Comparison of Section 212 'Interpretation.' between the Income-Tax Act, 2025 (as passed) and the Income-Tax Bill, 2025 (as originally introduced)

Foreign exchange asset classification determines tax treatment of income from assets acquired in convertible foreign exchange.

Definitions for sections 213-218 tie asset status to acquisition in convertible foreign exchange: a foreign exchange asset is any specified asset acquired with convertible foreign exchange; investment income is any income from such an asset; long-term capital gains are capital gains on a foreign exchange asset that is not short-term; non-resident Indian is a person not resident who is either an Indian citizen or of Indian origin; specified asset lists shares, certain debentures, certain deposits and Central Government securities, with a government notification power and a changed statutory cross-reference for government securities between Bill and Act.