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TMI BlogDefinitions [Clause (31) to Clause (48)] - "Person" to "Zero Coupon Bond"X X X X Extracts X X X X X X X X Extracts X X X X ..... l interest in the company", in relation to a company, means a person who is the beneficial owner of shares, not being shares entitled to a fixed rate of dividend whether with or without a right to participate in profits, carrying not less than twenty per cent of the voting power ; (33) "prescribed" means prescribed by rules made under this Act ; (34) "previous year" means the previous year as defined in section 3 ; 67[(34A) "Principal Chief Commissioner of Income-tax" means a person appointed to be a Principal Chief Commissioner of Income-tax under sub-section(1) of section 117; (34B) "Principal Commissioner of Income-tax" means a person appointed to be a Principal Commissioner of Income-tax under sub-section (1) of section 117; (34C) "Principal Director of Income-tax" means a person appointed to be a Principal Director of Income-tax under sub-section (1) of section 117; (34D) "Principal Director General of Income-tax" means a person appointed to be a Principal Director General of Income-tax under sub-section (1) of section117;] (35) "principal officer", used with reference to a local authority or a company or any other public body or any association of persons or any body o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eduction of tax under 75[section 194LBA or] 77[ section 194LBB or section 194LBC or ] section 195, the rate or rates of income-tax specified in this behalf in the Finance Act of the relevant year or the rate or rates of income-tax specified in 27[an agreement entered into by the Central Government under section 90, or an agreement notified by the Central Government under section 90A, whichever is applicable by virtue of the provisions of section 90, or section 90A, as the case may be];] (38) "recognised provident fund" means a provident fund which has been and continues to be recognised by the 73[Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner] in accordance with the rules contained in Part A of the Fourth Schedule, and includes a provident fund established under a scheme framed under the Employees' Provident Funds Act, 1952 (19 of 1952) ; (39) 29[****] (40) "regular assessment" means the assessment made under 30[sub-section (3) of] section 143 or section 144 ; (41) "relative", in relation to an individual, means the husband, wife, brother or sister or any lineal ascendant or descendant of that individual ; 31[(41A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he case of a capital asset being a share or shares in an Indian company, which becomes the property of the assessee in consideration of a transfer referred to in clause (vii) of section 47, there shall be included the period for which the share or shares in the amalgamating company were held by the assessee ;] 41[(d) in the case of a capital asset, being a share or any other security (hereafter in this clause referred to as the financial asset) subscribed to by the assessee on the basis of his right to subscribe to such financial asset or subscribed to by the person in whose favour the assessee has renounced his right to subscribe to such financial asset, the period shall be reckoned from the date of allotment of such financial asset ; (e) in the case of a capital asset, being the right to subscribe to any financial asset, which is renounced in favour of any other person, the period shall be reckoned from the date of the offer of such right by the company or institution, as the case may be, making such offer ;] 42[(f) in the case of a capital asset, being a financial asset, allotted without any payment and on the basis of holding of any other financial asset, the period shall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by such assessee, the period shall be reckoned from the date on which a request for such redemption was made;] 80[(hf) in the case of a capital asset, being equity shares in a company, which becomes the property of the assessee in consideration of a transfer referred to in clause (xb) of section 47, there shall be included the period for which the preference shares were held by the assessee; ] 81[(hg) in the case of a capital asset, being a unit or units, which becomes the property of the assessee in consideration of a transfer referred to in clause (xix) of section 47, there shall be included the period for which the unit or units in the consolidating plan of a mutual fund scheme were held by the assessee; ] 84[(hh) in the case of a capital asset, being a unit or units in a segregated portfolio referred to in sub-section (2AG) of section 49, there shall be included the period for which the original unit or units in the main portfolio were held by the assessee;] 94[(hi) in the case of a capital asset, being- (a) Electronic Gold Receipt issued in respect of gold deposited as referred to in clause (viid) of section 47, there shall be included the period for which such gol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te 49[and in relation to the assessment year commencing on the 1st day of April, 2006, and any subsequent assessment year includes the fringe benefit tax payable under section 115WA] ;] 50[(43A) "tax credit certificate" means a tax credit certificate granted to any person in accordance with the provisions of Chapter XXII-B51 and any scheme made thereunder ;] (43B) 52[* * *] 53[(44) "Tax Recovery Officer" means any Income-tax Officer who may be authorised by the 74[Principal Chief Commissioner or Chief Commissioner] or 74[Principal Commissioner or Commissioner], by general or special order in writing, to exercise the powers of a Tax Recovery Officer 54[and also to exercise or perform such powers and functions which are conferred on, or assigned to, an Assessing Officer under this Act and which may be prescribed];] (45) "total income" means the total amount of income referred to in section 5, computed in the manner laid down in this Act ; (46) 55[* * *] (47) 56["transfer", in relation to a capital asset, includes,- (i) the sale, exchange or relinquishment of the asset ; or (ii) the extinguishment of any rights therein ; or (iii) the compulsory acquisition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fficial Gazette specify: 100[(d) any crypto-asset being a digital representation of value that relies on a cryptographically secured distributed ledger or a similar technology to validate and secure transactions, whether or not such asset is included in sub-clause (a) or sub-clause (b) or sub-clause (c):] Provided that the Central Government may, by notification in the Official Gazette, exclude any digital asset from the definition of virtual digital asset subject to such conditions as may be specified therein. Explanation.-For the purposes of this clause,- (a) "non-fungible token" means such digital asset as the Central Government may, by notification in the Official Gazette, specify; (b) the expressions "currency", "foreign currency" and "Indian currency" shall have the same meanings as respectively assigned to them in clauses (h), (m) and (q) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999.).] 60[(48) "zero coupon bond" means a bond- (a) issued by any infrastructure capital company or infrastructure capital fund or 87[infrastructure debt fund or] public sector company 64[or scheduled bank] on or after the 1st day of June, 2005; (b) in respect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .e.f. 1-4-2003. 16. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 17. "or section 167A" omitted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Earlier this expression was inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 18. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 19. Substituted for "section 115B or, as the case may be, section 164" by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 20. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003. 21. "or section 167A" omitted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Earlier this expression was inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 22. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 23. Inserted by the Finance Act, 1972, w.e.f. 1-4-1972. 24. Inserted by the Finance Act, 1978, w.e.f. 1-4-1978. 25. Substituted for ", 194D and 195" by the Finance (No. 2) Act, 1991, w.e.f. 1-10-1991. 26. Substituted by the Finance Act, 1992, w.e.f. 1-6-1992. Prior to its substitution, sub-clause (iii) was inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-10-1991. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hapter XXII-B was omitted by the Finance Act, 1990, w.e.f. 1-4-1990. 52. Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Original clause (43B) was inserted by the Finance (No. 2) Act, 1971, w.e.f. 1-1-1972. 53. Substituted by the Direct Tax Laws (Amendment) Act, 1987 [as amended by the Direct Tax Laws (Amendment) Act, 1989], w.r.e.f. 1-4-1988. Prior to its substitution, clause (44), was substituted by the Finance Act, 1963, w.r.e.f. 1-4-1962. 54. Inserted by the Taxation Laws (Amendment) Act, 2006, w.e.f.13-7-2006. 55. Omitted by the Finance Act, 1965, w.e.f. 1-4-1965. 56. Substituted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985. 57. Inserted by the Finance Act, 1987, w.e.f. 1-4-1988. 58. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006. 59. Inserted by the Finance Act, 1987, w.e.f. 1-4-1988. 60. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006. Earlier clause (48) was omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. It was later re-introduced by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989 and again omitted by the Finance Act, 1992, w.e.f. 1-4-1993. 61. Explanation omitted by the Finance Act, 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 2018 w.e.f. 1st day of April, 2019 83. Substituted vide THE FINANCE ACT, 2018 w.e.f. 1st day of April, 2019, before it was read as, "the Explanation to clause (38) of section 10" 84. Inserted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 85. Substituted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 before it was read as "undertakings as a result of the sale" 86. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 87. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2022 88. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2022 89. Numbered vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2022 before it was read as "Explanation" 90. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2022 91. Substituted vide Finance Act, 2022 w.e.f. 01-04-2021 before it was read as "sales" 92. Inserted vide Finance Act, 2022 w.e.f. 01-04-2022 93. Inserted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2023 94. Inserted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2024 95. Substituted vide Section 3 of the Finance (No. 2) Act, 2024 dated 16-0 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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