Clause 198 - Definitions - Finance Bill, 2016

Definitions 198. (1) In this Scheme, unless the context otherwise requires,- (a) declarant means a person making a declaration under section 199; (b) designated authority means an officer not below the rank of a Commissioner of Income-tax and notified by the Principal Chief Commissioner for the purposes of this Scheme; (c) disputed income , in relation to an assessment year, means the whole or so much of the total income as is relatable to the disputed tax; (d) disputed tax means the tax determined under the Income-tax Act, or the Wealth-tax Act, which is disputed by the assessee or the declarant, as the case may be; (e) disputed wealth , in relation to an assessment year, means the whole or so much of the net wealth as is relatable to the disputed tax; (f) Income-tax Act means the Income-tax Act, 1961 (43 of 1961); (g) specified tax means a tax- (i) the determination of which is in consequence of or validated by any amendment made to the Income-tax Act or the Wealth-tax Act with retrospective effect and relates to a period prior to the date on which the Act amending the Income-tax Act or the Wealth-tax Act, as the case may be, received the assent of the President; and (ii) a dispute in respect of such tax is pending as on the 29th day of February, 2016; (h) tax arrear means, the amount of tax, interest or penalty determined under the Income-tax Act or the Wealth-tax Act, 1957 (27 of 1957) in respect of which appeal is pending before the Commissioner of Income-tax (Appeals) or the Commissioner of Wealth-tax (Appeals) as on the 29th day of February, 2016; (h) Wealth-tax Act means the Wealth-tax Act, 1957 (27 of 1957). (2) All other words and expressions used herein but not defined and defined in the Income-tax Act or the Wealth-tax Act, as the case may be, shall have the meanings respectively assigned to them in those Acts.