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TMI BlogDefinitions.X X X X Extracts X X X X X X X X Extracts X X X X ..... y income derived from any building owned and occupied by the receiver of the rent or revenue of any such land, or occupied by the cultivator or the receiver of rent-in-kind of any such land with respect to which, or the produce of which, any process mentioned in sub-clause (b) (ii) or (b) (iii) is carried on, where such building-- (i) is on or in the immediate vicinity of such land and that land is assessed to land revenue in India, or is subject to a local rate assessed and collected by officers of the Government as such, or where the land is not so assessed to land revenue or subject to a local rate, it is not situated in any area as specified in clause (22)(iii)(A) or (B);and (ii) is required as a dwelling house, or as a store-house, or other out-building, by the receiver of the rent or revenue or the cultivator, or the receiver of rent-in-kind, by reason of his connection with the land; (d) any income derived from saplings or seedlings grown in a nursery, but shall not include-- (i) the income derived from any building or land referred to in sub-clause (c) arising from the use of such building or land for any purpose (including letting for residential purpose or for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment of his income or of the loss sustained by him or refund due to him; or (ii) for the assessment of the income of any other person in respect of which he is assessable, or of the loss sustained by such other person or refund due to such other person; (b) every person who is deemed to be an assessee under this Act; (c) every person who is deemed to be an assessee in default under this Act; (12) "Assessing Officer" means- (a) the Assistant Commissioner or Deputy Commissioner or Assistant Director or Deputy Director or the Income-tax Officer, who is vested with the relevant jurisdiction by virtue of directions or orders issued under section 241(1) or (2) or (3), or any other provision of this Act; or (b) the Additional Commissioner or Additional Director or Joint Commissioner or Joint Director, who is directed under section 241(5)(b) to exercise or perform all or any of the powers and functions conferred on, or assigned to, an Assessing Officer under this Act; (13) "assessment" includes reassessment and recomputation; (14) "Assistant Commissioner" means a person appointed to be an Assistant Commissioner of Income-tax or a Deputy Commissioner of Income-tax under section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... linked insurance policy issued on or after 1st February, 2021 to which exemption under Schedule II (Table: Sl. No. 2) does not apply, but does not include- (i) any stock-in-trade, other than the securities referred to in sub-clause (b), consumable stores or raw materials held for business or profession; (ii) personal effects; (iii) agricultural land in India, not being a land situated-- (A) in any area comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand; or (B) in any area within the distance as specified in column C of the following Table, measured aerially from the local limits of any municipality or cantonment board referred to in item (A) and having population as referred to in column B of the said Table:- Table Sl.No. Population of municipality or cantonment board Within distance, measured aerially, from local limits of any municipality or cantonment board not being more than A B C 1. More than 10,000 but less than 1,00,000. Two kilometres ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ioner of Income-tax or a Principal Director of Income-tax under section 237(1); (27) "Commissioner (Appeals)" means a person appointed to be a Commissioner of Income-tax (Appeals) under section 237(1); (28) "company" means- (a) any Indian company; or (b) any body corporate incorporated by or under the laws of a country outside India; or (c) any institution, association or body which is or was assessable or was assessed as a company under the Income-tax Act, 1961, as it stood immediately before its repeal by this Act (hereinafter referred to as the Income-tax Act,1961 (43 of 1961)), for any assessment year so referred to in that Act; or (d) any institution, association or body, whether incorporated or not and whether Indian or non-Indian, which is declared by order of the Board to be a company for such period as specified in such declaration; (29) "company in which the public are substantially interested" means,- (a) a company owned by the Government or the Reserve Bank of India or in which at least 40% of the shares of the company are held (individually or collectively) by the Government or the Reserve Bank of India or a corporation owned by that bank; or (b) a compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... than 50%" shall be read as if the expression "not less than 40%" had been substituted; (30) "convertible foreign exchange" means foreign exchange which is treated by the Reserve Bank of India as convertible foreign exchange for the purposes of the Foreign Exchange Management Act, 1999 (42 of 1999), and any rules made thereunder or any other corresponding law; (31) "co-operative bank" shall have the same meaning as specified in Part V of the Banking Regulation Act, 1949 (10 of 1949); (32) "co-operative society" means a co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law in force in any State or Union territory for the registration of co-operative societies; (33) "currency" shall have the same meaning as assigned to it in section 2(h) of the Foreign Exchange Management Act, 1999 (42 of 1999); (34) "demerged company" means the company whose undertaking is transferred, pursuant to a demerger, to a resulting company; (35) "demerger", in relation to companies, means the transfer, pursuant to a scheme of arrangement under sections 230 to 232 of the Companies Act, 2013 (18 of 2013), by a demerged company of its one or more u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n cases other than those referred to in item (A) or (B),-- N = K x (L/M) where,-- K = the amount of general or multipurpose borrowings of demerged company; L = the value of the assets transferred in a demerger; and M = the total value of the assets of such demerged company immediately before the demerger; (iii) any change in the value of assets consequent to their revaluation shall be ignored for determining the value of the property referred to in sub-clause (c); (iv) the splitting up or the reconstruction of any authority or a body constituted or established under a Central Act or State Act 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 it fulfils such conditions as the Central Government may, by notification, specify; (v) the reconstruction or splitting up of a company, which ceased to be a public sector company as a result of transfer of its shares by the Central Government, into separate companies, shall be deemed to be a demerger, if it has been made to give effect to any condition attached to the said transfer of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 part of the assets of the company or otherwise),-- (i) as an advance or loan to a shareholder, being a person who is the beneficial owner of shares (not being shares entitled to a fixed rate of dividend, with or without a right to participate in profits) holding not less than 10% of the voting power; or (ii) as an advance or loan to any concern in which such shareholder is a member or a partner and in which he has a substantial interest (herein referred to as the said concern); or (iii) made on behalf, or for the individual benefit, of any such shareholder, to the extent to which the company in either case possesses accumulated profits; (f) any payment by a company on purchase of its own shares from a shareholder as per section 68 of the Companies Act, 2013 (18 of 2013), but does not include- (i) a distribution made under sub-clause (c) or (d) in respect of any share issued for full cash consideration, where the holder of the share is not entitled in the event of liquidation to participate in the surplus assets; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in regulation 2(1)(e) and (f) of the International Financial Services Centres Authority (Finance Company) Regulations,2021 made under the International Financial Services Centres Authority Act, 2019 (50 of 2019), and is set up as a global or regional corporate treasury centre for undertaking treasury activities or treasury services as per the relevant regulations made by the International Financial Services Centres Authority established under section 4 of the said Act; (II) "group entity", "parent entity" and "principal entity" shall be such entities which satisfy such conditions as prescribed in this behalf; (41) "document" includes an electronic record as defined in section 2(1)(t) of the Information Technology Act, 2000 (21 of 2000); (42) "domestic company" means an Indian company as defined in clause (53), or any other company, which for its income liable to tax under this Act, has made the prescribed arrangements for the declaration and payment, within India, of the dividends (including dividends on preference shares) payable out of such income; (43) "electoral trust" means a trust so approved by the Board as per the scheme made by the Central Government; (44) "fair mark ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve assessee mentioned in section 303(1)(c) or (d) or by any person on whose behalf or for whose benefit any income is receivable by the representative assessee (such person being herein referred to as the beneficiary) and any sum paid by the representative assessee in respect of any obligation which, but for such payment, would have been payable by the beneficiary; (i) any sum chargeable to income-tax under- (A) section 26(2)(b) or (c) or (d) or section 38 or 95; (B) section 26(2)(e) or (g); (j) the value of any benefit or perquisite taxable under section 26(2)(f); (k) any capital gains chargeable under section 67; (l) the profits and gains of any business of insurance carried on by a mutual insurance company or by a co-operative society, computed as per section 55 or any surplus taken to be such profits and gains as per Schedule XIV; (m) the profits and gains of any business of banking (including providing credit facilities) carried on by a co-operative society with its members; (n) any winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any form or nature; (o) any sum rece ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Territorial Waters, Continental Shelf, Exclusive Economic Zone and Other Maritime Zones Act, 1976 (80 of 1976), and the air space above its territory and territorial waters; (53) "Indian company" means a company formed and registered under the Companies Act, 2013 (18 of 2013) and includes-- (a) company formed and registered under any law relating to companies formerly or currently in force in any part of India; or (b) corporation established by or under a Central Act or State Act or Provincial Act; or (c) institution or association or body which is declared by the Board to be a company under clause (28), the registered or principal office of which is in India; (54) "Indian currency" shall have the same meaning as assigned to it in section 2(k) of the Foreign Exchange Management Act, 1999 (42 of 1999); (55) "infrastructure capital company" means a company which makes investments by acquiring shares or providing long-term finance to-- (a) any enterprise or undertaking wholly engaged in the business referred to in section 80-IA(4) or 80-IAB(1) of the Income-tax Act, 1961 (43 of 1961); or (b) an undertaking developing and building-- (i) a housing project referred to i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ountry, 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; (67) "long-term capital asset" means a capital asset which is not a short-term capital asset; (68) "long-term capital gain" means capital gains arising from the transfer of a long-term capital asset; (69) "manufacture", with its grammatical variations and cognate expressions, 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 a new 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 or thing with a different chemical composition or integral structure; (70) "maximum marginal rate" means the rate of income-tax (including surcharge on income-tax) applicable in relation to the highest slab of income for an individual, association of persons or, as the case may be, body of individuals, as specified in the Finance Act of the relevant year; (71) "non-banking ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the voting power; (80) "prescribed" means prescribed by rules made under this Act; (81) "Principal Chief Commissioner" means a person appointed to be a Principal Chief Commissioner of Income-tax under section 237(1); (82) "Principal Commissioner" means a person appointed to be a Principal Commissioner of Income-tax under section 237(1); (83) "Principal Director" means a person appointed to be a Principal Director of Income-tax under section 237(1); (84) "Principal Director General" means a person appointed to be a Principal Director General of Income-tax under section 237(1); (85) "principal officer", with reference to a local authority or a company or any other public body or any association of persons or any body of individuals, means- (a) the secretary, treasurer, manager or agent of the authority, company, association or body; or (b) any person connected with the management or administration of the local authority, company, association or body upon whom the Assessing Officer has served a notice of his intention of treating him as the principal officer thereof; (86) "profession" includes vocation; (87) "public sector bank" means the State Bank of India constituted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... notified by the Central Government under section 159(2), whichever is applicable; (91) "recognised provident fund" means a provident fund which has been and continues to be recognised by the approving authority as per Part A of the Schedule XI, and includes a provident fund established under a scheme framed under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952); (92) "recognised stock exchange" means a recognised stock exchange as referred to in section 2(f) of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and which fulfils such conditions, as prescribed, and notified by the Central Government for this purpose; (93) "regular assessment" means the assessment made under section 270(10) or 271; (94) "relative", in relation to an individual, means the husband, wife, brother, sister or any lineal ascendant (maternal as well as paternal) or descendant of that individual; (95) "Reserve Bank of India" means the Bank constituted under section 3(1) of the Reserve Bank of India Act, 1934 (2 of 1934); (96) "resident" means a person who is resident in India as per section 6; (97) "resulting company" means one or more companies (including ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e person was a member of a recognised stock exchange in India immediately before such demutualisation or corporatisation, for a capital asset, being trading or clearing rights of a recognised stock exchange in India, acquired by a person pursuant to demutualisation or corporatisation of the recognised stock exchange in India; (V) the period for which the person was a member of a recognised stock exchange in India immediately before such demutualisation or corporatisation, for a capital asset being equity share or shares in a company allotted pursuant to demutualisation or corporatisation of a recognised stock exchange in India; (VI) the period for which the share or shares were held by the assessee, for a capital asset being a unit of a business trust, allotted pursuant to transfer of share or shares as referred to in section 70(1)(zi); (VII) the period for which the unit or units in the consolidating scheme of the mutual fund were held by the assessee, for a capital asset being a unit or units, which becomes the property of the assessee in consideration of a transfer referred to in section 70(1)(zj); (VIII) the period for which the preference shares were held by the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l asset being such specified security or sweat equity shares; (VI) the period from the date on which a request for the redemption was made, for a capital asset, being share or shares of a company, which is acquired by the non-resident assessee on redemption of Global Depository Receipts referred to in section 209(1)(Table: Sl. No. 2) held by such assessee; (D) for capital assets other than those mentioned in items (A) to (C), the period for which any capital asset is held by the assessee shall be determined in such manner, as prescribed, where,-- (A) "equity oriented fund" shall have the meaning assigned to it in section198(8); (B) "security" shall have the same meaning as assigned to it in section 2(h) of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); (C) "specified security" means the securities as defined in section 2(h) of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and, where employees' stock option has been granted under any plan or scheme therefor, includes the securities offered under such plan or scheme; (D) "sweat equity shares" means equity shares issued by a company to its employees or directors at a discount or for considera ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny other manner) which has the effect of transferring, or enabling the enjoyment of, any immovable property; or (g) any transaction involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882 (4 of 1882); or (h) disposing of or parting with an asset or any interest therein, or creating any interest in any asset in any manner, directly or indirectly, absolutely or conditionally, voluntarily or involuntarily, by way of an agreement (whether entered into in India or outside India) or otherwise, irrespective of whether such transfer of rights has been characterised as being effected or dependent upon or flowing from the transfer of a share or shares of a company registered or incorporated outside India, where, the expression "immovable property" means- (i) any land or any building or part of a building, and includes, where any land or any building or part of a building is to be transferred together with any machinery, plant, furniture, fittings or other things, such machinery, plant, furniture, fittings or other things also, such that th ..... 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