Para 2 - Definitions - Equity Linked Savings Scheme, 2005

Definitions 2. In this scheme, unless the context otherwise requires :- (a) Act means the Income-tax Act (43 of 1961) (b) assessee means:- (i) an individual: or (ii) a Hindu undivided family; or (iii) an association of persons or a body of individuals consisting, in either case, only of husband and wife governed by the system of community of property in force in the State of Goa and Union Territories of Dadra and Nagar Haveli and Daman and Diu by whom, or on whose behalf, investment is made; (c) investment means an investment in Units of the Unit Trust or a Mutual Fund by an assessee under a plan formulated in accordance with this scheme; (d) Mutual Fund means any Mutual Fund specified under clause (23D) of section 10 of the Act; (e) plan means any plan formulated in accordance with this scheme; (f) Unit Trust means the 'Administrator' referred to in clause (a) or the 'specified company' referred to in clause (h) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002); 1 [ (g) ''year'' means a year commencing from the date of allotment or holding of units, as the case may be, in the plan; ] (h) words and expressions used herein and not defined shall have the meanings respectively, assigned to them in the Income-tax Act. ********* Notes 1. Substituted vide Notification No.259/2005 dated 13-12-2005 before it was read as (g) year means a year commencing on 1st day of April;