Section 2 of Income Tax Act "Definitions"
In this Act, unless the context otherwise requires,-
(1) "advance tax" means the advance tax payable in
accordance with the provisions of Chapter XVII-C;
(1A) 1"agricultural income"2 means-
(a) any rent or revenue derived from land which is situated
in India and is used for agricultural purposes;
(b) any income derived from such land by-
(i) agriculture; or
(ii) the performance by a cultivator or receiver of
rent-in-kind of any process ordinarily employed by a
cultivator or receiver of rent-in-kind to render the
produce raised or received by him fit to be taken to
market; or
(iii) the sale by a cultivator or receiver of
rent-in-kind of the produce raised or received by him,
in respect of which no process has been performed other
than a process of the nature described in paragraph (ii)
of this sub-clause ;
(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 land with respect to which, or
the produce of which, any process mentioned in
paragraphs (ii) and (iii) of sub-clause (b) is carried
on :
Provided that-
(i) the building is on or in the immediate vicinity of the land, and is a building which 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, requires as a dwelling house, or as a store-house, or other out-building, and
(ii) the land is either 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-
(A) in any area which is 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 3[***]; or
4[(B) in any area within the distance, measured aerially,-
(I) not being more than two kilometres, from the local
limits of any municipality or cantonment board referred to
in item (A) and which has a population of more than ten
thousand but not exceeding one lakh; or
(II) not being more than six kilometres, from the local
limits of any municipality or cantonment board referred to
in item (A) and which has a population of more than one lakh
but not exceeding ten lakh; or
(III) not being more than eight kilometres, from the local
limits of any municipality or cantonment board referred to
in item (A) and which has a population of more than ten lakh.
Explanation 1.-For the removal of doubts, it is hereby
declared that revenue derived from land shall not include
and shall be deemed never to have included any income
arising from the transfer of any land referred to in item
(a) or item (b) of sub-clause (iii) of clause (14) of this
section.
Explanation 2.-For the removal of doubts, it is hereby
declared that income derived from any building or land
referred to in sub-clause (c) arising from the use of such
building or land for any purpose (including letting for
residential purpose or for the purpose of any business or
profession) other than agriculture falling under sub-clause
(a) or sub-clause (b) shall not be agricultural income.
Explanation 3.-For the purposes of this clause, any income
derived from saplings or seedlings grown in a nursery shall
be deemed to be agricultural income.
5[Explanation 4.-For the purposes of clause (ii) of the
proviso to sub-clause (c), "population" means the population
according to the last preceding census of which the relevant
figures have been published before the first day of the
previous year;]
(1B) "amalgamation", in relation to companies, means the
merger of one or more companies with another company or the
merger of two or more companies to form one company (the
company or companies which so merge being referred to as the
amalgamating company or companies and the company with which
they merge or which is formed as a result of the merger, as
the amalgamated company) in such a manner that-
(i) all the property of the amalgamating company or
companies immediately before the amalgamation becomes the
property of the amalgamated company by virtue of the
amalgamation ;
(ii) all the liabilities of the amalgamating company or
companies immediately before the amalgamation become the
liabilities of the amalgamated company by virtue of the
amalgamation ;
(iii) shareholders holding not less than three-fourths in
value of the shares in the amalgamating company or companies
(other than shares already held therein immediately before
the amalgamation by, or by a nominee for, the amalgamated
company or its subsidiary) become shareholders of the
amalgamated company by virtue of the amalgamation,
otherwise than as a result of the acquisition of the
property of one company by another company pursuant to the
purchase of such property by the other company or as a
result of the distribution of such property to the other
company after the winding up of the first-mentioned company
;
(1C) "Additional Commissioner" means a person appointed to
be an Additional Commissioner of Income-tax under
sub-section (1) of section 117 ;
(1D) "Additional Director" means a person appointed to be an
Additional Director of Income-tax under sub-section (1) of
section 117 ;
(2) "annual value", in relation to any property, means its
annual value as determined under section 23 ;
(3) [* * *]
(4) "Appellate Tribunal" means the Appellate Tribunal
constituted under section 252 ;
(5) "approved gratuity fund" means a gratuity fund which has
been and continues to be approved by the 6[Principal Chief
Commissioner or] Chief Commissioner or 6[Principal
Commissioner or] Commissioner in accordance with the rules
contained in Part C of the Fourth Schedule ;
(6) "approved superannuation fund" means a superannuation
fund or any part of a superannuation fund which has been and
continues to be approved by the 6[Principal Chief
Commissioner or] Chief Commissioner or 6[Principal
Commissioner or] Commissioner in accordance with the rules
contained in Part B of the Fourth Schedule ;
(7) "assessee" 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 for the assessment of his income or
assessment of fringe benefits or of the income of any other
person in respect of which he is assessable, or of the loss
sustained by him or by such other person, or of the amount
of refund due to him or to such other person ;
(b) every person who is deemed to be an assessee under any
provision of this Act ;
(c) every person who is deemed to be an assessee in default
under any provision of this Act ;
(7A) "Assessing Officer" means 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
sub-section (1) or sub-section (2) of section 120 or any
other provision of this Act, and the Additional Commissioner
or Additional Director or Joint Commissioner or Joint
Director who is directed under clause (b) of sub-section (4)
of that section to exercise or perform all or any of the
powers and functions conferred on, or assigned to, an
Assessing Officer under this Act ;
(8) "assessment" includes reassessment ;
(9) "assessment year" means the period of twelve months
commencing on the 1st day of April every year ;
(9A) "Assistant Commissioner" means a person appointed to be
an Assistant Commissioner of Income-tax or a Deputy
Commissioner of Income-tax under sub-section (1) of section
117 ;
(9B) "Assistant Director" means a person appointed to be an
Assistant Director of Income-tax under sub-section (1) of
section 117;
(10) "average rate of income-tax" means the rate arrived at
by dividing the amount of income-tax calculated on the total
income, by such total income ;
(11) "block of assets" means a group of assets falling
within a class of assets comprising-
(a) tangible assets, being buildings, machinery, plant or
furniture;
(b) intangible assets, being know-how, patents, copyrights,
trade-marks, licences, franchises or any other business or
commercial rights of similar nature,
in respect of which the same percentage of depreciation is
prescribed ;
(12) "Board" means the Central Board of Direct Taxes
constituted under the Central Boards of Revenue Act, 1963
(54 of 1963);
(12A) "books or books of account" includes ledgers,
day-books, cash books, account-books and other books,
whether kept in the written form or as print-outs of data
stored in a floppy, disc, tape or any other form of
electro-magnetic data storage device;
(13) "business" includes any trade, commerce or manufacture
or any adventure or concern in the nature of trade, commerce
or manufacture ;
7[(13A) "business trust" means a trust registered as an
Infrastructure Investment Trust or a Real Estate Investment
Trust, the units of which are required to be listed on a
recognised stock exchange, in accordance with the
regulations made under the Securities and Exchange Board of
India Act, 1992 (15 of 1992) and notified by the Central
Government in this behalf;]
Following clause (13A) shall be substituted for the existing
clause (13A) of section 2 by the Finance Act, 2015, w.e.f.
1-4-2016 :
(13A) "business trust" means a trust registered as,-
(i) an Infrastructure Investment Trust under the Securities
and Exchange Board of India (Infrastructure Investment
Trusts) Regulations, 2014 made under the Securities and
Exchange Board of India Act, 1992 (15 of 1992); or
(ii) a Real Estate Investment Trust under the Securities and
Exchange Board of India (Real Estate Investment Trusts)
Regulations, 2014 made under the Securities and Exchange
Board of India Act, 1992 (15 of 1992), and
the units of which are required to be listed on recognised
stock exchange in accordance with the aforesaid regulations;
(14) 8["capital 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 a Foreign 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),
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 the purposes of his business or profession ;
(ii) personal effects, that is to say, movable property
(including wearing apparel and furniture) held for personal
use by the assessee or any member of his family dependent on
him, but excludes-
(a) jewellery;
(b) archaeological collections;
(c) drawings;
(d) paintings;
(e) sculptures; or
(f) any work of art.
9[Explanation 1].-For the purposes of this sub-clause,
"jewellery" includes-
(a) ornaments made of gold, silver, platinum or any other
precious metal or any alloy containing one or more of such
precious metals, whether or not containing any precious or
semi-precious stone, and whether or not worked or sewn into
any wearing apparel;
(b) precious or semi-precious stones, whether or not set in
any furniture, utensil or other article or worked or sewn
into any wearing apparel.
10[Explanation 2.-For the purposes of this clause-
(a) the expression "Foreign Institutional Investor" shall
have the meaning assigned to it in clause (a) of the
Explanation to section 115AD;
(b) the expression "securities" shall have the meaning
assigned to it in clause (h) of section 2 of the Securities
Contracts (Regulation) Act, 1956 (42 of 1956);]
(iii) agricultural land in India, not being land situate-
(a) in any area which is 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 11[***] ; or
12[(b) in any area within the distance, measured aerially,-
(I) not being more than two kilometres, from the local
limits of any municipality or cantonment board referred to
in item (a) and which has a population of more than ten
thousand but not exceeding one lakh; or
(II) not being more than six kilometres, from the local
limits of any municipality or cantonment board referred to
in item (a) and which has a population of more than one lakh
but not exceeding ten lakh; or
(III) not being more than eight kilometres, from the local
limits of any municipality or cantonment board referred to
in item (a) and which has a population of more than ten lakh.
Explanation.-For the purposes of this sub-clause,
"population" means the population according to the last
preceding census of which the relevant figures have been
published before the first day of the previous year;]
(iv) 6.5 per cent Gold Bonds, 1977, or 7 per cent Gold Bonds,
1980, or National Defence Gold Bonds, 1980, issued by the
Central Government ;
(v) Special Bearer Bonds, 1991, issued by the Central
Government ;
(vi) Gold Deposit Bonds issued under the Gold Deposit
Scheme, 1999 notified by the Central Government.
Explanation.-For the removal of doubts, it is hereby
clarified that "property" includes and shall be deemed to
have always included any rights in or in relation to an
Indian company, including rights of management or control or
any other rights whatsoever;
(15) "charitable purpose" includes relief of the poor,
education, 13[yoga,] medical relief, preservation of
environment (including watersheds, forests and wildlife) and
preservation of monuments or places or objects of artistic
or historic interest, and the advancement of any other
object of general public utility:
Provided that the advancement of any other object of general
public utility shall not be a charitable purpose, if it
involves the carrying on of any activity in the nature of
trade, commerce or business, or any activity of rendering
any service in relation to any trade, commerce or business,
for a cess or fee or any other consideration, irrespective
of the nature of use or application, or retention, of the
income from such activity:
Provided further that the first proviso shall not apply if
the aggregate value of the receipts from the activities
referred to therein is twenty-five lakh rupees or less in
the previous year;
Following proviso shall be substituted for the existing
first and second provisos to clause (15) of section 2 by the
Finance Act, 2015, w.e.f. 1-4-2016 :
Provided that the advancement of any other object of general
public utility shall not be a charitable purpose, if it
involves the carrying on of any activity in the nature of
trade, commerce or business, or any activity of rendering
any service in relation to any trade, commerce or business,
for a cess or fee or any other consideration, irrespective
of the nature of use or application, or retention, of the
income from such activity, unless-
(i) such activity is undertaken in the course of actual
carrying out of such advancement of any other object of
general public utility; and
(ii) the aggregate receipts from such activity or activities
during the previous year, do not exceed twenty per cent of
the total receipts, of the trust or institution undertaking
such activity or activities, of that previous year;
14-15[(15A) "Chief Commissioner" means a person appointed to
be a Chief Commissioner of Income-tax or a Principal Chief
Commissioner of Income-tax under sub-section (1) of section
117;]
(15B) "child", in relation to an individual, includes a
step-child and an adopted child of that individual ;
14-15[(16) "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 sub-section (1) of section 117;]
(16A) "Commissioner (Appeals)" means a person appointed to
be a Commissioner of Income-tax (Appeals) under sub-section
(1) of section 117 ;
(17) "company" means-
(i) any Indian company, or
(ii) any body corporate incorporated by or under the laws of
a country outside India, or
(iii) any institution, association or body which is or was
assessable or was assessed as a company for any assessment
year under the Indian Income-tax Act, 1922 (11 of 1922), or
which is or was assessable or was assessed under this Act as
a company for any assessment year commencing on or before
the 1st day of April, 1970, or
(iv) any institution, association or body, whether
incorporated or not and whether Indian or non-Indian, which
is declared by general or special order of the Board to be a
company :
Provided that such institution, association or body shall be
deemed to be a company only for such assessment year or
assessment years (whether commencing before the 1st day of
April, 1971, or on or after that date) as may be specified
in the declaration ;
(18) "company in which the public are substantially
interested"-a company is said to be a company in which
the public are substantially interested-
(a) if it is a company owned by the Government or the
Reserve Bank of India or in which not less than forty per
cent of the shares are held (whether singly or taken
together) by the Government or the Reserve Bank of India or
a corporation owned by that bank ; or
(aa) if it is a company which is registered under section 25
of the Companies Act, 1956 (1 of 1956) ; or
(ab) if it is a company having no share capital and if,
having regard to its objects, the nature and composition of
its membership and other relevant considerations, it is
declared by order of the Board to be a company in which the
public are substantially interested :
Provided that such company shall be deemed to be a company
in which the public are substantially interested only for
such assessment year or assessment years (whether commencing
before the 1st day of April, 1971, or on or after that date)
as may be specified in the declaration ; or
(ac) if it is a mutual benefit finance company, that is to
say, a company which carries on, as its principal business,
the business of acceptance of deposits from its members and
which is declared by the Central Government under section
620A of the Companies Act, 1956 (1 of 1956), to be a Nidhi
or Mutual Benefit Society ; or
(ad) if it is a company, wherein shares (not being shares
entitled to a fixed rate of dividend whether with or without
a further right to participate in profits) carrying not less
than fifty per cent of the voting power have been allotted
unconditionally to, or acquired unconditionally by, and were
throughout the relevant previous year beneficially held by,
one or more co-operative societies ;
(b) if it is a company which is not a private company as
defined in the Companies Act, 1956 (1 of 1956), and the
conditions specified either in item (A) or in item (B) are
fulfilled, namely :-
(A) shares in the company (not being shares entitled to a
fixed rate of dividend whether with or without a further
right to participate in profits) were, as on the last day of
the relevant previous year, listed in a recognised stock
exchange in India in accordance with the Securities
Contracts (Regulation) Act, 1956 (42 of 1956), and any rules
made thereunder ;
(B) shares in the company (not being shares entitled to a
fixed rate of dividend whether with or without a further
right to participate in profits) carrying not less than
fifty per cent of the voting power have been allotted
unconditionally to, or acquired unconditionally by, and were
throughout the relevant previous year beneficially held by-
(a) the Government, or
(b) a corporation established by a Central, State or
Provincial Act, or
(c) any company to which this clause applies or any
subsidiary company of such company if the whole of the share
capital of such subsidiary company has been held by the
parent company or by its nominees throughout the previous
year.
Explanation.-In its application to 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, item (B) shall have effect as if for the
words "not less than fifty per cent", the words "not less
than forty per cent" had been substituted ;
(19) "co-operative society" means a co-operative society
registered under the Co-operative Societies Act, 1912 (2 of
1912), or under any other law for the time being in force in
any State for the registration of co-operative societies ;
(19A) "Deputy Commissioner" means a person appointed to be a
Deputy Commissioner of Income-tax under sub-section (1) of
section 117 ;
(19AA) "demerger", in relation to companies, means the
transfer, pursuant to a scheme of arrangement under sections
391 to 394 of the Companies Act, 1956 (1 of 1956), by a
demerged company of its one or more undertakings to any
resulting company in such a manner that-
(i) all the property of the undertaking, being transferred
by the demerged company, immediately before the demerger,
becomes the property of the resulting company by virtue of
the demerger;
(ii) all the liabilities relatable to the undertaking, being
transferred by the demerged company, immediately before the
demerger, become the liabilities of the resulting company by
virtue of the demerger;
(iii) the property and the liabilities of the undertaking or
undertakings being transferred by the demerged company are
transferred at values appearing in its books of account
immediately before the demerger;
(iv) the resulting company issues, in consideration of the
demerger, its shares to the shareholders of the demerged
company on a proportionate basis except where the resulting
company itself is a shareholder of the demerged company;
(v) the shareholders holding not less than three-fourths in
value of the shares in the demerged company (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;
(vi) the transfer of the undertaking is on a going concern
basis;
(vii) the demerger is in accordance with the conditions, if
any, notified under sub-section (5) of section 72A by the
Central Government in this behalf.
Explanation 1.-For the purposes of this clause,
"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.
Explanation 2.-For the purposes of this clause, the
liabilities referred to in sub-clause (ii), 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) in cases, other than those referred to in clause (a) or
clause (b), so much of the amounts of general or
multipurpose borrowings, if any, of the demerged company as
stand in the same proportion which the value of the assets
transferred in a demerger bears to the total value of the
assets of such demerged company immediately before the
demerger.
Explanation 3.-For determining the value of the property
referred to in sub-clause (iii), any change in the value of
assets consequent to their revaluation shall be ignored.
Explanation 4.-For the purposes of this clause, the
splitting up or the reconstruction of any authority or a
body constituted or established under a Central, State or
Provincial Act, or a local authority or a public sector
company, into separate authorities or bodies or local
authorities or companies, as the case may be, shall be
deemed to be a demerger if such split up or reconstruction
fulfils such conditions as may be notified in the Official
Gazette, by the Central Government;
(19AAA) "demerged company" means the company whose
undertaking is transferred, pursuant to a demerger, to a
resulting company;
(19B) "Deputy Commissioner (Appeals)" means a person
appointed to be a Deputy Commissioner of Income-tax
(Appeals) or an Additional Commissioner of Income-tax
(Appeals) under sub-section (1) of section 117 ;
(19C) "Deputy Director" means a person appointed to be a
Deputy Director of Income-tax under sub-section (1) of
section 117 ;
(20) "director", "manager" and "managing agent", in relation
to a company, have the meanings respectively assigned to
them in the Companies Act, 1956 (1 of 1956) ;
16[(21) "Director General or Director" means a person
appointed to be a Director General of Income-tax or a
Principal Director General of Income-tax or, as the case may
be, a Director of Income-tax or a Principal Director of
Income-tax, under sub-section (1) of section 117, and
includes a person appointed under that sub-section to be an
Additional Director of Income-tax or a Joint Director of
Income-tax or an Assistant Director or Deputy Director of
Income-tax;
(22) "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, whether 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 which arose after the end of
the previous year ending next before the 1st day of April,
1933, whether such accumulated profits have been 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) made after the 31st day of May, 1987, by way of
advance or loan to a shareholder, being a person who is the
beneficial owner of shares (not being shares entitled to a
fixed rate of dividend whether with or without a right to
participate in profits) holding not less than ten per cent
of the voting power, or to any concern in which such
shareholder is a member or a partner and in which he has a
substantial interest (hereafter in this clause referred to
as the said concern) or any payment by any such company on
behalf, or for the individual benefit, of any such
shareholder, to the extent to which the company in either
case possesses accumulated profits;
but "dividend" does not include-
(i) a distribution made in accordance with sub-clause (c) or
sub-clause (d) in respect of any share issued for full cash
consideration, where the holder of the share is not entitled
in the event of liquidation to participate in the surplus
assets ;
(ia) a distribution made in accordance with sub-clause (c)
or sub-clause (d) in so far as such distribution is
attributable to the capitalised profits of the company
representing bonus shares allotted to its equity
shareholders after the 31st day of March, 1964, and before
the 1st day of April, 1965;
(ii) any advance or loan made to a shareholder or the said
concern by a company in the ordinary course of its business,
where the lending of money is a substantial part of the
business of the company ;
(iii) any dividend paid by a company which is set off by the
company against the whole or any part of any sum previously
paid by it and treated as a dividend within the meaning of
sub-clause (e), to the extent to which it is so set off;
(iv) any payment made by a company on purchase of its own
shares from a shareholder in accordance with the provisions
of section 77A of the Companies Act, 1956 (1 of 1956);
(v) any distribution of shares pursuant to a demerger by the
resulting company to the shareholders of the demerged
company (whether or not there is a reduction of capital in
the demerged company).
Explanation 1.-The expression "accumulated profits",
wherever it occurs in this clause, shall not include capital
gains arising before the 1st day of April, 1946, or after
the 31st day of March, 1948, and before the 1st day of
April, 1956.
Explanation 2.-The expression "accumulated profits" in
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, and in 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 for the time being in force,
include any profits of the company prior to three successive
previous years immediately preceding the previous year in
which such acquisition took place.
Explanation 3.-For the purposes of this clause,-
(a) "concern" means a Hindu undivided family, or a firm or
an association of persons or a body of individuals or a
company ;
(b) 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 previous year, beneficially entitled to not less
than twenty per cent of the income of such concern ;
(22A) "domestic company" means an Indian company, or any
other company which, in respect of its income liable to tax
under this Act, has made the prescribed arrangements for the
declaration and payment, within India, of the dividends
(including dividends on preference shares) payable out of
such income ;
(22AA) "document" includes an electronic record as defined
in clause (t) of sub-section (1) of section 2 of the
Information Technology Act, 2000 (21 of 2000);
(22AAA) "electoral trust" means a trust so approved by the
Board in accordance with the scheme made in this regard by
the Central Government;
(22B) "fair market value", in relation to a capital asset,
means-
(i) the price that the capital asset would ordinarily fetch
on sale in the open market on the relevant date ; and
(ii) where the price referred to in sub-clause (i) is not
ascertainable, such price as may be determined in accordance
with the rules made under this Act ;
(23) (i) "firm" shall have the meaning assigned to it in the
Indian Partnership Act, 1932 (9 of 1932), and shall include
a limited liability partnership as defined in the Limited
Liability Partnership Act, 2008 (6 of 2009);
(ii) "partner" shall have the meaning assigned to it in 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 of a limited liability partnership as defined
in the Limited Liability Partnership Act, 2008 (6 of 2009);
(iii) "partnership" shall have the meaning assigned to it in
the Indian Partnership Act, 1932 (9 of 1932), and shall
include a limited liability partnership as defined in the
Limited Liability Partnership Act, 2008 (6 of 2009);
(23A) "foreign company" means a company which is not a
domestic company ;
(23B) "fringe benefits" means any fringe benefits referred
to in section 115WB;
(24) "income" includes-
(i) profits and gains ;
(ii) dividend ;
(iia) voluntary contributions received by a trust created
wholly or partly for charitable or religious purposes or by
an institution established wholly or partly for such
purposes or by an association or institution referred to in
clause (21) or clause (23), or by a fund or trust or
institution referred to in sub-clause (iv) or sub-clause (v)
or by any university or other educational institution
referred to in sub-clause (iiiad) or sub-clause (vi) or by
any hospital or other institution referred to in sub-clause
(iiiae) or sub-clause (via) of clause (23C) of section 10 or
by an electoral trust.
Explanation.-For the purposes of this sub-clause, "trust"
includes any other legal obligation ;
(iii) the value of any perquisite or profit in lieu of
salary taxable under clauses (2) and (3) of section 17 ;
(iiia) any special allowance or benefit, other than
perquisite included under sub-clause (iii), 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 ;
(iiib) 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 ;
(iv) 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 other person aforesaid ;
(iva) the value of any benefit or perquisite, whether
convertible into money or not, obtained by any
representative assessee mentioned in clause (iii) or clause
(iv) of sub-section (1) of section 160 or by any person on
whose behalf or for whose benefit any income is receivable
by the representative assessee (such person being hereafter
in this sub-clause referred to as the "beneficiary") and any
sum paid by the representative assessee in respect of any
obligation which, but for such payment, would have been
payable by the beneficiary ;
(v) any sum chargeable to income-tax under clauses (ii) and
(iii) of section 28 or section 41 or section 59 ;
(va) any sum chargeable to income-tax under clause (iiia) of
section 28 ;
(vb) any sum chargeable to income-tax under clause (iiib) of
section 28 ;
(vc) any sum chargeable to income-tax under clause (iiic) of
section 28 ;
(vd) the value of any benefit or perquisite taxable under
clause (iv) of section 28 ;
(ve) any sum chargeable to income-tax under clause (v) of
section 28 ;
(vi) any capital gains chargeable under section 45 ;
(vii) the profits and gains of any business of insurance
carried on by a mutual insurance company or by a
co-operative society, computed in accordance with section 44
or any surplus taken to be such profits and gains by virtue
of provisions contained in the First Schedule ;
(viia) the profits and gains of any business of banking
(including providing credit facilities) carried on by a
co-operative society with its members;
(viii) [Omitted by the Finance Act, 1988, w.e.f. 1-4-1988.
Original sub-clause (viii) was inserted by the Finance Act,
1964, w.e.f. 1-4-1964;]
(ix) any winnings from lotteries, crossword puzzles, races
including horse races, card games and other games of any
sort or from gambling or betting of any form or nature
whatsoever.
Explanation.-For the purposes of this sub-clause,-
(i) "lottery" includes winnings from prizes awarded to any
person by draw of lots or by chance or in any other manner
whatsoever, under any scheme or arrangement by whatever name
called;
(ii) "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 ;
(x) 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 ;
(xi) any sum received under a Keyman insurance policy
including the sum allocated by way of bonus on such policy.
Explanation.-For the purposes of this clause*, the
expression "Keyman insurance policy" shall have the meaning
assigned to it in the Explanation to clause (10D) of section
10 ;
(xii) any sum referred to in clause (va) of section 28;
(xiii) any sum referred to in clause (v) of sub-section (2)
of section 56;
(xiv) any sum referred to in clause (vi) of sub-section (2)
of section 56;
(xv) any sum of money or value of property referred to in
clause (vii) or clause (viia) of sub-section (2) of section
56;
(xvi) any consideration received for issue of shares as
exceeds the fair market value of the shares referred to in
clause (viib) of sub-section (2) of section 56;
17[(xvii) any sum of money referred to in clause (ix) of
sub-section (2) of section 56;]
Following sub-clause (xviii) shall be inserted after
sub-clause (xvii) of clause (24) of section 2 by the Finance
Act, 2015, w.e.f. 1-4-2016 :
(xviii) 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 assessee other than the
subsidy or grant or reimbursement which is taken into
account for determination of the actual cost of the asset in
accordance with the provisions of Explanation 10 to clause
(1) of section 43;
(25) "Income-tax Officer" means a person appointed to be an
Income-tax Officer under section 117 ;
(25A) "India" means the territory of India as referred to in
article 1 of the Constitution, its territorial waters,
seabed and subsoil underlying such waters, continental
shelf, exclusive economic zone or any other maritime zone as
referred to in the Territorial Waters, Continental Shelf,
Exclusive Economic Zone and other Maritime Zones Act, 1976
(80 of 1976), and the air space above its territory and
territorial waters;
(26) "Indian company" means a company formed and registered
under the Companies Act, 1956 (1 of 1956), and includes-
(i) a company formed and registered under any law relating
to companies formerly in force in any part of India (other
than the State of Jammu and Kashmir and the Union
territories specified in sub-clause (iii) of this clause) ;
(ia) a corporation established by or under a Central, State
or Provincial Act ;
(ib) any institution, association or body which is declared
by the Board to be a company under clause (17) ;
(ii) in the case of the State of Jammu and Kashmir, a
company formed and registered under any law for the time
being in force in that State ;
(iii) in the case of any of the Union territories of Dadra
and Nagar Haveli, Goa++, Daman and Diu, and Pondicherry, a
company formed and registered under any law for the time
being in force in that Union territory :
Provided that the registered or, as the case may be,
principal office of the company, corporation, institution,
association or body in all cases is in India ;
(26A) "infrastructure capital company" means such company
which makes investments by way of acquiring shares or
providing long-term finance to any enterprise or undertaking
wholly engaged in the business referred to in sub-section
(4) of section 80-IA or sub-section (1) of section 80-IAB or
an undertaking developing and building a housing project
referred to in sub-section (10) of section 80-IB or a
project for constructing a hotel of not less than three-star
category as classified by the Central Government or a
project for constructing a hospital with at least one
hundred beds for patients;
(26B) "infrastructure capital fund" means such fund
operating under a trust deed registered under the provisions
of the Registration Act, 1908 (16 of 1908) established to
raise monies by the trustees for investment by way of
acquiring shares or providing long-term finance to any
enterprise or undertaking wholly engaged in the business
referred to in sub-section (4) of section 80-IA or
sub-section (1) of section 80-IAB or an undertaking
developing and building a housing project referred to in
sub-section (10) of section 80-IB or a project for
constructing a hotel of not less than three-star category as
classified by the Central Government or a project for
constructing a hospital with at least one hundred beds for
patients;
(27) [* * *]
(28) "Inspector of Income-tax" means a person appointed to
be an Inspector of Income-tax under sub-section (1) of
section 117 ;
(28A) "interest" means interest payable in any manner in
respect of any moneys borrowed or debt incurred (including a
deposit, claim or other similar right or obligation) and
includes any service fee or other charge in respect of the
moneys borrowed or debt incurred or in respect of any credit
facility which has not been utilised ;
(28B) "interest on securities" means,-
(i) interest on any security of the Central Government or a
State Government ;
(ii) 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, State or Provincial
Act ;
(28BB) "insurer" means an insurer, being an Indian insurance
company, as defined under clause (7A) of section 2 of the
Insurance Act, 1938 (4 of 1938), which has been granted a
certificate of registration under section 3 of that Act;
(28C) "Joint Commissioner" means a person appointed to be a
Joint Commissioner of Income-tax or an Additional
Commissioner of Income-tax under sub-section (1) of section
117;
(28D) "Joint Director" means a person appointed to be a
Joint Director of Income-tax or an Additional Director of
Income-tax under sub-section (1) of section 117;
(29) "legal representative" has the meaning assigned to it
in clause (11) of section 2 of the Code of Civil Procedure,
1908 (5 of 1908) ;
(29A) "long-term capital asset" means a capital asset which
is not a short-term capital asset ;
(29B) "long-term capital gain" means capital gain arising
from the transfer of a long-term capital asset ;
(29BA) "manufacture", with its grammatical variations, means
a change in a non-living physical object or article or
thing,-
(a) resulting in transformation of the object or article or
thing into a new and distinct object or article or thing
having a different name, character and use; or
(b) bringing into existence of a new and distinct object or
article or thing with a different chemical composition or
integral structure;
(29C) "maximum marginal rate" means the rate of income-tax
(including surcharge on income-tax, if any) applicable in
relation to the highest slab of income in the case of an
individual, association of persons or, as the case may be,
body of individuals as specified in the Finance Act of the
relevant year ;
(29D) "National Tax Tribunal" means the National Tax
Tribunal established under section 3 of the National Tax
Tribunal Act, 2005;
(30) "non-resident" means a person who is not a "resident" ,
and for the purposes of sections 92, 93 and 168, includes a
person who is not ordinarily resident within the meaning of
clause (6) of section 6 ;
(31) "person" includes-
(i) an individual,
(ii) a Hindu undivided family,
(iii) a company,
(iv) a firm,
(v) an association of persons or a body of individuals,
whether incorporated or not,
(vi) a local authority, and
(vii) every artificial juridical person, not falling within
any of the preceding sub-clauses.
Explanation.-For the purposes of this clause, an association
of persons or a body of individuals or a local authority or
an artificial juridical person shall be deemed to be a
person, whether or not such person or body or authority or
juridical person was formed or established or incorporated
with the object of deriving income, profits or gains;
(32) "person who has a substantial interest in the company",
in relation to a company, means a person who is the
beneficial owner of shares, not being shares entitled to a
fixed rate of dividend whether with or without a right to
participate in profits, carrying not less than twenty per
cent of the voting power ;
(33) "prescribed" means prescribed by rules made under this
Act ;
(34) "previous year" means the previous year as defined in
section 3 ;
18[(34A) "Principal Chief Commissioner of Income-tax" means
a person appointed to be a Principal Chief Commissioner of
Income-tax under sub-section (1) of section 117;
(34B) "Principal Commissioner of Income-tax" means a person
appointed to be a Principal Commissioner of Income-tax under
sub-section (1) of section 117;
(34C) "Principal Director of Income-tax" means a person
appointed to be a Principal Director of Income-tax under
sub-section (1) of section 117;
(34D) "Principal Director General of Income-tax" means a
person appointed to be a Principal Director General of
Income-tax under sub-section (1) of section 117;]
(35) "principal officer", used with reference 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 ;
(36) "profession" includes vocation ;
(36A) "public sector company" means any corporation
established by or under any Central, State or Provincial Act
or a Government company as defined in section 617 of the
Companies Act, 1956 (1 of 1956) ;
(37) "public servant" has the same meaning as in section 21
of the Indian Penal Code (45 of 1860) ;
(37A) "rate or rates in force" or "rates in force", in
relation to an assessment year or financial year, means-
(i) for the purposes of calculating income-tax under the
first proviso to sub-section (5) of section 132, or
computing the income-tax chargeable under sub-section (4) of
section 172 or sub-section (2) of section 174 or section 175
or sub-section (2) of section 176 or deducting income-tax
under section 192 from income chargeable under the head
"Salaries" or computation of the "advance tax" payable under
Chapter XVII-C in a case not falling under section 115A or
section 115B or section 115BB or section 115BBB or section
115E or section 164 or section 164A or section 167B, the
rate or rates of income-tax specified in this behalf in the
Finance Act of the relevant year, and for the purposes of
computation of the "advance tax" payable under Chapter
XVII-C in a case falling under section 115A or section 115B
or section 115BB or section 115BBB or section 115E or
section 164 or section 164A or section 167B, the rate or
rates specified in section 115A or section 115B or section
115BB or section 115BBB or section 115E or section 164 or
section 164A or section 167B, as the case may be, or the
rate or rates of income-tax specified in this behalf in the
Finance Act of the relevant year, whichever is applicable ;
(ii) for the purposes of deduction of tax under sections
193, 194, 194A, 194B, 194BB and 194D, the rate or rates of
income-tax specified in this behalf in the Finance Act of
the relevant year ;
(iii) for the purposes of deduction of tax under 19[section
194LBA or] section 195, the rate or rates of income-tax
specified in this behalf in the Finance Act of the relevant
year or the rate or rates of income-tax specified in an
agreement entered into by the Central Government under
section 90, or an agreement notified by the Central
Government under section 90A, whichever is applicable by
virtue of the provisions of section 90, or section 90A, as
the case may be;
(38) "recognised provident fund" means a provident fund
which has been and continues to be recognised by the
20[Principal Chief Commissioner or] Chief Commissioner or
20[Principal Commissioner or] Commissioner in accordance
with the rules contained in Part A of the Fourth Schedule,
and includes a provident fund established under a scheme
framed under the Employees' Provident Funds Act, 1952 (19 of
1952) ;
(39) [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993;]
(40) "regular assessment" means the assessment made under
sub-section (3) of section 143 or section 144 ;
(41) "relative", in relation to an individual, means the
husband, wife, brother or sister or any lineal ascendant or
descendant of that individual ;
(41A) "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;
(42) "resident" means a person who is resident in India
within the meaning of section 6 ;
(42A) "short-term capital asset" means a capital asset held
by an assessee for not more than thirty-six months
immediately preceding the date of its transfer :
Provided that in the case of 21[a security (other than a
unit) listed in a recognized stock exchange in India] or a
unit of the Unit Trust of India established under the Unit
Trust of India Act, 1963 (52 of 1963) or 22[a unit of an
equity oriented fund] or a zero coupon bond, the provisions
of this clause shall have effect as if for the words
"thirty-six months", the words "twelve months" had been
substituted:
23[Provided further that in case of a share of a company
(not being a share listed in a recognised stock exchange) or
a unit of a Mutual Fund specified under clause (23D) of
section 10, which is transferred during the period beginning
on the 1st day of April, 2014 and ending on the 10th day of
July, 2014, the provisions of this clause shall have effect
as if for the words "thirty-six months", the words "twelve
months" had been substituted.]
Explanation 1.-(i) In determining the period for which any
capital asset is held by the assessee-
(a) in the case of a share held in a company in liquidation,
there shall be excluded the period subsequent to the date on
which the company goes into liquidation ;
(b) in the case of a capital asset which becomes the
property of the assessee in the circumstances mentioned in
sub-section (1) of section 49, there shall be included the
period for which the asset was held by the previous owner
referred to in the said section ;
(c) in the case of a capital asset being a share or shares
in an Indian company, which becomes the property of the
assessee in consideration of a transfer referred to in
clause (vii) of section 47, there shall be included the
period for which the share or shares in the amalgamating
company were held by the assessee ;
(d) in the case of a capital asset, being a share or any
other security (hereafter in this clause referred to as the
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,
the period shall be reckoned from the date of allotment of
such financial asset ;
(e) in the case of a capital asset, being the right to
subscribe to any financial asset, which is renounced in
favour of any other person, the period shall be reckoned
from the date of the offer of such right by the company or
institution, as the case may be, making such offer ;
(f) in the case of a capital asset, being a financial asset,
allotted without any payment and on the basis of holding of
any other financial asset, the period shall be reckoned from
the date of the allotment of such financial asset ;
(g) in the case of a capital asset, being a share or shares
in an Indian company, which becomes the property of the
assessee in consideration of a demerger, there shall be
included the period for which the share or shares held in
the demerged company were held by the assessee ;
(h) in the case of a capital asset, being trading or
clearing rights of a recognised stock exchange in India
acquired by a person pursuant to demutualisation or
corporatisation of the recognised stock exchange in India as
referred to in clause (xiii) of section 47, there shall be
included the period for which the person was a member of the
recognised stock exchange in India immediately prior to such
demutualisation or corporatisation;
(ha) in the case of a capital asset, being equity share or
shares in a company allotted pursuant to demutualisation or
corporatisation of a recognised stock exchange in India as
referred to in clause (xiii) of section 47, there shall be
included the period for which the person was a member of the
recognised stock exchange in India immediately prior to such
demutualisation or corporatisation;
(hb) in the case of a capital asset, being any specified
security or sweat equity shares allotted or transferred,
directly or indirectly, by the employer free of cost or at
concessional rate to his employees (including former
employee or employees), the period shall be reckoned from
the date of allotment or transfer of such specified security
or sweat equity shares;
24[(hc) in the case of a capital asset, being a unit of a
business trust, allotted pursuant to transfer of share or
shares as referred to in clause (xvii) of section 47, there
shall be included the period for which the share or shares
were held by the assessee;]
Following sub-clauses (hd) and (he) shall be inserted after
sub-clause (hc) in clause (i) of Explanation 1 to clause
(42A) of section 2 by the Finance Act, 2015, w.e.f. 1-4-2016
:
(hd) in the case of a capital asset, being a unit or units,
which becomes the property of the assessee in consideration
of a transfer referred to in clause (xviii) of section 47,
there shall be included the period for which the unit or
units in the consolidating scheme of the mutual fund were
held by the assessee;
(he) in the case of a capital asset, being share or shares
of a company, which is acquired by the non-resident assessee
on redemption of Global Depository Receipts referred to in
clause (b) of sub-section (1) of section 115AC held by such
assessee, the period shall be reckoned from the date on
which a request for such redemption was made;
(ii) In respect of capital assets other than those mentioned
in clause (i), the period for which any capital asset is
held by the assessee shall be determined subject to any
rules which the Board may make in this behalf.
Explanation 2.-For the purposes of this clause, the
expression "security" shall have the meaning assigned to it
in clause (h) of section 2 of the Securities Contracts
(Regulation) Act, 1956 (42 of 1956).
Explanation 3.-For the purposes of this clause, the
expressions "specified security" and "sweat equity shares"
shall have the meanings respectively assigned to them in the
Explanation to clause (d) of sub-section (1) of section
115WB.
25[Explanation 4.-For the purposes of this clause, the
expression "equity oriented fund" shall have the meaning
assigned to it in the Explanation to clause (38) of section
10;]
(42B) "short-term capital gain" means capital gain arising
from the transfer of a short-term capital asset ;
(42C) "slump sale" means the transfer of one or more
undertakings as a result of the sale for a lump sum
consideration without values being assigned to the
individual assets and liabilities in such sales.
Explanation 1.-For the purposes of this clause,
"undertaking" shall have the meaning assigned to it in
Explanation 1 to clause (19AA).
Explanation 2.-For the removal of doubts, it is hereby
declared that 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 ;
(43) "tax" in relation to the assessment year commencing on
the 1st day of April, 1965, and any subsequent assessment
year means income-tax chargeable under the provisions of
this Act, and in relation to any other assessment year
income-tax and super-tax chargeable under the provisions of
this Act prior to the aforesaid date and in relation to the
assessment year commencing on the 1st day of April, 2006,
and any subsequent assessment year includes the fringe
benefit tax payable under section 115WA ;
(43A) "tax credit certificate" means a tax credit
certificate granted to any person in accordance with the
provisions of Chapter XXII-B and any scheme made thereunder
;
(43B) [* * *]
(44) "Tax Recovery Officer" means any Income-tax Officer who
may be authorised by the 26[Principal Chief Commissioner or]
Chief Commissioner or 26[Principal Commissioner or]
Commissioner, by general or special order in writing, to
exercise the powers of a Tax Recovery Officer and also to
exercise or perform such powers and functions which are
conferred on, or assigned to, an Assessing Officer under
this Act and which may be prescribed;
(45) "total income" means the total amount of income
referred to in section 5, computed in the manner laid down
in this Act ;
(46) [* * *]
(47) "transfer", in relation to a capital asset, includes,-
(i) the sale, exchange or relinquishment of the asset ; or
(ii) the extinguishment of any rights therein ; or
(iii) the compulsory acquisition thereof under any law ; or
(iv) in a case where the asset is converted by the owner
thereof into, or is treated by him as, stock-in-trade of a
business carried on by him, such conversion or treatment ;
or
(iva) the maturity or redemption of a zero coupon bond; or
(v) 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
(vi) any transaction (whether by way of becoming a member
of, or acquiring shares in, a co-operative society, company
or other association of persons or by way of any agreement
or any arrangement or in any other manner whatsoever) which
has the effect of transferring, or enabling the enjoyment
of, any immovable property.
Explanation 1.-For the purposes of sub-clauses (v) and (vi),
"immovable property" shall have the same meaning as in
clause (d) of section 269UA.
Explanation 2.-For the removal of doubts, it is hereby
clarified that "transfer" includes and shall be deemed to
have always included disposing of or parting with an asset
or any interest therein, or creating any interest in any
asset in any manner whatsoever, directly or indirectly,
absolutely or conditionally, voluntarily or involuntarily,
by way of an agreement (whether entered into in India or
outside India) or otherwise, notwithstanding that 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;
(48) "zero coupon bond" means a bond-
(a) issued by any infrastructure capital company or
infrastructure capital fund or public sector company or
scheduled bank on or after the 1st day of June, 2005;
(b) in respect of which no payment and benefit is received
or receivable before maturity or redemption from
infrastructure capital company or infrastructure capital
fund or public sector company or scheduled bank; and
(c) which the Central Government may, by notification27 in
the Official Gazette, specify in this behalf.
Explanation.-For the purposes of this clause, the expression
"scheduled bank" shall have the meaning assigned to it in
clause (ii) of the Explanation to sub-clause (c) of clause (viia)
of sub-section (1) of section 36.
What are the Definitions under Income Tax 1961? Section 2 of Income Tax Act 1961
What is Previous Year? What is Charge of Income tax? Section 3 and 4 of Income Tax Act 1961
What is Dividend income? Section 8 of Income Tax Act 1961
What is Income deemed to accrue or arise in India? Section 9 of Income Tax Act 1961
What are the Incomes not included in total income? Section 10 of Income Tax Act 1961
What is Meaning of computer programmes in certain cases? Section 10BB of Income Tax Act 1961