TaxTMI 
TaxTMI 
Amendment of section 2
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....f 1992] and notified by the Central Government in this behalf;'; (II) in clause (14), with effect from the 1st day of April, 2015,-- (A) for the words in the opening portion ' "capital asset" means property of any kind held by an assessee, whether or not connected with his business or profession, but does not include-- (i) any stock-in-trade', the following shall be substituted, namely:-- ' "capital asset" means-- (a) property of any kind held by an assess....
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....ed to have been substituted with effect from the 1st day of June, 2013,-- '(15A) "Chief Commissioner" means a person appointed to be a Chief Commissioner of Income-tax or a Principal Chief Commissioner of Income-tax under sub-section (1) of section 117;'; (IV) for clause (16), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of June, 2013,-- '(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....
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.... 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;'; (VIII) in clause (42A),-- &nbs....
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....the expression "equity oriented fund" shall have the meaning assigned to it in the Explanation to clause (38) of section 10; - Clause 3 of the Bill seeks to amend section 2 of the Income- tax Act relating to definitions. It is proposed to amend the said section so as to insert a new clause (13A) to define "business trust" to mean a trust registered as an Infrastructure Investment Trust or a Real Estate Investment Trust, the units of which are required to be listed on a recognised stock exchange, in accordance with the regulations made under the Securities Exchange Board of India Act, 1992 and notified by the Central Government in this behalf. &nb....
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....nd "Principal Director of Income-tax" to mean a person appointed to be an income-tax authority under section 117 of the Act. These amendments will take effect retrospectively from 1^st June, 2013. The existing provisions contained in clause (24) of section 2 defines the term "income". It is proposed to amend the said clause (24) so as to include any sum of money referred to in clause (ix) of sub-section (2) of section 56 in the definition of income. This amendment will take effect from 1st April, 2015 and will, accordingly, apply in relation to the assessment year 2015-....