisation of that area and other relevant considerations, specify in this behalf by notification in the Official Gazette; 303. "urband development authority" means any authority constituted in India by, or under, any law enacted for the purpose of - (a) dealing with and satisfying the need for housing accommodation; or (b) planning, development or improvement of cities, towns and villages; 304. "Valuation date" in relation to wealth tax means the 31st day of Mar....
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.... allowed as a deduction in computing the amount with reference to which such tax is charged, but does not include any tax chargeable with reference to the value of any particular asset of the business; 313. "widely held company" means - (a) a company owned by the Government or the Reserve Bank of India; (b) a company in which not less than forty per cent of the paid-up share capital is held (whether singly or taken together) by the Government or the Reserve Bank of India or a corporation owned by that bank; (c) a company registered under section 25 of the Companies Act, 1956; (d) a mutual benefit finance company; (e) a co-operative sector company; (f) a public company; (g) a company in which not less than fifty per cent of the paid up equity share capital is held throughout the relevant financial year, by the companies (whether singly or taken together) to which this clause applies; or (h) a company which is not a private company as defined in section 3 of th....