Interpretation - Section 402 (New) / Multiple Provisions (Old)

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....er XIX, section 402(2) Explanation to sections 194IA and 194LA Places property-transfer and compulsory-acquisition agricultural-land contexts in one interpretation provision. 3 an incorrect claim apparent from any information in the statement Chapter XIX, section 402(3) Section 200A No Material Change 4 authorised dealer Chapter XIX, section 402(4) Section 206C(1G) No Material Change 5 banking company Chapter XIX, section 402(5) 1. Section 269SS - Explanation (i) and 2. Section 269T - Explanation (i), Banking Regulation Act, 1949 No Material Change 6 buyer Chapter XIX, section 402(6) Section 194Q Explanation; se....

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...., section 402(10) Explanation III to section 194C No Material Change 11 designated person Chapter XIX, section 402(11)   The Income-tax Act, 2025 introduces the statutory expression "Designated Person" in place of the expression "Specified Person" used under Section 194C of the Income-tax Act, 1961. While the terminology has changed, the class of persons covered is substantially similar. 12 electronic commerce Chapter XIX, section 402(12) Explanation to section 194-O No Material Change 13 e-commerce operator Chapter XIX, section 402(13) Explanation to section 194-O No Material Change 14 e-commerce participant Chapter ....

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....e-tax Act, 2025 23 non-resident Indian Chapter XIX, section 402(23) Section 115C(e) No Material Change 24 Offshore Banking Unit Chapter XIX, section 402(24) Section 2(zc), Special Economic Zones Act, 2005; section 80LA The 2025 Act retains the SEZ Act-based definition of "Unit" and, for TDS/TCS purposes, directly adopts the SEZ Act definition of "Offshore Banking Unit". This replaces the earlier Rule 21AK definition based on a banking branch Unit located in an IFSC and linked to section 80LA(1A). Accordingly, the new definition is broader in legislative source, while any IFSC requirement must be examined from the SEZ Act definition itself. 25 online gaming intermediary ....

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....tegories, with "tax year" replacing "financial year". However, a new category is introduced for sellers of overseas tour program packages, while the earlier section 206C(1H) Rs.10 crore seller regime has been discontinued from 2025 itself. 34 services Chapter XIX, section 402(34) Explanation to section 194O No Material Change 35 specified bank Chapter XIX, section 402(35) Explanation (a) to section 194P No Material Change 36 specified company Chapter XIX, section 402(36) Section 10(35) Explanation (b) The 2025 Act retains the existing UTI Act-based meaning of "specified company" for specified TDS/TCS provisions under section 402(36), but introduces a sep....

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....tion (b) to section 194P No Material Change 40 specified undertaking Chapter XIX, section 402(40)   A new statutory definition of "Specified Undertaking" has been introduced under the Income-tax Act, 2025. No corresponding definition existed under the Income-tax Act, 1961. The introduction of a specific definition provides legislative clarity and facilitates uniform interpretation for the provisions in which the expression is used. 41 time deposits Chapter XIX, section 402(41) Explanation to section 194A No Material Change 42 unit Chapter XIX, section 402(42) Section 115AB - Explanation(b), Section 115UB(7) - Explanation 1(c), Section 94....