Company - Definition / Legal Terminology - Income Tax

As per clause (17) of section 2 of the Income-tax Act, 1961 - 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, 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; Explanation.(a) -For the purposes of section 278B of the Income tax Act 1961- Company means a body corporate, and includes- ( i ) a firm; and ( ii ) an association of persons or a body of individuals whether incorporated or not; and