Securities - Definition / Legal Terminology - Income Tax

Securities Explanation 2(b) .- For the purposes of section 2(14)(b) of the Income-tax Act, 1961- , Securities shall have the meaning assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956; Explanation(b) . -For the purposes of section 94 of the Income tax Act 1961, securities includes stocks and shares ; ( c ) securities shall be deemed to be similar if they entitle their holders to the same rights against the same persons as to capital and interest and the same remedies for the enforcement of those rights, notwithstanding any difference in the total nominal amounts of the respective securities or in the form in which they are held or in the manner in which they can be transferred; Explanation.(b ) - As per section 115TCA of the Income tax Act 1961- For the purposes of Chapter XII-EA (special provisions relating to tax on distributed income by securitisation trusts) ,- securities means- debt securities issued by a Special Purpose Vehicle as referred to in the guidelines on securitisation of standard assets issued by the Reserve Bank of India;