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TMI BlogDefinitions [Clause (15A) to Clause (30)] - "Chief Commissioner" to "Non-resident"X X X X Extracts X X X X X X X X Extracts X X X X ..... was assessable or was assessed as a company for any assessment year under the Indian Income-tax Act, 1922 (11 of 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 ; ] (18) company in which the public are substantially interested -a company is said to be a company in which the public are substantially interested- 8 [ (a) if it is a company owned by the Government or the Reserve Bank of India or in which not less than forty per cent of the shares are held (whether singly or taken together) by the Government or the Reserve Bank of India or a corporation owned by that bank ; or ] 9 [ (aa) if it is a company which is registered under section 25 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y company of such company 14 [ if the whole of the share capital of such subsidiary company has been held by the parent company or by its nominees throughout the previous year .] Explanation .-In its application to an Indian company whose business consists mainly in the construction of ships or in the manufacture or processing of goods or in mining or in the generation or distribution of electricity or any other form of power, item (B) shall have effect as if for the words not less than fifty per cent , the words not less than forty per cent had been substituted ;]] (19) co-operative society means a co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any State for the registration of co-operative societies ; 15 [ (19A) Deputy Commissioner means a person appointed to be a Deputy Commissioner of Income-tax 16 [ * * * ] under sub-section (1) of section 117 ; 17 [ (19AA) demerger , in relation to companies, means the transfer, pursuant to a scheme of arrangement under sections 391 to 394 of the Companies Act, 1956 (1 of 1956), by a demerged company of its one or more undertakings to any resulting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ub-clause (ii), shall include- (a) the liabilities which arise out of the activities or operations of the undertaking; (b) the specific loans or borrowings (including debentures) raised, incurred and utilised solely for the activities or operations of the undertaking; and (c) in cases, other than those referred to in clause (a) or clause (b), so much of the amounts of general or multipurpose borrowings, if any, of the demerged company as stand in the same proportion which the value of the assets transferred in a demerger bears to the total value of the assets of such demerged company immediately before the demerger. Explanation 3.- For determining the value of the property referred to in sub-clause (iii), any change in the value of assets consequent to their revaluation shall be ignored. Explanation 4.- For the purposes of this clause, the splitting up or the reconstruction of any authority or a body constituted or established under a Central, State or Provincial Act, or a local authority or a public sector company, into separate authorities or bodies or local authorities or companies, as the case may be, shall be deemed to be a demerger if such split up or reconstruction fulfils 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of accumulated profits, whether capitalised or not, if such distribution entails the release by the company to its shareholders of all or any part of the assets of the company ; (b) any distribution to its shareholders by a company of debentures, debenture-stock, or deposit certificates in any form, whether with or without interest, and any distribution to its preference shareholders of shares by way of bonus, to the extent to which the company possesses accumulated profits, whether capitalised or not ; (c) any distribution made to the shareholders of a company on its liquidation, to the extent to which the distribution is attributable to the accumulated profits of the company immediately before its liquidation, whether capitalised or not ; (d) any distribution to its shareholders by a company on the reduction of its capital, to the extent to which the company possesses accumulated profits which arose after the end of the previous year ending next before the 1st day of April, 1933, whether such accumulated profits have been capitalised or not ; (e) any payment by a company, not being a company in which the public are substantially interested, of any sum (whether as representing a p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2.- The expression accumulated profits in sub-clauses (a), (b), (d) and (e), shall include all profits of the company up to the date of distribution or payment referred to in those sub-clauses, and in sub-clause (c) shall include all profits of the company up to the date of liquidation, 31 [ but shall not, where the liquidation is consequent on the compulsory acquisition of its undertaking by the Government or a corporation owned or controlled by the Government under any law for the time being in force, include any profits of the company prior to three successive previous years immediately preceding the previous year in which such acquisition took place ]. 96 [Explanation 2A. In the case of an amalgamated company, the accumulated profits, whether capitalised or not, or loss, as the case may be, shall be increased by the accumulated profits, whether capitalised or not, of the amalgamating company on the date of amalgamation.] 32 [Explanation 3.- For the purposes of this clause,- (a) concern means a Hindu undivided family, or a firm or an association of persons or a body of individuals or a company ; (b) a person shall be deemed to have a substantial interest in a concern, other tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es 40 [ or by an association or institution referred to in clause (21) or clause (23), or by a fund or trust or institution referred to in sub-clause (iv) or sub-clause (v) 41 [ or by any university or other educational institution referred to in sub-clause (iiiad) or sub-clause (vi) or by any hospital or other institution referred to in sub-clause (iiiae) or sub-clause (via)] of clause (23C) of section 10 80 [or by an electoral trust] ]. Explanation .-For the purposes of this sub-clause, trust includes any other legal obligation ;] (iii) the value of any perquisite or profit in lieu of salary taxable under clauses (2) and (3) of section 17 ; 42 [ (iiia) any special allowance or benefit, other than perquisite included under sub-clause (iii), specifically granted to the assessee to meet expenses wholly, necessarily and exclusively for the performance of the duties of an office or employment of profit ; (iiib) any allowance granted to the assessee either to meet his personal expenses at the place where the duties of his office or employment of profit are ordinarily performed by him or at a place where he ordinarily resides or to compensate him for the increased cost of living ;] (iv) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed; (ii) card game and other game of any sort includes any game show, an entertainment programme on television or electronic mode, in which people compete to win prizes or any other similar game ;] 52 [ (x) any sum received by the assessee from his employees as contributions to any provident fund or superannuation fund or any fund set up under the provisions of the Employees' State Insurance Act, 1948 (34 of 1948), or any other fund for the welfare of such employees ;] 53 [ (xi) any sum received under a Keyman insurance policy including the sum allocated by way of bonus on such policy. Explanation .-For the purposes of this clause, the expression Keyman insurance policy shall have the meaning assigned to it in the Explanation to clause (10D) of section 10 ; ] 54 [ (xii) any sum referred to in 55 [ clause (va) ] of section 28; ] 97 [(xiia) the fair market value of inventory referred to in clause (via) of section 28; ] 56 [ (xiii) any sum referred to in clause (v) of sub-section (2) of section 56 ;] 57 [ (xiv) any sum referred to in clause (vi) of sub-section (2) of section 56 ;] 81 [ (xv) any sum of money or value of property referred to in clause (vii) 83 [or clause (viia)] of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Board to be a company under clause (17) ; ] (ii) in the case of the State of Jammu and Kashmir, a company formed and registered under any law for the time being in force in that State ; 62 [ (iii) in the case of any of the Union territories of Dadra and Nagar Haveli, Goa, Daman and Diu, and Pondicherry, a company formed and registered under any law for the time being in force in that Union territory : ] Provided that the 63 [ registered or, as the case may be, principal office of the company, corporation, institution, association or body ] in all cases is in India ; 64 [ (26A) infrastructure capital company means such company which makes investments by way of acquiring shares or providing long-term finance to any enterprise or undertaking wholly engaged in the business referred to in sub-section (4) of section 80-IA or sub-section (1) of section 80-IAB or an undertaking developing and building a housing project referred to in sub-section (10) of section 80-IB or a project for constructing a hotel of not less than three-star category as classified by the Central Government or a project for constructing a hospital with at least one hundred beds for patients; (26B) infrastruct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Civil Procedure, 1908 (5 of 1908); 104 [ (29A) liable to tax , in relation to a person and with reference to a country, means that there is an income-tax liability on such person under the law of that country for the time being in force and shall include a person who has subsequently been exempted from such liability under the law of that country; ] 71 [ 103 [ (29AA) ] long-term capital asset means a capital asset which is not a short-term capital asset ; (29B) long-term capital gain means capital gain aris ing from the transfer of a long-term capital asset ;] 82 [ (29BA) manufacture , with its grammatical variations, means a change in a non-living physical object or article or thing,- (a) resulting in transformation of the object or article or thing into anew and distinct object or article or thing having a different name, character and use; or (b) bringing into existence of a new and distinct object or article orthing with a different chemical composition or integral structure; ] 72 [ (29C) maximum marginal rate means the rate of income-tax (including surcharge on income-tax, if any) applicable in relation to the highest slab of income in the case of an individual 73 [, associ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndment) Act, 1987, w.e.f. 1-4-1988. 23. Inserted by the Finance Act, 1994, w.e.f. 1-6-1994. 24. Substituted for Deputy by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. 25. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. 26. Substituted for by way of advance or loan to a shareholder, being a person who has a substantial interest in the company, by the Finance Act, 1987, w.e.f. 1-4-1988. 27. Inserted by the Finance Act, 1965, w.e.f. 1-4-1965. 28. Inserted by the Finance Act, 1966, w.e.f. 1-4-1966. 29. Inserted by the Finance Act, 1987, w.e.f. 1-4-1988. 30. Inserted by the Finance Act, 1999, w.e.f. 1-4-2000. 31. Inserted by the Direct Taxes (Amendment) Act, 1964, w.r.e.f. 1-4-1962. 32. Inserted by the Finance Act, 1987, w.e.f. 1-4-1988 . 33. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 34. Inserted by the Finance Act, 2001, w.e.f. 1-6-2001. 35. Inserted by the Finance Act, 1964, w.e.f. 1-4-1964. 36. Renumbered as clause (22B) by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 37. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 38. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006. 39. Inserted by the Finan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... li, Goa, Daman and Diu, and Pondicherry,- (a) as respects any period, for the purposes of section 6 ; and (b) as respects any period included in the previous year, for the purposes of making any assessment for the assessment year commencing on the 1st day of April, 1963, or for any subsequent year ;' 60. Inserted by the Taxation Laws (Extension to Union Territories) Regulation , 1963, w.e.f. 1-4-1963. 61. Inserted by the Finance (No. 2) Act, 1971, w.e.f. 1-4-1971. 62. Inserted by the Taxation Laws (Extension to Union Territories) Regulation, 1963, w.e.f. 1-4-1963. 63 . Substituted for registered office of the company by the Finance (No. 2) Act, 1971, w.e.f. 1-4-1971. 64. Clauses (26A) and (26B) inserted by the Finance Act, 2006, w.e.f. 1-4-2006. 65. Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 66. Substituted for (2) , by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 67. Inserted by the Finance Act, 1976, w.e.f. 1-6-1976. 68. Inserted by the Finance Act, 1988, w.e.f. 1-4-1989. 69. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002. 70. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. 71. Inserted by the Finance Act, 1987, w.e. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 117, and includes a person appointed under that sub-section to be 23 [ an Additional Director of Income-tax or ] a 24 [ Joint ] Director of Income-tax or an Assistant Director 25 [ or Deputy Director ] of Income-tax ; ] 90. Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of April, 2015 91. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016 92. Inserted vide THE FINANCE ACT, 2016 with effect from the 1st day of June, 2016 93. Substituted vide THE FINANCE ACT, 2016 with effect from the 1st day of April, 2017 before it was read as, other than the subsidy or grant or reimbursement which is taken into account for determination of the actual cost of the asset in accordance with the provisions of Explanation 10 to clause (1) of section 43 94. Inserted vide THE TAXATION LAWS (AMENDMENT) ACT, 2016 w.e.f. 1st day of April, 2017 95. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2017 96. Inserted vide THE FINANCE ACT, 2018 w.e.f. 1st day of April, 2018 97 . Inserted vide THE FINANCE ACT, 2018 w.e.f. 1st day of April, 2019 98. Inserted vide THE FINANCE ACT, 2018 w.e.f. 1st day of April, 2019 99. Inserted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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