Specified Asset - Definition / Legal Terminology - Income Tax

Specified Asset As per section 115C(f) of the Income tax Act 1961, In the Chapter XII-A (Special provisions relating to certain incomes of Non- residents) , unless the context otherwise requires,- Specified Asset means any of the following assets, namely :- (i) shares in an Indian company; (ii) debentures issued by an Indian company which is not a private company as defined in the Companies Act, 1956; (iii) deposits with an Indian company which is not a private company as defined in the Companies Act, 1956; (iv) any security of the Central Government as defined in clause (2) of section 2 of the Public Debt Act, 1944; (v) such other assets as the Central Government may specify in this behalf by notification in the Official Gazette.