TaxTMI 
TaxTMI 
Definitions
X X X X Extracts X X X X
X X X X Extracts X X X X
....anking Regulation Act, 1949 (10 of 1949); (d) "candidate for election" means a person who has been duly nominated as a candidate for election to any Legislature; (e) "certificate" means certificate of registration granted under sub-section (3) of section 12; (f) "company" shall have the meaning assigned to it under clause (17) of section 2 of the Income-tax Act, 1961 (43 of 1961); (g) "foreign company" means any company or association or body of individuals incorporated outside India and includes- (i) a foreign company within the meaning of section 591 of the Companies Act, 1956 (1 of 1956); (ii) a company which is a subsidiary of a foreign company; ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ceived it from any foreign source, either directly or through one or more persons, shall also be deemed to be foreign contribution within the meaning of this clause. Explanation 2.- The interest accrued on the foreign contribution deposited in any bank referred to in sub-section (1) of section 17 or any other income derived from the foreign contribution or interest thereon shall also be deemed to be foreign contribution within the meaning of this clause. Explanation 3.- Any amount received, by any person from any foreign source in India, by way of fee ( including fees charged by an educational institution in India from foreign student) or towards cost in lieu of goods or services rendered by such person in the ordinary cou....
X X X X Extracts X X X X
X X X X Extracts X X X X
....r territory; (C) corporations incorporated in a foreign country or territory; (D) trusts, societies or other associations of individuals (whether incorporated or not), formed or registered in a foreign country or territory; (E) foreign company; ^1[Provided that where the nominal value of share capital is within the limits specified for foreign investment under the Foreign Exchange Management Act, 1999, (42 of 1999) or the rules or regulations made thereunder, then, notwithstanding the nominal value of share capital of a company being more than one-half of such value at the time of making the contribution, such company shall not be a foreign source;.] (vii) a trade union in any foreign countr....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... "person" includes- (i) an individual; (ii) Hindu undivided family; (iii) an association; (iv) a company registered under section 25 of the Companies Act, 1956 (1 of 1956); (n) "political party" means- (i) an association or body of individual citizens of India- (A) to be registered with the Election Commission of India as a political party under section 29A of the Representation of the People Act, 1951 (43 of 1951); or (B) which has set up candidates for election to any Legislature, but is not so registered or deemed to be registered under the Election Symbols (Reservation and Allotment) Order, 1968; (ii) a political party mentioned in column 2 of Table 1 and T....