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Home Acts & Rules Income Tax Act Income-tax Act, 1961 Chapters List Chapter I PRELIMINARY This

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Section 2(31) to (48) - Definitions [Clause (31) to Clause (48)] - "Person" to "Zero Coupon Bond" - Income-tax Act, 1961

Extract

..... 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 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 2 [ Assessing ] Officer has served a notice of his intention of treating him as the principal officer thereof ; ( 36 ) profession includes vocation ; 3 [ ( 36A ) public sector company me .....

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Section 2(31) to (48) - Definitions Clause (31) to Clause (48) - Person to Zero Coupon Bond - Income-tax Act, 1961

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..... tion 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 ) resulting company means one or more companies (including a wholly owned subsidiary thereof) to which the undertaking of the demerged company is transferred in a demerger and, the resulting company in consideration of such transfer of undertaking, issues shares to the shareholders of the demerged company and includes any authority or body or local authority or public sector compa .....

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Section 2(31) to (48) - Definitions Clause (31) to Clause (48) - Person to Zero Coupon Bond - Income-tax Act, 1961

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..... 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 be reckoned from the date of the allotment of such financial asset ; ] 43 [ ( g ) in the case of a capital asset, being a sh .....

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Section 2(31) to (48) - Definitions Clause (31) to Clause (48) - Person to Zero Coupon Bond - Income-tax Act, 1961

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..... n 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 gold was held by the assessee prior to conversion into the Electronic Gold Receipt; (b) gold released in respect of an Electronic .....

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Section 2(31) to (48) - Definitions Clause (31) to Clause (48) - Person to Zero Coupon Bond - Income-tax Act, 1961

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..... year includes the fringe benefit tax payable under section 115WA ] ;] 50 [ ( 43A ) tax credit certificate means a tax credit cer tificate granted to any person in accordance with the provisions of Chapter XXII-B 51 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 thereof under any law ; or ( iv ) in a case where the asset is converted by the owner thereof into, or is treated .....

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Section 2(31) to (48) - Definitions Clause (31) to Clause (48) - Person to Zero Coupon Bond - Income-tax Act, 1961

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..... ude 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 of which no payment and benefit is received or receivable before maturity or redemption from infrastructure capital company or infrastructure capital fund or 88 [ infrastructure debt fund or ] public sector company 64 [ or scheduled bank ] ; and ( c ) which the Central Government may, by notification in the Official Gazette, specify in this behalf. 65 [ 89 [Explanation 1] .- For the purposes of thi .....

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Section 2(31) to (48) - Definitions Clause (31) to Clause (48) - Person to Zero Coupon Bond - Income-tax Act, 1961

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..... 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. 27. Substituted for an agreement entered into by the Central Government under section 90, whichever is applicable by virtue of the provisions of section 90 by the Finance Act, 2006, w.e.f. 1-6-2006. 28. Substituted for Commissioner by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 29. Omitted by the Finance Act, 1992, w.e.f. 1-4-1993; Prior to omission, clause (39) was substituted by the Direct Tax Laws (Second Amendment) Act, 19 .....

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Section 2(31) to (48) - Definitions Clause (31) to Clause (48) - Person to Zero Coupon Bond - Income-tax Act, 1961

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..... y 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, 2006, w.e.f. 1-4-2006. Prior to its omission, Explanation read as under : ' Explanation .-For the purposes of this clause, the expressions infrastructure capital company and infrastructure capital fund shall have the same meanings respectively assigned to them in clauses (a) and (b) of Explanation 1 to clause (23G) of section 10.' 62. Inserted by the Finance Act, 2007, w.e.f. 1-4-2008. 63. Inserted by the Finance Act, 2007, w.e.f. 1-4-2008. 64 . Inserted vide Finance (No. 2) Act, .....

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Section 2(31) to (48) - Definitions Clause (31) to Clause (48) - Person to Zero Coupon Bond - Income-tax Act, 1961

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  1. S.O. 1072(E) - Dated: 7-3-2023 - Reporting entity - Person carrying on a designated business or profession - certain activities when carried out for or on behalf of another natural or legal person
  2. 75/2022 - Dated: 30-6-2022 - Central Government specifies a token which qualifies to be a virtual digital asset as non-fungible token
  3. 74/2022 - Dated: 30-6-2022 - Central Government notifies virtual digital assets which shall be excluded from the definition of virtual digital asset
  4. 28/2022 - Dated: 6-4-2022 - Income-tax (8th Amendment) Rules, 2022
  5. 86/2018 - Dated: 6-12-2018 - Income-tax (13th amendment), Rules, 2018
  6. 108/2016 - Dated: 29-11-2016 - Income-tax (34th Amendment) Rules, 2016
  7. 45/2016 - Dated: 14-6-2016 - CBDT- startup - Tax Exemption on Investments above Fair Market Value
  8. 18/2016 - Dated: 17-3-2016 - Income-tax (6th Amendment) Rules, 2016 - Method of determination of period of holding of capital assets, being a share or debenture of a company, which becomes the property of the assessee in the circumstances mentioned in clause (x) of section 47.
  9. 22/2012 - Dated: 14-6-2012 - Exemption under Section 10(48) - Notified Foreign oil Company selling crude oil in India
  10. 24/2010 - Dated: 8-4-2010 - Section 2(48) of the Income-tax Act, 1961 - Zero Coupon Bond Specified bond
  11. 08/2010 - Dated: 3-2-2010 - Section 2(48) of the Income-tax Act, 1961 Zero Coupon Bond Specified bond
  12. 213/2007 - Dated: 3-8-2007 - Specified Bond u/s 2(48)
  13. 374/2006 - Dated: 15-12-2006 - For the purpose of section 2(48) of the Income-tax Act, 1961 Central Government specified Twenty Years Zero Coupon Bond of IDFC
  14. 373/2006 - Dated: 15-12-2006 - For the purpose of section 2(48) of the Income-tax Act, 1961 Central Government specified Ten Years Zero Coupon Bond of IDFC
  15. 372/2006 - Dated: 15-12-2006 - For the purpose of section 2(48) of the Income-tax Act, 1961 Central Government specified Ten Years Zero Coupon Bond of NABARD
  16. 371/2006 - Dated: 15-12-2006 - For the purpose of section 2(48) of the Income-tax Act, 1961 Central Government specified Ten Years Zero Coupon Bond of HUDCO
  17. 370/2006 - Dated: 15-12-2006 - For the purpose of section 2(48) of the Income-tax Act, 1961 Central Government specified Fifteen Years Zero Coupon Bond of HUDCO
  18. 369/2006 - Dated: 15-12-2006 - For the purpose of section 2(48) of the Income-tax Act, 1961 Central Government specified Ten Years Zero Coupon Bond of SIDBI
  19. 93/2006 - Dated: 30-3-2006 - Income-tax (3rd Amendment) Rules, 2006 - New Rule 8B & 8C and Form 5B added
  20. 725(E) - Dated: 3-8-2000 - Supersession in Notification No. S.O. 473(E), dated 21st June, 1999 - Central Government specifies public sector company as defined in clause (36A) of section 2 of the Income-tax Act being such class of persons, as applicant for the purposes of Chapter XIX-B
  21. S. O. 473(E) - Dated: 21-6-1999 - Central Government specifies following class of persons as applicants u/s 245N
  22. 10965 - Dated: 21-6-1999 - Central Government specifies following class of persons as applicants for the purpose of Chapter XIX-B
  23. S.O.2460 - Dated: 27-5-1972 - Central Government authorises the Commissioner of Income-tax (Recovery), Delhi, to exercise the powers of a Tax Recovery Commissioner - superseded Notification No. 313 (F. No. 403/50/71-ITCC) dated 9th November, 1971
  24. S.O.289 - Dated: 19-1-1967 - Specifies the 31st day of May, 1966, as the later date for the purposes of the period referred to in the said clause
  25. S.O.3048 - Dated: 23-9-1965 - Central Government authorises every Sub-Divisional Officer (Civil) in the Hill Areas of Churachandpur, Tamenglong, Ukhrul, Mao and Sadar Hills, Tengoupal and Jiribam in the Union Territory of Manipur to exercise the powers of a Tax Recovery Officer under the said Act
  26. S.O.993 - Dated: 1-4-1962 - Authorises every Gazetted Officer of the Government of Orissa to act as Tax Recovery Officer under the Income-tax Act, 1961
  27. S.O.992 - Dated: 1-4-1962 - Authorises every Gazetted Officer of the Government of Bihar act as Tax Recovery Officer under the Income-tax Act, 1961
  28. S.O.991 - Dated: 1-4-1962 - Authorises every Gazetted Officer of the Government of West Bengal as Tax Recovery Officer under the Income-tax Act, 1961
  1. SECURITIES CONTRACTS (REGULATION) ACT, 1956
  2. Companies Act, 1956
  3. Foreign Exchange Management Act,1999
  4. Part C - Income-tax Act, 1961 - Income-tax Act, 1961
  5. Chapter XXII-B - Income-tax Act, 1961 - Income-tax Act, 1961
  6. Section 90A - Adoption by Central Government of agreements between specified associations for double taxation relief - Income-tax Act, 1961
  7. Section 90 - Agreement with foreign countries or specified territories - Income-tax Act, 1961
  8. Section 80CCG - Deduction in respect of investment made under an equity savings scheme. - Income-tax Act, 1961
  9. Section 617 - Definition of "Government Company". - Companies Act, 1956
  10. Section 6 - Residence in India - Income-tax Act, 1961
  11. Section 50 - Special provision for computation of capital gains in case of depreciable assets - Income-tax Act, 1961
  12. Section 49 - Cost with reference to certain modes of acquisition - Income-tax Act, 1961
  13. Section 47 - Transactions not regarded as transfer - Income-tax Act, 1961
  14. Section 45 - Capital gains - Income-tax Act, 1961
  15. Section 36 - Other deductions - Income-tax Act, 1961
  16. Section 3 - Previous year defined - Income-tax Act, 1961
  17. Section 28H - Application for advance ruling - Customs Act, 1962
  18. Section 28 - Profits and gains of business or profession - Income-tax Act, 1961
  19. Section 269UA - Definitions - Income-tax Act, 1961
  20. Section 2 - Definitions - SECURITIES CONTRACTS (REGULATION) ACT, 1956
  21. Section 2 - Definitions - Foreign Exchange Management Act,1999
  22. Section 195 - Other sums - Income-tax Act, 1961
  23. Section 194LBC - Income in respect of investment in securitisation trust. - Income-tax Act, 1961
  24. Section 194LBB - Income in respect of units of investment fund - Income-tax Act, 1961
  25. Section 194LBA - Certain income from units of a business trust - Income-tax Act, 1961
  26. Section 194D - Insurance commission - Income-tax Act, 1961
  27. Section 194BB - Winnings from horse race - Income-tax Act, 1961
  28. Section 194B - Winnings from lottery or crossword puzzle, etc. - Income-tax Act, 1961
  29. Section 194A - Interest other than Interest on securities - Income-tax Act, 1961
  30. Section 194 - Dividends - Income-tax Act, 1961
  31. Section 193 - Interest on securities - Income-tax Act, 1961
  32. Section 192 - Salary - Income-tax Act, 1961
  33. Section 176 - Discontinued business - Income-tax Act, 1961
  34. Section 175 - Assessment of persons likely to transfer property to avoid tax - Income-tax Act, 1961
  35. Section 174 - Assessment of persons leaving India - Income-tax Act, 1961
  36. Section 172 - Shipping business of non-residents - Income-tax Act, 1961
  37. Section 167B - Charge of tax where shares of members in association of persons or body of individuals unknown, etc. - Income-tax Act, 1961
  38. Section 164A - Charge of tax in case of oral trust - Income-tax Act, 1961
  39. Section 164 - Charge of tax where share of beneficiaries unknown - Income-tax Act, 1961
  40. Section 144 - Best judgment assessment - Income-tax Act, 1961
  41. Section 143 - Assessment - Income-tax Act, 1961
  42. Section 132 - Search and seizure - Income-tax Act, 1961
  43. Section 117 - Appointment of income-tax authorities - Income-tax Act, 1961
  44. Section 115WB - Fringe benefits - Income-tax Act, 1961
  45. Section 115WA - Charge of fringe benefit tax - Income-tax Act, 1961
  46. Section 115JEE - Application of this Chapter to certain persons. - Income-tax Act, 1961
  47. Section 115E - Tax on investment income and long-term capital gains - Income-tax Act, 1961
  48. Section 115BBH - Tax on income from virtual digital assets - Income-tax Act, 1961
  49. Section 115BBB - Tax on income from units of an open-ended equity oriented fund of the Unit Trust of India or of Mutual Funds - Income-tax Act, 1961
  50. Section 115BB - Tax on winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or gambling or betting of any form or nature whatsoever - Income-tax Act, 1961
  51. Section 115B - Tax on profits and gains of life insurance business - Income-tax Act, 1961
  52. Section 115AC - Tax on income from bonds or Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer - Income-tax Act, 1961
  53. Section 115A - Tax on dividends, royalty and technical service fees in the case of foreign companies - Income-tax Act, 1961
  54. Section 112A - Tax on long-term capital gains in certain cases - Income-tax Act, 1961
  55. Section 10(23D) to 10(50) - Incomes not included in total income [Clause (23D) to Clause (50)] - Income-tax Act, 1961
  56. Rule 8B - Guidelines for notification of zero coupon bond - Income-tax Rules, 1962
  57. Rule 8AA - Method of determination of period of holding of capital assets in certain cases - Income-tax Rules, 1962
  58. Rule 67 - Investment of fund moneys - Income-tax Rules, 1962
  59. Rule 125 - Electronic-payment of tax - Income-tax Rules, 1962
  60. Regulation 4 - Eligibility criteria of foreign portfolio investor - Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014
  61. Circular No. Authority of Advance Rulings - Dated: 7-6-2006 - Scheme of Advance Rulings for Non-Resident & Specified Resident Investors, under Indian Central Excise, Customs and Service Tax Provisions
  62. Form No. 5B - Application for notification of a zero coupon bond under clause (48) of section 2 of the Income-tax Act, 1961
  63. Note:- Whether a Government company can apply for a advance ruling ? if yes, whether subsidiary of a government company will be treated as a government company who can apply for a advance ruling ?
  64. Manual - Section 47(vica) - Transfer in a business re-organisation
  65. Manual - BASIS OF CHARGE