TaxTMI 
TaxTMI 
Definitions.
X X X X Extracts X X X X
X X X X Extracts X X X X
....med other than a process of the nature described in item (ii); (c) any income derived from any building owned and occupied by the receiver of the rent or revenue of any such land, or occupied by the cultivator or the receiver of rent-in-kind of any such land with respect to which, or the produce of which, any process mentioned in sub-clause (b) (ii) or (b) (iii) is carried on, where such building-- (i) is on or in the immediate vicinity of such land and that land is assessed to land revenue in India, or is subject to a local rate assessed and collected by officers of the Government as such, or where the land is not so assessed to land revenue or subject to a local rate, it is not situated in any area as specified in clause (22)(iii)(A) or (B);and (ii) is required as a dwelling house, or as a store-house, or other out-building, by the receiver of the rent or revenue or the cultivator, or the receiver of rent-in-kind, by reason of his connection with the land; (d) any income derived from saplings or seedlings grown in a nursery, but shall not include-- (i) the income derived from any building or land referred to in sub-clause (c) arisin....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ey is payable under this Act, and includes-- (a) every person in respect of whom any proceeding under this Act has been taken-- (i) for the assessment of his income or of the loss sustained by him or refund due to him; or (ii) for the assessment of the income of any other person in respect of which he is assessable, or of the loss sustained by such other person or refund due to such other person; (b) every person who is deemed to be an assessee under this Act; (c) every person who is deemed to be an assessee in default under this Act; (12) "Assessing Officer" means- (a) the Assistant Commissioner or Deputy Commissioner or Assistant Director or Deputy Director or the Income-tax Officer, who is vested with the relevant jurisdiction by virtue of directions or orders issued under section 241(1) or (2) or (3), or any other provision of this Act; or (b) the Additional Commissioner or Additional Director or Joint Commissioner or Joint Director, who is directed under section 241(5)(b) to exercise or perform all or any of the powers and functions conferred on, or assigned to, an Assessing Officer under this Act; (13) "asse....
X X X X Extracts X X X X
X X X X Extracts X X X X
....; (b) any securities held by a Foreign Institutional Investor or held by an investment fund specified in section 224(10)(a) which has invested in such securities as per the regulations made under the Securities and Exchange Board of India Act, 1992 (15 of 1992); (c) any unit linked insurance policy issued on or after 1st February, 2021 to which exemption under Schedule II (Table: Sl. No. 2) does not apply, but does not include- (i) any stock-in-trade, other than the securities referred to in sub-clause (b), consumable stores or raw materials held for business or profession; (ii) personal effects; (iii) agricultural land in India, not being a land situated-- (A) in any area comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand; or (B) in any area within the distance as specified in column C of the following Table, measured aerially from the local limits of any municipality or cantonment board referred to....
X X X X Extracts X X X X
X X X X Extracts X X X X
....t of general public utility; (24) "Chief Commissioner" means a person appointed to be a Chief Commissioner of Income-tax or a Director General of Income-tax or a Principal Chief Commissioner of Income-tax or a Principal Director General of Income-tax under section 237(1); (25) "child", in relation to an individual, includes a step-child and an adopted child of that individual; (26) "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 Director of Income-tax under section 237(1); (27) "Commissioner (Appeals)" means a person appointed to be a Commissioner of Income-tax (Appeals) under section 237(1); (28) "company" means- (a) any Indian company; or (b) any body corporate incorporated by or under the laws of a country outside India; or (c) any institution, association or body which is or was assessable or was assessed as a company under the Income-tax Act, 1961, as it stood immediately before its repeal by this Act (hereinafter referred to as the Income-tax Act,1961 (43 of 1961)), for any assessment year so referred to in that Act; or ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ant tax year by-- (A) the Government; or (B) a corporation established by a Central Act State Act or Provincial Act; or (C) any company to which this clause applies or any subsidiary company of such company, if the entire share capital of such subsidiary company has been held by the parent company or by its nominees throughout the tax year, and in respect of an Indian company whose business consists mainly in the construction of ships or in the manufacture or processing of goods or in mining or in the generation or distribution of electricity or any other form of power, the expression "not less than 50%" shall be read as if the expression "not less than 40%" had been substituted; (30) "convertible foreign exchange" means foreign exchange which is treated by the Reserve Bank of India as convertible foreign exchange for the purposes of the Foreign Exchange Management Act, 1999 (42 of 1999), and any rules made thereunder or any other corresponding law; (31) "co-operative bank" shall have the same meaning as specified in Part V of the Banking Regulation Act, 1949 (10 of 1949); (32) "co-operative society" means a co-operative society register....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ction 116(7) by the Central Government, where, -- (i) "undertaking" shall include any part of an undertaking, or a unit or division of an undertaking or a business activity taken as a whole, but does not include individual assets or liabilities or any combination thereof not constituting a business activity; (ii) "liabilities relatable to the undertaking", referred to in sub-clause (b), shall include- (A) the liabilities which arise out of the activities or operations of the undertaking; (B) the specific loans or borrowings (including debentures) raised, incurred and utilised solely for the activities or operations of the undertaking; and (C) the amount "N", as computed below, in cases other than those referred to in item (A) or (B),-- N = K x (L/M) where,-- K = the amount of general or multipurpose borrowings of demerged company; L = the value of the assets transferred in a demerger; and M = the total value of the assets of such demerged company immediately before the demerger; (iii) any change in the value of assets consequent to their revaluation shall be ignored for determining....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ils the release by the company to its shareholders of all or any part of the assets of the company; (b) any distribution to its shareholders by a company of debentures, debenture-stock, or deposit certificates in any form, with or without interest, and any distribution to its preference shareholders of shares by way of bonus, to the extent to which the company possesses accumulated profits, whether capitalised or not; (c) any distribution made to the shareholders of a company on its liquidation, to the extent to which the distribution is attributable to the accumulated profits of the company immediately before its liquidation, whether capitalised or not; (d) any distribution to its shareholders by a company on the reduction of its capital, to the extent to which the company possesses accumulated profits whether capitalised or not; (e) any payment by a company, not being a company in which the public are substantially interested, of any sum (whether as representing a part of the assets of the company or otherwise),-- (i) as an advance or loan to a shareholder, being a person who is the beneficial owner of shares (not being shares entitled....
X X X X Extracts X X X X
X X X X Extracts X X X X
....r a corporation owned or controlled by the Government under any law in force, include any profits of the company before three successive tax years immediately preceding the tax year in which such acquisition took place; (B) in respect of an amalgamated company, the accumulated profits, whether capitalised or not, or loss, as the case may be, shall be increased by the accumulated profits, whether capitalised or not, of the amalgamating company on the date of amalgamation; (C) "concern" means a Hindu undivided family, or a firm or an association of persons or a body of individuals or a company; (D) a person shall be deemed to have a substantial interest in a concern, other than a company, if he is, at any time during the tax year, beneficially entitled to not less than 20% of the income of such concern; (E) for the purposes of sub-clause (v),- (I) "Finance Company" and "Finance Unit" shall have the same meaning as respectively assigned to them in regulation 2(1)(e) and (f) of the International Financial Services Centres Authority (Finance Company) Regulations,2021 made under the International Financial Services Centres Authority Act, 2019 ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ofit in lieu of salary taxable under sections 17 and 18; (e) any special allowance or benefit, other than perquisite included under sub-clause (d), specifically granted to the assessee to meet expenses wholly, necessarily and exclusively for the performance of the duties of an office or employment of profit; (f) any allowance granted to the assessee either to meet his personal expenses at the place where the duties of his office or employment of profit are ordinarily performed by him or at a place where he ordinarily resides or to compensate him for the increased cost of living; (g) the value of any benefit or perquisite, whether convertible into money or not, obtained from a company, either by a director or by a person who has a substantial interest in the company, or by a relative of the director or such person, and any sum paid by any such company in respect of any obligation which, but for such payment, would have been payable by the director or that person; (h) the value of any benefit or perquisite, whether convertible into money or not, obtained by any representative assessee mentioned in section 303(1)(c) or (d) or by any person on whose ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....et as per sections 39(1)(d) and (3); or (ii) the subsidy or grant by the Central Government for the purpose of the corpus of a trust or institution established by the Central Government or a State Government; (x) any other income referred to in section 2(24) of the Income-tax Act, 1961 (43 of 1961), where,-- (A) "card game and other game of any sort" includes any game show, an entertainment programme on television or electronic mode, in which people compete to win prizes or any other similar game; (B) "Keyman insurance policy" shall have the same meaning as assigned in Schedule II.(Table: Sl. No.2); (C) "lottery" includes winnings from prizes awarded to any person by draw of lots or by chance or in any other manner, under any scheme or arrangement, called by any name; (50) "Income Computation and Disclosure Standards" means such standards as notified under section 276(2); (51) "Income-tax Officer" means a person appointed to be an Income-tax Officer under section 237(1); (52) "India" means the territory of India as referred to in article 1 of the Constitution, its territorial waters, seabed and sub-soil underlying such ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....claim or other similar right or obligation) and includes service fee or any other charges for the moneys borrowed or debt incurred or for any credit facility that has not been utilised; (60) "interest on securities" means- (a) interest on any security of the Central Government or a State Government; (b) interest on debentures or other securities for money issued by or on behalf of a local authority or a company or a corporation established by a Central Act or State Act or Provincial Act; (61) "International Financial Services Centre" shall have the same meaning as assigned to it in section 2(q) of the Special Economic Zones Act, 2005 (28 of 2005); (62) "Joint Commissioner" means a person appointed to be a Joint Commissioner of Income-tax or an Additional Commissioner of Income-tax under section 237(1); (63) "Joint Commissioner (Appeals)" means a person appointed to be a Joint Commissioner of Income-tax (Appeals) or an Additional Commissioner of Income-tax (Appeals) under section 237(1); (64) "Joint Director" means a person appointed to be a Joint Director of Income-tax or an Additional Director of Income-tax under section 237(1); (65) "legal repr....
X X X X Extracts X X X X
X X X X Extracts X X X X
....n section 4 of the Indian Partnership Act, 1932 (9 of 1932), and shall include a "limited liability partnership" as defined in section 2(1)(n) of the Limited Liability Partnership Act, 2008 (6 of 2009); (76) "Permanent Account Number (PAN)" means a unique number consisting of ten alphanumeric characters, allotted by the Assessing Officer to a person for the purpose of identification under this Act, and includes a Permanent Account Number allotted under the new series; (77) "person" includes- (a) an individual; (b) a Hindu undivided family (HUF); (c) a company; (d) a firm; (e) an association of persons or a body of individuals, whether incorporated or not; (f) a local authority; and (g) every artificial juridical person, not falling within any of the preceding sub-clauses, whether or not such an association of persons or a body of individuals or a local authority or an artificial juridical person was formed or established or incorporated with the object of deriving income, profits, or gains; (78) "person of Indian origin" means an individual who or either of his parents or any of his grand-parents, was born i....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... (a) (i) computing the income-tax chargeable under section 316(5) or 317(2) or 319 or 320(2); or (ii) deducting income-tax under sections 392(1) to (6) from income chargeable under the head "Salaries"; or under section 393(1) [Table: Sl. No.8(iii)]; or (iii) computing the advance tax payable under Chapter XIX-C in a case not falling under section 207 or 194(1)(Table: Sl. No. 1) or 194(1)(Table: Sl. No. 6) or 214 or 307 or 308 or 311; or (iv) deducting tax under section 393(1)[Table: Sl. No. 1(i)], [Table: Sl. No. 5(i)], [Table: Sl. No. 5(ii)], [Table: Sl. No. 5(iii)] and (Table: Sl. No. 7) or in section 393(3)(Table: Sl. No. 1), (Table: Sl. No. 2) and (Table: Sl. No. 3), means the rate or rates of income-tax specified in this behalf in the Finance Act of the relevant year; (b) computing the advance tax payable under Chapter XIX-C in a case falling under section 207 or 194(1)(Table: Sl. No. 1) or 194(1)(Table: Sl. No. 6) or 214 or 307 or 308 or 311 the rate or rates specified in the said respective section, or the rate or rates of income-tax specified in this behalf in the Finance Act of the relevant tax year, whichever is applicable; ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e of sixty years or more at any time during the relevant tax year; (101)(a) "short-term capital asset" means a capital asset held by an assessee for not more than twenty-four months immediately preceding the date of its transfer; (b) in respect of the following capital assets:-- (i) security listed in a recognised stock exchange in India; or (ii) unit of the Unit Trust of India; (iii) units of an equity-oriented fund; or (iv) zero-coupon bonds, the provisions of sub-clause (a) shall have effect, as if for the words "twenty-four months", the words "twelve months" had been substituted; (c) in determining the period for which capital asset is held by the assessee- (A) there shall be excluded the period subsequent to the date on which the company goes into liquidation; (B) there shall be included,-- (I) the period for which the asset was held by the previous owner referred to in section 73(1) (Table: Sl. No. 1), for a capital asset which becomes the property of the assessee in the circumstances mentioned in said section; (II) the period for which the share or shares in the amalgamating company were held....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e period for which such gold was held by the assessee before conversion into the Electronic Gold Receipt, for a capital asset being Electronic Gold Receipt issued in respect of gold deposited as referred to in section 70(1)(y); (XII) the period for which such Electronic Gold Receipt was held by the assessee before its conversion into gold for a capital asset being gold released in respect of an Electronic Gold Receipt as referred to in section 70(1)(y); (C) there shall be reckoned,-- (I) the period from the date of its conversion or treatment, for a capital asset referred to in section 26(2)(j); (II) the period from the date of allotment of a share or any other security (herein referred to as the financial asset), for a capital asset being such financial asset subscribed to by the assessee on the basis of his right to subscribe to such financial asset or subscribed to by the person in whose favour the assessee has renounced his right to subscribe to such financial asset; (III) the period from the date of the offer of the right to subscribe to any financial asset which is renounced in favour of any other person by the company or instituti....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ed to it in clause (35)(i); and (ii) the determination of the value of an asset or liability for the sole purpose of payment of stamp duty, registration fees or other similar taxes or fees shall not be regarded as assignment of values to individual assets or liabilities; (104) "Special Economic Zone" shall have the same meaning as assigned to it in section 2(za) of the Special Economic Zones Act, 2005 (28 of 2005); (105) "stamp duty value" means the value adopted or assessed or assessable by any authority of the Central Government or State Government for the payment of stamp duty in respect of an immovable property; (106) "tax" means income-tax chargeable under this Act; (107) "Tax Recovery Officer" means an Income-tax Officer authorised in writing by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner, to exercise-- (a) the powers of a Tax Recovery Officer; and (b) the powers and functions conferred on, or assigned to, an Assessing Officer under this Act, or as prescribed; (108) "total income" means the total amount of income referred to in section 5, computed in the manner as laid down in this ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ares in, a co-operative society, company or other association of persons or by way of any agreement or any arrangement of whatever nature), not being a transaction by way of sale, exchange or lease of such land, building or part of a building; (110) "Valuation Officer" means a person appointed by the Central Government as a Valuation Officer who shall exercise powers as specified in section 269(3), and includes a Regional Valuation Officer, a District Valuation Officer and an Assistant Valuation Officer; (111) "virtual digital asset" means- (a) any information or code or number or token (not being Indian currency or foreign currency), generated through cryptographic means or otherwise, called by any name, providing a digital representation of value exchanged with or without consideration, with the promise or representation of having inherent value, or functions as a store of value or a unit of account including its use in any financial transaction or investment, but not limited to investment scheme; and can be transferred, stored or traded electronically; (b) a non-fungible token or any other token of similar nature, by whatever name called; (c) any....