Income Tax Amendment Act Redefines Key Terms and Aligns Gift-tax Definitions with Income-tax Act Through Section 2 Modifications
The Direct Tax Laws (Amendment) Act, 1987 modifies section 2 of the Gift-tax Act by omitting several clauses and inserting new definitions. It introduces the term "Assessing Officer" and aligns various tax-related terms with their Income-tax Act definitions. The amendment removes clause (i) and several other clauses while substituting definitions for "company," "Indian company," "firm," "partner," and "partnership" to match Income-tax Act meanings. It also adds a new clause defining various tax officials' roles according to Income-tax Act definitions.
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