TMI BlogDefinitions [Clause (1) to Clause (15)] - "Advance Tax" to "Charitable Purpose"X X X X Extracts X X X X X X X X Extracts X X X X ..... any such land, or occupied by the cultivator or the receiver of rent-in-kind, of any land with respect to which, or the produce of which, any process mentioned in paragraphs (ii) and (iii) of sub-clause (b) is carried on : 4 [Provided that- (i) the building is on or in the immediate vicinity of the land, and is a building which 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, requires as a dwelling house, or as a store-house, or other out-building, and (ii) the land is either 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- (A) in any area which is 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 44 [***] ; or 45 [(B) in any area within the distance, measured aerially,- (I) not being ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or companies immediately before the amalgamation become the liabilities of the amalgamated company by virtue of the amalgamation ; (iii) shareholders holding not less than 10 [ three-fourths ] in value of the shares in the amalgamating company or companies (other than shares already held therein immediately before the amalgamation by, or by a nominee for, the amalgamated company or its subsidiary) become shareholders of the amalgamated company by virtue of the amalgamation, otherwise than as a result of the acquisition of the property of one company by another company pursuant to the purchase of such property by the other company or as a result of the distribution of such property to the other company after the winding up of the first-mentioned company ;] 11 [ (1C) Additional Commissioner means a person appointed to be an Additional Commissioner of Income-tax under sub-section (1) of section 117; (1D) Additional Director means a person appointed to be an Additional Director of Income-tax under sub-section (1) of section 117 ;] (2) annual value , in relation to any property, means its annual value as determined under section 23 ; (3) 12 [ * * * ] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n (1) of section 117 ;] 26 [ (9B) Assistant Director means a person appointed to be an Assistant Director of Income-tax under sub-section (1) of section 117 ;] (10) average rate of income-tax means the rate arrived at by dividing the amount of income-tax calculated on the total income, by such total income ; 27 [ (11) block of assets means a group of assets falling within a class of assets comprising- (a) tangible assets, being buildings, machinery, plant or furniture; (b) intangible assets, being know-how, patents, copyrights, trade-marks, licences, franchises or any other business or commercial rights of similar nature, 60 [ not being goodwill of a business or profession, ] in respect of which the same percentage of depreciation is prescribed ;] (12) Board means the 28 [ Central Board of Direct Taxes constituted under the Central Boards of Revenue Act, 1963 (54 of 1963) ] ; 29 [ (12A) books or books of account includes ledgers, day-books, cash books, account-books and other books, whether kept 62 [ in the written form or in electronic form or in digital form or as print-outs of data stored in such electronic form or in digital ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of this clause- (a) the expression Foreign Institutional Investor shall have the meaning assigned to it in clause (a) of the Explanation to section 115AD; (b) the expression securities shall have the meaning assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956; [42 of 1956] ] 31 [ (iii) agricultural land in India, not being land situate- (a) in any area which is 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 47 [***] ; or 48 [ (b) in any area within the distance, measured aerially,- (I) not being more than two kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than ten thousand but not exceeding one lakh; or (II) not being more than six kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than one lakh but not exceeding ten lakh; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Amendment) Act, 1987, w.e.f. 1-4-1989. 2. Renumbered as clause (1A) by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 3. Substituted by the Taxation Laws (Amendment) Act, 1970, w.r.e.f. 1-4-1962. 4. Substituted by the Taxation Laws (Amendment) Act, 1970, w.r.e.f. 1-4-1962. 5. Inserted by the Finance Act, 1989, w.r.e.f. 1-4-1970. 6. Explanation renumbered as Explanation 1 by the Finance Act, 2000, w.e.f. 1-4-2001. 7. Inserted by the Finance Act, 2000, w.e.f. 1-4-2001. 8. Inserted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1967. 9. Renumbered as clause (1B) by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 10. Substituted for nine-tenths by the Finance Act, 1999, w.e.f. 1-4-2000. 11. Clauses (1C) and (1D) inserted by the Finance Act, 2007, w.r.e.f. 1-6-1994. 12. Clause (3) omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 13. Substituted for Commissioner by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 14. Substituted for Commissioner by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 15. Substituted for income-tax or sup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... semi-precious stone, and whether or not worked or sewn into any wearing apparel ; ( b ) precious or semi-precious stones, whether or not set in any furniture, utensil or other article or worked or sewn into any wearing apparel ;] 31. Substituted for (iii) agricultural land in India by the Finance Act, 1970, w.e.f. 1-4-1970. 32. Inserted by the Taxation Laws (Amendment) Act, 1962, w.e.f. 13-12-1962. 33. Inserted by the Finance (No. 2) Act, 1965, w.e.f. 1-4-1965. 34. Inserted by the Taxation Laws (Amendment Miscellaneous Provisions) Act, 1965, w.e.f. 4-12-1965. 35. Inserted by the Special Bearer Bonds (Immunities and Exemptions) Act, 1981, w.e.f. 12-1-1981. 36. Inserted by the Finance Act, 1999, w.e.f. 1-4-2000. 37. not involving the carrying on of any activity for profit omitted by the Finance Act, 1983, w.e.f. 1-4-1984. 38. Inserted by Finance Act, 2008 w.e.f. 1-4-2009 39. Substituted vide Finance act, 2008 w.e.f. 1.4.2009, prior to this it was read as: ( 15 ) charitable purpose includes relief of the poor, education, medical relief, and the advancement of any other object of general public utility 37 [ * * * ] ; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2) ACT, 2014, w.e.f. 1st day of April, 2015 53. Substituted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of June, 2013 54. Substituted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016, before it was read as, 49 [(13A) business trust means a trust registered as an Infrastructure Investment Trust or a Real Estate Investment Trust, the units of which are required to be listed on a recognised stock exchange, in accordance with the regulations made under the Securities Exchange Board of India Act, 1992 [15 of 1992] and notified by the Central Government in this behalf;] 55. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016 56. Substituted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016, before it was read as, Provided that the advancement of any other object of general public utility shall not be a charitable purpose, if it involves the carrying on of any activity in the nature of trade, commerce or business, or any activity of rendering any service in relation to any trade, commerce or business, for a cess or fee or any other consideration, irrespective of the nature of use or application, or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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