TaxTMI 
TaxTMI 
Interpretation.
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.... foreign security; (5) "banking company" means a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies; (6) "buyer" for the purposes of provisions in column B of the Table below means any person as specified in column C but does not include any person as specified in column D:- Table Sl.No Provisions Person Person not to be included A B C D 1. Purchase of goods referred to in section 393(1) [Table: Sl. No. 8(ii)] Person whose total sales, gross receipts or turnover from the business carried on by him exceed ₹10,00,00,000 during the tax year immediately preceding the tax year in which the purchase of goods is carried out Any person, as the Central Government may notify for this purpose, subject to specified conditions therein. 2. Sale of goods referred to in section 394(1) (Table: Sl. No. 1 to 5) Person who obtains in any sale, by way of auction, tender or any other mode, goods of the nature specified in section 394(1) (Table: Sl. No. 1 to 5), or the right to receive any such goods (a) A public sector company; or (b) the Central or a State Government, and an embassy, a High Commission, legation, commission, consulate and the trade r....
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....modation or for the purpose of planning, development or improvement of cities, towns and villages, or for both; or (g) any society registered under the Societies Registration Act, 1860 (21 of 1860) or under any law corresponding to that Act in force in any part of India; or (h) any trust; or (i) any University established or incorporated by or under a Central Act or State Act or Provincial Act and an institution declared to be a university under section 3 of the University Grants Commission Act, 1956 (3 of 1956); or (j) any Government of a foreign State or a foreign enterprise or any association or body established outside India; or (k) any firm; or (l) any person, being an individual or a Hindu undivided family or an association of persons or a body of individuals, if such person,- (i) does not fall under any of the preceding sub-clauses; and (ii) has total sales, gross receipts or turnover from business or profession carried on by him exceeding one crore rupees in case of business or fifty lakh rupees rupees in case of profession during the tax year immediately preceding the tax year in which such sum is credited or paid to the account of the contractor; (12) "el....
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....ry or territory outside India and includes expenses for travel or hotel stay or boarding or lodging or any other expenditure of similar nature or in relation thereto; (27) "person responsible for paying" means- (a) in the case of payments of income chargeable under the head "Salaries", other than payments by the Central Government or the State Government-- (i) the employer himself; or (ii) if the employer is a company, the company itself, including the principal officer thereof; (b) in the case of payments of income chargeable under the head "Interest on securities", other than payments made by or on behalf of the Central Government or State Government, or local authority, or corporation or company, including the principal officer thereof; (c) in the case of any sum payable to a non-resident Indian, being any sum representing consideration for the transfer by him of any foreign exchange asset, which is not a short-term capital asset, the authorised person responsible-- (i) for remitting such sum to the non-resident Indian; or (ii) for crediting such sum to his Non-resident (External) Account maintained as per the provisions of the Foreign Exchange Management Act, 199....
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....tion 9(6)(b); (31) "scrap" means waste and scrap from the manufacture or mechanical working of materials which is definitely not usable as such because of breakage, cutting up, wear and other reasons; (32) "securities" shall have the same meaning as assigned to it in section 2(h) of the Securities Contracts (Regulation) Act, 1956 ( 42 of 1956 ); (33) "seller" means-- (a) for the purposes of section 394(1) (Table: Sl. No. 1 to 6),- (i) the Central Government; or (ii) a State Government; or (iii) any local authority or corporation or authority established by or under a Central Act or State Act or Provincial Act; or (iv) any company or firm or co-operative society; or (v) an individual or a Hindu undivided family, whose total sales, gross receipts or turnover from the business or profession carried on by him exceed one crore rupees in case of business or fifty lakh rupees in case of profession during the tax year immediately preceding the tax year in which the goods of the nature specified in such serial numbers are sold; (b) for the purposes of section 394(1) (Table: Sl. No. 8), a person who sells overseas tour program package; (34) "services" for the purposes of se....