Comparison of Section 2(28) "Company" between the Income-Tax Act, 2025 (as passed) and the Income-Tax Bill, 2025 (as originally introduced)

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....ormatting differences across the wider Clause 2. Affected parties include taxpayers, corporate entities, tax administrators and practitioners interpreting eligibility, scope and transitional references. Effective date or decision date: Not stated in the document. Background & Scope Statutory hooks: Section/Clause 2 provides definitions foundational to the Income-tax Act / Income Tax Bill and is explicitly preliminary in character. The documents list defined expressions (accountant; advance tax; agricultural income; amalgamation; capital asset; company; dividend; virtual digital asset; etc.). Where cross-references to other legislation are used (Companies Act, SEBI Act, RBI Act, IT Act, Companies (Indian Accounting Standards) Rules, Bharat....

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....ral land, etc.). The Act version (Document 1) and the Bill (Document 2) show largely parallel structures but with drafting and cross-reference variations that may affect temporal scope and transitional interpretation in narrow respects. Legislative intent beyond textual meaning is Not stated in the document. Exceptions/Provisos The texts include numerous exceptions and provisos within definitions. Examples: "capital asset" excludes certain agricultural land subject to population/distance tests; "dividend" excludes distributions in particular circumstances (e.g., items (i)-(v) in clause (40)); "short-term capital asset" contains specific exceptions for securities and certain units with substitution of "twelve months" for "twenty-four month....

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....beyond those cited in the texts themselves: Not stated in the document. Differences between Section 2(28) (Act, Document 1) and Clause 2(28) (Bill, Document 2) - and practical impact * Textual formulation of clause (28) - "company": * Document 1 (Act) defines "company" as (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; or (d) any institution, association or body ... declared by order of the Board. * Document 2 (Bill) uses largely similar limbs but expands or varies the wording in (c....

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.... significance depends on any transitional or savings provisions (which are Not stated in the document). * Differences in cross-references and sub-clause content: scattered discrepancies exist in cross-references (e.g., to schedules, to section numbering or table references). * Practical impact: potential for misalignment when applying other sections dependent upon precise cross-references; in practice, legislative consolidation in the final Act (Document 1) presumably resolves these. The documents do not state how conflicts are to be resolved beyond the final Act text: Not stated in the document. * Formatting and lexical differences across many definitions (e.g., "personal effects" wording, distance table formatting, language su....