Section 97 - Definitions - Finance (No. 2) Act, 2004

97. Definitions.- In this Chapter, unless the context otherwise requires,- (1) Appellate Tribunal means the Appellate Tribunal constituted under section 252 of the Income-tax Act, 1961 (43 of 1961); (2) Assessing Officer means the Income-tax Officer or Assistant Commissioner of Income-tax or Deputy Commissioner of Income-tax or Joint Commissioner of Income-tax or Additional Commissioner of Income-tax who is authorised by the Board to exercise or perform all or any of the powers and functions conferred on, or assigned to, an Assessing Officer under this Chapter; (3) Board means the Central Board of Direct Taxes constituted under the Central Boards of Revenue Act, 1963 (54 of 1963); 3 [(3A) business trust shall have the meaning assigned to it in clause (13A) of section 2 of the Income-tax Act, 1961 (43 of 1961);] (4) derivative has the meaning assigned to it in clause (aa) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); 7 [(5) equity oriented fund means a fund referred to in clause (a) of Explanation to section 112A of Income-tax Act, 1961] 8 [(43 of 1961)] 2 [ (5A) initial public offer has the meaning assigned to it in clause (p) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992); 5 [(5AA) initial offer shall have the meaning assigned to it in,-- (i) clause (q) of sub-regulation (1) of regulation 2 of 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), in case of a business trust being a real estate investment trust; (ii) clause (v) of sub-regulation (1) of regulation 2 of 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), in case of a business trust being an infrastructure investment trust;] (5B) lead merchant banker means a merchant banker appointed as lead merchant banker in accordance with sub-regulation (1) of regulation 5 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) ] ; (6) Mutual Fund means a Mutual Fund specified under clause (23D) of section 10 of the Income-tax Act, 1961 (43 of 1961); (7) option in securities has the meaning assigned to it in clause (d) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); (8) option premium means the premium payable by the purchaser of an option in securities at the time of such purchase; (9) prescribed means prescribed by rules made by the Board under this Chapter; (10) recognised stock exchange shall have the same meaning as in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); (11) securities transaction tax means tax leviable on the taxable securities transactions under the provisions of this Chapter; (12) strike price means the price at which the option in securities may be exercised on the expiry date of such option; (13) taxable securities transaction means a transaction of- (a) purchase or sale of an equity share in a company or a derivative or a unit of an equity oriented fund 4 [or a unit of a business trust], entered into in a recognised stock exchange; or 2A [ (aa) sale of unlisted equity shares by any holder of such shares under an offer for sale to the public included in an initial public offer and where such shares are subsequently listed on a recognised stock exchange; or ] 6 [(ab) sale of unlisted units of a business trust by any holder of such units which were acquired in consideration of a transfer referred to in clause (xvii) of section 47 of the Income-tax Act, 1961 (43 of 1961) under an offer for sale to the public included in an initial offer and where such units are subsequently listed on a recognised stock exchange; or] (b) sale of a unit of an equity oriented fund to the 9 [ Mutual Fund; or (ba) sale or surrender or redemption of a unit of an equity oriented fund to an insurance company, on maturity or partial withdrawal, with respect to unit linked insurance policy issued by such insurance company on or after the 1st day of February, 2021; ] 10 [ (13A) unit linked insurance policy shall have the meaning assigned to it in Explanation 3 of clause (10D) of section 10 of the Income-tax Act, 1961 (43 of 1961.); ] (14) words and expressions used but not defined in this Chapter and defined in the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Income-tax Act, 1961 (43 of 1961) or the rules made thereunder, shall apply, so far as may be, in relation to securities transaction tax. ***************** NOTES:- 1. Substituted vide Finance Act, 2006 w.e.f. 01-06-2006 before it was read as, fifty per cent. 2. Inserted vide Finance Act, 2012 , w.e.f. 01-07-2012. 2A Inserted vide Finance Act, 2012 , w.e.f. 01-07-2012. 3. Inserted vide FINANCE (No. 2) ACT, 2014, w.e.f. 1st day of October, 2014 4. Inserted vide FINANCE (No. 2) ACT, 2014, w.e.f. 1st day of October, 2014 5. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of June, 2015 6. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of June, 2015 7. Substituted vide THE FINANCE ACT, 2018 , w.e.f. 1st day of April, 2018, before it was read as, (5) equity oriented fund means a fund- (i) where the investible funds are invested by way of equity shares in domestic companies to the extent of more than 1 [ sixty-five per cent. ] of the total proceeds of such fund; and (ii) which has been set up under a scheme of a Mutual Fund: Provided that the percentage of equity share holding of the fund shall be computed with reference to the annual average of the monthly averages of the opening and closing figures; 8. As Corrected Vide CORRIGENDA THE FINANCE ACT, 2018 No. 18 OF 2018 - Dated 03-04-2018 9. Substituted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-02-2021 before it was read as Mutual Fund; 10. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-02-2021