Home Acts & Rules Direct Taxes Acts Securities Transaction Tax This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
Section 97 - Definitions - Securities Transaction TaxExtract 97. Definitions. In this Chapter, unless the context otherwise requires,- (1) "Appellate Tribunal" means the Appellate Tribunal constituted under section 252 of the Income-tax Act, 1961; (2) "Assessing Officer" means the Income-tax Officer or Assistant Commissioner of Income-tax or Deputy Commissioner of Income-tax or joint Commissioner of Income-tax or Additional Commissioner of Income-tax who is authorised by the Board to exercise of perform all or any of the powers and functions conferred on, or assigned to, an Assessing Officer under this chapter; (3) "Board" means the Central Board of Direct Taxes constituted under the Central board of Revenue Act, 1963; (4) "derivative" has the meaning assigned to it in clause (aa) of Section 2 of the securities Contracts (Regulation) Act, 1956; (5) "equity oriented fund" means a fund- (i) where the ingestible funds are invested by way of equity shares in domestic companies to the extent of more than fifty per cent. of the total proceeds of such fund; and (ii) which has been set up under a scheme of a Mutual Fund: Provided that the percentage of equity share holding of the fund shall be computed with reference to the annual average of the monthly averages of the opening and closing figures; (6) "Mutual Fund" means a Mutual Fund specified under clause (23D) of section 10 of the Income-tax Act, 1961; (7) option in securities" has the meaning assigned to it in clause (d) of section 2 of the Securities Contracts (Regulation) Act, 1956; (8) "Option premium" means the premium payable by the purchaser of an "option in securities" at the time of such purchase; (9) "prescribed" means prescribed by rules made by the Board under this Chapter; (10) "recognized stock exchange" shall have the same meaning as in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956; (11) "securities transaction tax" means tad leviable on the taxable securities transactions under the provisions of this Chapter; (12) "strike price" means the price at which the "option in securities" may be exercised on the expiry date of such option; (13) "taxable securities transaction" means a transaction of- (a) purchase or sale of an equity share in a company or a derivative or a unit of an equity oriented fund, entered into in a recognised stock exchange; or (b) sale of a unit of an equity oriented fund to the Mutual Fund; (14) words and expressions used but not defined in the Securities Contracts (Regulation) Act, 1956, the Income-tax Act, 1961 or the rules made thereunder, shall apply, so far as may be, in relation to securities transaction tax.
|