TaxTMI 
TaxTMI 
Definitions.
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....ss has been performed 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) and (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 ....
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....e" means a person by whom any tax or any other sum of money 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; and (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....
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....pital asset" means- (a) property of any kind held by an assessee, whether or not connected with his business or profession; (b) any securities held by- (i) a Foreign ^1[Institutional] Investor which has invested in such securities in accordance with the regulations made under the Securities and Exchange Board of India Act, 1992 (15 of 1992); or (ii) an investment fund specified in section 224(10)(a) which has invested such securities in accordance with the provisions of the regulations made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) or under the International Financial Services Centers Authority Act, 2019 (50 of 2019); (c) any unit linked insurance policy 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 a....
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....gulation) Act, 1956 (42 of 1956); (23) "charitable purpose" includes-- (a) relief of the poor; (b) education; (c) yoga; (d) medical relief; (e) preservation of environment (including watersheds, forests and wildlife); (f) preservation of monuments or places or objects of artistic or historic interest; (g) the advancement of any other object 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- ....
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....ia as per the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and any rules made thereunder; (ii) shares in the company (not being those entitled to a fixed rate of dividend, with or without a further right to participate in profits) carrying not less than 50% of the voting power, have been unconditionally, allotted to or acquired by, and were beneficially held throughout the relevant tax year by-- (A) the Government; or (B) a corporation established by a Central Act or 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, so, however, that 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 forei....
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....any (other than shares already held therein immediately before the demerger, or by a nominee for, the resulting company or, its subsidiary) become shareholders of the resulting company or companies by virtue of the demerger, otherwise than as a result of the acquisition of the property or assets of the demerged company or any undertaking thereof by the resulting company; (f) the transfer of the undertaking is on a going concern basis; and (g) the demerger is as per the conditions, if any, notified under section 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 t....
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....or" and "manager", in relation to a company, shall have the same meanings as respectively assigned to them in section 2(34) and (53) of the Companies Act, 2013 (18 of 2013); (39) "Director General or Director" means a person appointed to be a Director General of Income-tax or a Director of Income-tax, under section 237(1), and includes a Principal Director General or a Principal Director or an Additional Director or a Joint Director or a Deputy Director or an Assistant Director; (40) "dividend" includes- (a) any distribution by a company of accumulated profits, whether capitalised or not, if such distribution entails 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 distri....
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.... principal entity of such group is listed on the stock exchange in a country or territory outside India, for the purposes of items (B) and (C), the country or territory outside India shall be specified by the Central Government, by notification,] where,-- (A) "accumulated profits" for the purposes of-- (I) sub-clauses (a), (b), (d) and (e), shall include all profits of the company up to the date of distribution or payment referred to in those sub-clauses; (II) sub-clause (c), shall include all profits of the company up to the date of liquidation, but shall not, where the liquidation is consequent on the compulsory acquisition of its undertaking by the Government or 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....
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....t the capital asset would ordinarily fetch on sale in the open market on the relevant date; and (b) where the price referred to in sub-clause (a) is not ascertainable, such price as determined in the manner, as may be prescribed; (45) "firm" shall have the same meaning as assigned to it in 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); (46) "foreign company" means a company which is not a domestic company; (47) "foreign currency" shall have the same meaning as assigned to it in section 2(m) of the Foreign Exchange Management Act, 1999 (42 of 1999); (48) "hearing" includes communication of data and documents through electronic mode; (49) "income" includes- (a) profits and gains; (b) dividend; (c) voluntary contributions received by-- (i) a registered non-profit organisation; or (ii) an association referred to in Schedule III (Table: Sl. No. 23); or (iii) any University or other educational institution or any hospital or other....
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....ding horse races, card games and other games of any sort or from gambling or betting of any form or nature; (o) any sum received by the assessee from his employees as contributions to any provident fund or superannuation fund or any fund set up under the provisions of the Employees' State Insurance Act, 1948 (34 of 1948), or any other fund for the welfare of such employees; (p) any sum received under a Keyman insurance policy including the sum allocated by way of bonus on such policy; (q) any sum referred to in section 26(2)(h); (r) the fair market value of inventory referred to in section 26(2)(j); (s) any sum referred to in section 92(2)(k) or (l); (t) any sum of money referred to in section 92(2)(h); (u) any sum of money or value of property referred to in section 92(2)(m); (v) any compensation or other payment referred to in section 92(2)(j); (w) assistance in the form of a subsidy or grant or cash incentive or duty drawback or waiver or concession or reimbursement (by whatever name called) by the Central Government or a State Government or any authority or body or agency, in cash or kind, to the a....
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....ndertaking wholly engaged in the business referred to in section 80-IA(4) or 80-IAB(1) of the Income-tax Act, 1961 (43 of 1961); or (b) an undertaking developing and building-- (i) a housing project referred to in section 80-IB(10) of the Income-tax Act, 1961 (43 of 1961); or (ii) a project for constructing a hotel of not less than three star category as classified by the Central Government; or (iii) a project for constructing a hospital with at least one hundred beds for patients; (56) "infrastructure capital fund" means a fund operating under a trust deed registered under the Registration Act, 1908 (16 of 1908) established to raise moneys by the trustees for investment by acquiring shares or providing long-term finance to enterprises or undertakings referred to in clause (55); (57) "Inspector of Income-tax" means a person appointed to be an Inspector of Income-tax under section 237(1); (58) "insurer" means an insurer, being an Indian insurance company, as defined under section 2(7A) of the Insurance Act, 1938 (4 of 1938), which has been granted a certificate of registration under section 3 of that Act; (59) "....
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....rticle or thing with a different chemical composition or integral structure; (70) "maximum marginal rate" means the rate of income-tax (including surcharge on income-tax) applicable in relation to the highest slab of income for an individual, association of persons or, as the case may be, body of individuals, as specified in the Finance Act of the relevant year; (71) "non-banking financial company" shall have the same meaning as assigned to it in section 45-I(f) of the Reserve Bank of India Act, 1934 (2 of 1934); (72) "non-resident" means a person who is not a "resident", and for the purposes of sections 161, 174 and 312, includes a person who is not ordinarily resident as per section 6(13); (73) "notification" means a notification published in the Official Gazette and the expression "notify" with its grammatical variations and cognate expressions shall be construed accordingly; (74) "partner" shall have the same meaning as assigned to it in section 4 of the Indian Partnership Act, 1932 (9 of 1932), and shall include- (a) any person who, being a minor, has been admitted to the benefits of partnership; and (b) a partner ....
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....ference to a local authority or a company or any other public body or any association of persons or any body of individuals, means- (a) the secretary, treasurer, manager or agent of the authority, company, association or body; or (b) any person connected with the management or administration of the local authority, company, association or body upon whom the Assessing Officer has served a notice of his intention of treating him as the principal officer thereof; (86) "profession" includes vocation; (87) "public sector bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980) and a bank included in the category "other public sector banks" by the Reserve Bank of India; (88) "public sector company" means any corporation established by or under any Central Act or State Act or Provincial Act or a Government company as defined in section 2(45) of the Co....
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...., 1956 (42 of 1956) and which fulfils such conditions, as may be prescribed, and notified by the Central Government for this purpose; (93) "regular assessment" means the assessment made under section 270(10) or 271; (94) "relative", in relation to an individual, means the husband, wife, brother, sister or any lineal ascendant (maternal as well as paternal) or descendant of that individual; (95) "Reserve Bank of India" means the Bank constituted under section 3(1) of the Reserve Bank of India Act, 1934 (2 of 1934); (96) "resident" means a person who is resident in India as per section 6; (97) "resulting company" means one or more companies (including a wholly owned subsidiary thereof) to which the undertaking of the demerged company is transferred in a demerger and, the resulting company in consideration of such transfer of undertaking, issues shares to the shareholders of the demerged company and includes any authority or body or local authority or public sector company or a company established, constituted or formed as a result of demerger; (98) "scheduled bank" shall have the same meaning as assigned to it in section 2(e) of t....
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....ange in India immediately before its demutualisation or corporatisation, for a capital asset being equity share or shares in a company allotted pursuant to such demutualisation or corporatisation of that recognised stock exchange; (VI) the share or shares were held by the assessee, for a capital asset being a unit of a business trust, allotted pursuant to transfer of share or shares as referred to in section 70(1)(zi); (VII) the unit or units in the consolidating scheme of a mutual fund were held by the assessee, for a capital asset being a unit or units, which becomes the property of the assessee in consideration of a transfer referred to in section 70(1)(zj); (VIII) the preference shares were held by the assessee, for a capital asset being equity shares in a company, which becomes the property of the assessee in consideration of a transfer referred to in section 70(1)(zb); (IX) the unit or units in the consolidating plan of a mutual fund scheme were held by the assessee, for a capital asset being a unit or units, which becomes the property of the assessee in consideration of a transfer referred to in section 70(1)(zk); (X) the original....
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....A) "equity oriented fund" shall have the meaning assigned to it in section 198(8); (B) "security" shall have the same meaning as assigned to it in section 2(h) of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); (C) "specified security" means the securities as defined in section 2(h) of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and, where employees' stock option has been granted under any plan or scheme therefor, includes the securities offered under such plan or scheme; (D) "sweat equity shares" means equity shares issued by a company to its employees or directors at a discount or for consideration other than cash for providing know-how or making available rights in the nature of intellectual property rights or value additions, by whatever name called; (102) "short-term capital gain" means capital gains arising from the transfer of a short-term capital asset; (103) (a) "slump sale" means the transfer of one or more undertaking, by any means, for a lump sum consideration without values being assigned to the individual assets and liabilities in such transfer; (b) for the purpose of sub-clause (....
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....property; or (g) any transaction involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882 (4 of 1882); or (h) disposing of, or parting with, an asset or any interest therein, or creating any interest in any asset in any manner, directly or indirectly, absolutely or conditionally, voluntarily or involuntarily, by way of an agreement (whether entered into in India or outside India) or otherwise, irrespective of whether such transfer of rights has been characterised as being effected or dependent upon or flowing from the transfer of a share or shares of a company registered or incorporated outside India, where, the expression "immovable property" means- (i) any land or any building or part of a building, and includes, where any land or any building or part of a building is to be transferred together with any machinery, plant, furniture, fittings or other things, such machinery, plant, furniture, fittings or other things also, such that the land, building, part of a building, machinery, plant, furniture, f....