TaxTMI 
TaxTMI 
Interpretations in this Code.
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....ompany is in liquidation consequent to such compulsory acquisition by— (i) the Government; or (ii) a corporation 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 44; (6) "advance tax" means the advance tax payable in accordance with the provisions of section 205; (7) "advance ruling" shall have the meaning assigned to it in section 267; (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 &nb....
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.... (a) a company which merges with another company; or (b) a company which merges with another company to form a new company; (15) "amalgamating co-operative" means— (a) a co-operative which merges with another co-operative; or (b) every co-operative merging to form a new co-operative; (16) "amalgamation" in relation to— (a) a company means the merger of an amalgamating company or companies with an amalgamated company, if — (i) all the assets and liabilities of the amalgamating company immediately before the merger (other than the assets transferred, by sale or distribution on winding up, to the amalgamated company) become the assets and liabilities of the amalgamated company; (ii) shareholders holding seventy-five per cent. or more, in value of the....
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.... cent. of the total value of the shares in the company; and (iv) in the case of an amalgamating unincorporated body, all the participants immediately before the succession become the shareholders of the company in the same proportion in which their capital accounts stood in the books of such body on the date of the succession; (17) "Appellate Tribunal" means the Appellate Tribunal constituted under section 182; (18) "Approved Fund" means— (a) a provident fund, superannuation fund or gratuity fund approved in accordance with the provisions of the Nineteenth Schedule; (b) a pension fund, which has been approved by the Board in accordance with the Scheme framed and prescribed by the Central Government in this behalf; (c) any other fund which has been approved by the Board in accordance with the scheme framed and prescribed by the Central Government in this behalf. (19) "arm's length price" shall have the meaning assigned to it in section 124; (20) "assessee" means every person— &....
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.... (a) a business asset; or (b) an investment asset; (25) "Assistant Commissioner" means a person appointed to be an Assistant Commissioner of Income-tax under section 127; (26) "Assistant Director" means a person appointed to be an Assistant Director of Income-tax under section 127; (27) "associated concern" shall have the meaning assigned to "associated enterprise" in section 124; (28) "associated enterprise" shall have the meaning assigned to it in section 124; (29) "associated operation" shall have the meaning assigned to it in section 124; (30) "associated person" shall have the meaning assigned to it in section 124; (31) "backward classes" means such classes of citizens, other than the Scheduled Castes and the Scheduled Tribes, as may be notified, from time to time, by the Central Government or any State Government; (32) "banking company" means a company to which the Banking Regulation Act, 1949, applies; (33) "block of assets" means a group of business capital assets falling within a ....
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....uired in connection with, or in the course of, any business; (c) any tangible capital asset in the nature of a building, machinery, plant or furniture; or (d) any other capital asset not being land connected with or used for the purposes of any business of the assessee; (40) "business connection" in relation to a non-resident shall include a permanent establishment; (41) "business reorganisation" means reorganisation of business of two or more residents, involving— (a) an amalgamation; (b) a merger under a scheme sanctioned and brought into force by the Central Government under the Banking Regulation Act, 1949; or 10 of 1949. (c) a demerger; (42) "business trading asset" means stock-in-trade, consumable stores or raw materials held for the purposes of business; (43) "capital asset" means property of any kind held by an assessee other than business trading asset; (44) "capital employed in the business" in relation to actual cost m....
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.... of Income-tax or a Director of Income-tax under section 127; (54) "company" means— (a) any Indian company, (b) any body corporate incorporated by or under the laws of a country outside India, or (c) any person who is or was assessable or was assessed as a company under the Indian Income-tax Act, 1922, or the Income-tax Act, 1961; (55) "Competent Investigating Authority" means any income-tax authority not below the rank of Joint Commissioner prescribed as such; (56) "Comptroller and Auditor-General of India" means the Comptroller and Auditor General of India appointed under article 148 of the Constitution; (57) "computer software" means— (a) any computer programme recorded on any disc, tape, perforated media or other information storage device; or (b) any customised electronic data or any product or service of similar nature, as may be notified by the Board; (58) "Controller of Insurance" shall have the same meaning assigned to it i....
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....eveloped in connection with the extension of the business or the setting up of the new business of the assessee; (65) "cultivation" includes any process ordinarily employed by a cultivator or receiver-of-rent in kind to render the produce raised or received by him fit to be taken to market; (66) "current income from ordinary sources" means the net result of the aggregation under sub-section (1) of section 61; (67) "current income from the special source" means the income referred to in sub-section (2) of section 62; (68) "date of setting up of a business" means— (a) in the case of business of manufacturing, production or processing of goods, the date on which the manufacture, production or processing of the goods begins after successful trial run of the plant; or (b) in any other case, the date on which it is ready to commence its commercial operations; (69) "debt" includes a loan or borrowing; (70) "debt instrument" means a paper or electronic obligation that enables the borrower to raise funds by promising to repay t....
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....reof by the resulting company; (v) the transfer of the undertaking is on a going concern basis; and (vi) the transfer is in accordance with such other conditions as may be notified by the Central Government having regard to the necessity to ensure that the transfer is for genuine business purposes; or (b) the splitting up, or the reconstruction, of any authority or a body constituted or established under a Central, State or Provincial Act, or a local authority or a public sector company to form a resulting company, in accordance with the conditions as may be notified by the Central Government; (75) "Deputy Commissioner" means a person appointed to be a Deputy Commissioner of Income-tax under section 127; (76) "Deputy Director" means a person appointed to be a Deputy Director of Income-tax under section 127; (77) "Director" means a person appointed to be a Director of Income-tax under section 127; (78) "Director General" means a person appointed to be a Director General of Income-tax ....
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....ember or a partner or a shareholder, and in which he has a substantial interest; or (iii) to any person on behalf, or for the individual benefit, of such shareholder; (II) but does not include:— (a) any advance or loan made to a shareholder 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; (b) 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 set off; (c) any payment made by a company on purchase of its own shares from a shareholder in accordance with the provisions of section 77A of the Companies Act, 1956; and (d) any distribution of shares pursuant to a demerger by the resulting company to the shareholders of the demerged company (whether or not there is a reduction of capital in the demerged company); ....
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.... in whose case the authorisation has been issued; or (b) in the case of requisition under section 136, on the date on which all the books of accounts, other documents or assets are received by the Requisitioning Officer; (92) "ex-serviceman" means— (a) a person who has served in any rank, whether as combatant or noncombatant, in the armed forces of the Union (but excluding the Assam Rifles, Defence Security Corps, General Reserve Engineering Force, Lok Sahayak Sena, Jammu and Kashmir Militia and Territorial Army) for a continuous period of not less than six months after attestation and has been released, otherwise than by way of dismissal or discharge on account of misconduct or inefficiency; and (b) in the case of a deceased or incapacitated ex-serviceman, it includes the spouse, children, father, mother, minor brother, widowed daughter and widowed sister, wholly dependant upon such ex-serviceman immediately before his death or incapacitation; (93) "fair market value", in relation to an asset, means the price determined in ....
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.... (b) any incidental financial charges; (99) "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 public company; (100) "financial intermediary" means stock broker or sub-broker or such other intermediary registered under section 12 of the Securities and Exchange Board of India Act, 1992 or the Depositories Act, 1996; (101)"financial lease" with its grammatical variations, means a lease transaction where— (a) contract for lease is entered into between two parties for leasing of a specific asset; (b) such contract is for use and occupation of the asset by the lessee; ....
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....re date at the rate of exchange specified in the contract; (107) "general public" shall have the same meaning assigned to it in clause (c) of section 103; (108) "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; (109) "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 financial year; (110) "gross total income from ordinary sources" of a financial year means the net result of the aggregation under sub-section (2) or sub-section (3) of section 61, for that financial year; (111) "gross total income from the special source" of a financial year means the net result of the aggregation under sub-section (2) or sub-section (3) of section 62, for that special source for that financial year; (112) "head offic....
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....ble or any other similar expenditure incurred for the purposes of borrowing or incurring any debt or in respect of any credit facility which has not been utilised; (120) "income" includes,— (a) gross salary referred to in section 22; (b) gross rent referred to in section 26; (c) the amount of any accrual or receipt from the businesses referred to in column (2) of the Table in sub-section (2) of section 32; (d) gross earnings from the business referred to in section 32; (e) full value of the consideration received or accruing as a result of the transfer of any investment asset referred to in section 50; (f) gross residuary income referred to in section 58; (g) gross receipts referred to in section 93; (h) voluntary contributions received by a political party or an electoral trust; (i) any sum deducted at source on payment received, in accordance with the provisions....
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.... (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; (133) "Indian currency" shall have the same meaning as assigned to it in section 2 of the Foreign Exchange Management Act, 1999; (134) "Indian income-tax" means income-tax charged in accordance with the provisions of this Code; (135) "Indian rate of tax" means the rate determined by dividing the amount of Indian income-tax after deduction of any relief due under the provisions of this Code but before deduction of any relief due under section 207, by the total income; (136) "Indian ship" shall have the same meaning as assigned to it in clause (18) of section 3 of the Merchant Shipping Act, 1958; (137) ....
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....ed to be a Joint Director of Income-tax or an Additional Director of Income-tax under section 127; (145) "Keyman insurance policy" means a life insurance policy taken 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; (146) "khadi" and "village industries" shall have the meanings respectively assigned to them in the Khadi and Village Industries Commission Act, 1956; (147) "legal representative" shall have the same meaning as assigned to it in clause (11) of section 2 of the Code of Civil Procedure, 1908; (148) "liabilities" in relation to a demerger shall include— (a) the liabilities which arise out of the activities or operations of the undertaking; (b) the loans or borrowings (including debentures) raised, incurred and utilised solely for the activities or operations of the undertaking; and &n....
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....warded to any person by draw of lots or by chance or in any other manner whatsoever, under any scheme or arrangement by whatever name called; (156) "manufacture", with its grammatical variations, means a change in a nonliving 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; (157) "material" includes any books of account, document, money, bullion, jewellery or other valuable article or thing; (158) "maximum marginal rate" means the rate of income-tax applicable in relation to the highest slab of income in the case of an individual or Hindu undivided family or artificial juridical person, as specified in the First Schedule; (159) "medical authority" means,— (i) the medical authority referred to in clause (p) of section 2....
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....it for the members of any particular caste or religious community; (iii) it is established for the benefit of the general public or for the benefit of the Scheduled Castes, the Scheduled Tribes, backward classes, women or children; (iv) it is established for carrying on charitable activities; (v) it is not established for the benefit of any of its members; (vi) it actually carries on the charitable activities during the financial year; (vii) the actual beneficiaries of its activities are the general public, the Scheduled Castes, the Scheduled Tribes, backward classes, or women or children; and (viii) it is registered as such under section 98; (170) "non-resident" means a person who is not a resident; (171) "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 XIII; (172) "notice" means the legal i....
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....limited liability partnership as defined in the Limited Liability Partnership Act, 2008; and (b) any person who, being a minor, has been admitted to the benefits of partnership; (181) "partnership" shall have the same meaning as assigned to it in the Indian Partnership Act, 1932 and shall include a limited liability partnership as defined in the Limited Liability Partnership Act, 2008; (182) "permanent account number" means a permanent account number allotted to a person under section 292; (183) "permanent establishment" means a fixed place of business through which the business of a non-resident assessee is wholly or partly carried on and— (a) includes— (i) a place of management; (ii) a branch; (iii) an office; (iv) a factory; (v) a workshop; (vi) a sales outlet; &n....
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....ssessee; (184) "person" includes— (a) an individual, (b) a Hindu undivided family, (c) a company, (d) a co-operative society or any other society, (e) a firm, (f) a non-profit organisation, (g) an association of persons, (h) a body of individuals, (i) a local authority, (j) every artificial juridical person, not falling within any of the preceding sub-clauses; whether or not the society, firm or organisation, association, body, local authority or artificial juridical person was formed or established or incorporated with the object of deriving income; (185) "person having a substantial interest in a concern", with its grammatical variations, means— (a) a person who is the beneficial owner (including the beneficial ownership held by one or more of his relatives, in c....
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....s Act, 1999; (190) "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; (191) "perquisite" means,— (a) the amenity, facility, privilege or service, whether convertible into money or not, provided directly or indirectly to an employee by the employer, whether by way of reimbursement or otherwise, being— (i) the value of any accommodation computed in such manner as may be prescribed; (ii) any sum payable to effect an assurance on life or to effect a contract for an annuity; (iii) the value of any sweat e....
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....eed the amount permitted by the Reserve Bank of India; and (B) the income from employment excluding the amount of expenditure referred to in this sub-clause of such employee does not exceed five lakh rupees in the financial year; (192) "place of effective management" means— (i) the place where the board of directors of the company or its executive directors, as the case may be, make their decisions; or (ii) in a case where the board of directors routinely approve the commercial and strategic decisions made by the executive directors or officers of the company, the place where such executive directors or officers of the company perform their functions: (193) "plant" includes ships, aircrafts, vehicles, books, scientific apparatus and surgical equipment but does not include tea bushes, livestock, buildings or furniture and fittings; (194) "political party" means a political party registered and recognised under the Representation of the People Act, 1951; ....
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....rganisation; and (c) it is not registered under any law of the Central, State or Provincial Government for the regulation of the religious endowments; (202)"profits in lieu of or in addition to any salary" includes— (a) the amount of any compensation due to or received by an employee from his employer or former employer at or in connection with his voluntary retirement, the termination of his employment, or the modification of the terms and conditions relating thereto; (b) any sum received under a keyman insurance policy including the sum allocated by way of bonus on such policy, if any part of the contribution to the policy is made by his employer or former employer; and (c) any amount due to or received, directly or indirectly, by any assessee from any person— (i) before his joining any employment with that person; or (ii) after cessation of his employment with that person; (203) "public company" shall have t....
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....d in clause (jj) of section 2 of the Forward Contracts (Regulation) Act, 1952; (213)"registered valuer" means a person registered as such by the Board for determining the value of any asset in accordance with the procedure as may be prescribed; (214) "relative", in relation to an individual, means— (a) spouse of the individual; (b) brother or sister of the individual; (c) brother or sister of the spouse of the individual; (d) brother or sister of either of the parents of the individual; (e) any lineal ascendant or descendant of the individual; (f) any lineal ascendant or descendant of the spouse of the individual; (g) spouse of the persons referred to in sub-clauses (b) to (f); or (h) any lineal descendant of a brother or sister of either the individual or of the spouse of the individual; (215) "remission or cessation of any liability" includes the remission o....
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.... commercial or scientific equipment including ship or aircraft but excluding the amount, referred to in item numbers 17 and 18 of the Table in the Fourteenth Schedule, which is subjected to tax in accordance with the provisions of that Schedule; (f) the use or right to use of transmission by satellite, cable, optic fiber or similar technology; (g) the transfer of all or any rights (including the granting of a licence) in respect of — (i) any copyright of literary, artistic or scientific work; (ii) cinematographic films or work on films, tapes or any other means of reproduction; or (iii) live coverage of any event; (h) the rendering of any services in connection with the activities referred to in sub-clauses (a) to (g); (221) "rural area" means any area not being an urban area; (222) "safe harbour", in relation to computation of arm's length price under section....
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....Code; (225) "scheduled bank" means any bank listed in the Second Schedule to the Reserve Bank of India Act, 1934; (226) "Scheduled Castes" and "Scheduled Tribes" shall have the meaning respectively assigned to them in clauses (24) and (25) of article 366 of the Constitution; (227) "scientific research and development" means systemic investigation and research in a field of technology, natural or applied science (including agriculture, animal husbandary or fisheries) if— (a) it is carried out by the assessee by means of experiment or analysis; (b) it is in the nature of— (i) basic research, namely, work undertaken for the advancement of scientific knowledge without a specific practical application in view; (ii) applied research, namely, work undertaken for the advancement of scientific knowledge with a specific practical application in view; or (iii) experimental development, namely, work undertaken for the purp....
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.... with the Sikkim Subject Rules, 1961 (in this clause referred to as the "Register of Sikkim Subjects"), immediately before the 26th day of April, 1975; 42 of 1956. (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; (234) "slump sale" means the sale of any undertaking or division of a business for a lump-sum consideration without values being assigned to the individual assets and liabilities in such sale, other than the assignment of values to the assets or liabilities for the sole purpose of payment of stamp duty, registration fees or other similar taxes or fees; (235) "society" means a society registered under the Societies Registration Act, 1860 or under a....
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....al intermediary to every client indicating in the contract note— (i) the unique client identity number allotted under any law for the time being in force; and (ii) the permanent account number allotted under this Code; (241) "specified knowledge-based industry or service" means— (a) information technology software; (b) information technology service; (c) entertainment service; (d) pharmaceutical industry; (e) bio-technology industry; and (f) any other industry or service, as may be notified by the Central Government; (242) "specified territory" means any area outside India and notified as such by the Central Government; (243) "speculative business" means speculative transactions carried on in the nature of a business; (244) "speculative transaction" means a transaction in which a contract for the purchase or sale....
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....the Companies Act, 1956, engaged In the business of providing long-term finance for industrial projects; (250) "State Pooled Finance Entity" means such entity which is set up in accordance with the guidelines for the Pooled Finance Development Scheme notified by the Central Government; (251) "subsidiary" shall have the same meaning as assigned to it in section 4 of the Companies Act, 1956 and includes subsidiary incorporated outside India; (252) "successor" in a "business reorganisation" means— (a) the amalgamated company or amalgamated co-operative, in the case of amalgamation; (b) the merged company in the case of business reorganisation referred to in sub-clause (b) of clause (41); (c) the resulting company, in the case of demerger; (253) "successor in business" means— (a) a successor in a "business reorganisation"; (b) a firm which succeeds another firm carrying on a business; and (c) a person who succeeds any ....
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....; (b) continues the business of the predecessor for a minimum period of five financial years immediately succeeding the financial year in which the business reorganisation takes place; and (c) fulfils such other conditions as may be prescribed to ensure the revival of the business of the predecessor or to ensure that the business reorganisation is for genuine business purpose; (261) "threshold limit" means the maximum amount which is not liable to income-tax; (262) "tonnage income scheme" means a scheme for computation of profits of business of operating qualifying ships under the provisions of the Tenth Schedule; (263) "total income" of a financial year means the total income computed under section 63 for that financial year; (264) "total income from special sources" of a financial year means the net result of the aggregation under sub-section (4) of section 62 for that financial year; (265) "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 ....
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....ny damage to the insured asset or its destruction as a result of— (i) flood, typhoon, hurricane, cyclone, earthquake or any other convulsion of nature; (ii) riot or civil disturbance; (iii) accidental fire or explosion; or (iv) action by an enemy or action taken in combating an enemy (whether with or without a declaration of war); (n) transfer of securities by a person having beneficial interest in the securities held by a depository as registered owner; (o) distribution of money or 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. (268) "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 determ....
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....diately preceeding the relevant financial year; (278) "unabsorbed preceeding year loss from ordinary sources" means the unabsorbed current loss from ordinary sources, for the financial year immediately preceeding the relevant financial year; (279) "unabsorbed preceeding year loss from the special source" means the unabsorbed current loss from the special source, of the financial year immediately preceeding the relevant financial year; (280) "unabsorbed preceeding year speculative loss" means the unabsorbed current speculative loss for the financial year immediately preceeding the relevant financial year; (281) "undertaking" in relation to demerger includes— (a) any part of an undertaking; (b) a unit or division of an undertaking; (c) a business activity taken as a whole; or (d) individual assets or liabilities or any combination thereof which constitutes a business activity; (282) "unincorporated body" means— (a) a firm; &n....
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.... year shall be— (i) nil, if the business has commenced during the financial year; and (ii) the value of inventory of the business, as on the close of the immediately preceding financial year, in any other case; (289) "value of sweat equity shares" shall be the value of the sweat equity shares on the date on which the option is exercised by the assessee, determined in accordance with the method as may be prescribed, as reduced by the amount actually paid by, or recovered from, the assessee in respect of such shares; (290) "venture capital company" means a company— (a) which has been granted a certificate of registration as a venture capital company under the Securities and Exchange Board of India Act, 1992; and (b) which fulfils all other conditions as may be prescribed in this behalf; (291) "venture capital fund" means a fund— (a) which has been granted a certificate of registration as a venture capital fund under the Securities and Excha....