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Definitions [Clause (15A) to Clause (30)] - "Chief Commissioner" to "Non-resident"

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..... means- (i) any Indian company, or (ii) any body corporate incorporated by or under the laws of a country outside India, or (iii) any institution, association or body which is or was assessable or was assessed as a company for any assessment year under the Indian Income-tax Act, 1922 (11 of 1922), or which is or was assessable or was assessed under this Act as a company for any assessment year commencing on or before the 1st day of April, 1970, or (iv) any institution, association or body, whether incorporated or not and whether Indian or non-Indian, which is declared by general or special order of the Board to be a company : Provided that such institution, association or body shall be deemed to be a company only for such assessment year or assessment years (whether commencing before the 1st day of April, 1971, or on or after that date) as may be specified in the declaration ; ] (18) company in which the public are substantially interested -a company is said to be a company in which the public are substantially interested- 8 [ (a) if it is a company owned by the Government or the Reserve Bank of India or in which not less than forty per cent of the share .....

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..... r acquired unconditionally by, and were throughout the relevant previous year beneficially held by- (a) the Government, or (b) a corporation established by a Central, State or Provincial Act, or (c) any company to which this clause applies or any subsidiary company of such company 14 [ if the whole of the share capital of such subsidiary company has been held by the parent company or by its nominees throughout the previous year .] Explanation .-In its application to an Indian company whose business consists mainly in the construction of ships or in the manufacture or processing of goods or in mining or in the generation or distribution of electricity or any other form of power, item (B) shall have effect as if for the words not less than fifty per cent , the words not less than forty per cent had been substituted ;]] (19) co-operative society means a co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any State for the registration of co-operative societies ; 15 [ (19A) Deputy Commissioner means a person appointed to be a Deputy Commissioner of Income-tax .....

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..... undertaking shall include any part of an undertaking, or a unit or division of an undertaking or a business activity taken as a whole, but does not include individual assets or liabilities or any combination thereof not constituting a business activity. Explanation 2.- For the purposes of this clause, the liabilities referred to in sub-clause (ii), shall include- (a) the liabilities which arise out of the activities or operations of the undertaking; (b) the specific loans or borrowings (including debentures) raised, incurred and utilised solely for the activities or operations of the undertaking; and (c) in cases, other than those referred to in clause (a) or clause (b), so much of the amounts of general or multipurpose borrowings, if any, of the demerged company as stand in the same proportion which the value of the assets transferred in a demerger bears to the total value of the assets of such demerged company immediately before the demerger. Explanation 3.- For determining the value of the property referred to in sub-clause (iii), any change in the value of assets consequent to their revaluation shall be ignored. Explanation 4.- For the purposes of this c .....

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..... e-tax or a Principal Director General of Income-tax or, as the case may be, a Director of Income-tax or a Principal Director of Income-tax, under sub-section (1) of section 117, and includes a person appointed under that sub-section to be an Additional Director of Income-tax or a Joint Director of Income-tax or an Assistant Director or Deputy Director of Income-tax; ] (22) dividend includes- (a) any distribution by a company of accumulated profits, whether capitalised or not, if such distribution entails the release by the company to its shareholders of all or any part of the assets of the company ; (b) any distribution to its shareholders by a company of debentures, debenture-stock, or deposit certificates in any form, whether with or without interest, and any distribution to its preference shareholders of shares by way of bonus, to the extent to which the company possesses accumulated profits, whether capitalised or not ; (c) any distribution made to the shareholders of a company on its liquidation, to the extent to which the distribution is attributable to the accumulated profits of the company immediately before its liquidation, whether capitalised or not ; (d .....

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..... , 1956 (1 of 1956); (v) any distribution of shares pursuant to a demerger by the resulting company to the shareholders of the demerged company (whether or not there is a reduction of capital in the demerged company). ] Explanation 1.- The expression accumulated profits , wherever it occurs in this clause, shall not include capital gains arising before the 1st day of April, 1946, or after the 31st day of March, 1948, and before the 1st day of April, 1956. Explanation 2.- The expression accumulated profits in sub-clauses (a), (b), (d) and (e), shall include all profits of the company up to the date of distribution or payment referred to in those sub-clauses, and in sub-clause (c) shall include all profits of the company up to the date of liquidation, 31 [ but shall not, where the liquidation is consequent on the compulsory acquisition of its undertaking by the Government or a corporation owned or controlled by the Government under any law for the time being in force, include any profits of the company prior to three successive previous years immediately preceding the previous year in which such acquisition took place ]. 96 [Explanation 2A. In the case of an .....

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..... hip as defined in the Limited Liability Partnership Act, 2008 (6 of 2009); ] 37 [ (23A) foreign company means a company which is not a domestic company ;] 38 [ (23B) fringe benefits means any fringe benefits referred to in section 115WB ;] 92 [(23C) hearing includes communication of data and documents through electronic mode; ] (24) income includes- (i) profits and gains ; (ii) dividend ; 39 [ (iia) voluntary contributions received by a trust created wholly or partly for charitable or religious purposes or by an institution established wholly or partly for such purposes 40 [ or by an association or institution referred to in clause (21) or clause (23), or by a fund or trust or institution referred to in sub-clause (iv) or sub-clause (v) 41 [ or by any university or other educational institution referred to in sub-clause (iiiad) or sub-clause (vi) or by any hospital or other institution referred to in sub-clause (iiiae) or sub-clause (via)] of clause (23C) of section 10 80 [or by an electoral trust] ]. Explanation .-For the purposes of this sub-clause, trust includes any other legal obligation ;] (iii) the value of any perq .....

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..... taken to be such profits and gains by virtue of provisions contained in the First Schedule ; 49 [ (viia) the profits and gains of any business of banking (including providing credit facilities) carried on by a co-operative society with its members ;] (viii) 77 [****] 50 [ (ix) any winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any form or nature whatsoever .] 51 [Explanation. -For the purposes of this sub-clause,- (i) lottery includes winnings from prizes awarded to any person by draw of lots or by chance or in any other manner whatsoever, under any scheme or arrangement by whatever name called; (ii) card game and other game of any sort includes any game show, an entertainment programme on television or electronic mode, in which people compete to win prizes or any other similar game ;] 52 [ (x) any sum received by the assessee from his employees as contributions to any provident fund or superannuation fund or any fund set up under the provisions of the Employees' State Insurance Act, 1948 (34 of 1948), or any other fund for the welfare of such e .....

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..... he Constitution, its territorial waters, seabed and subsoil underlying such waters, continental shelf, exclusive economic zone or any other maritime zone as referred to in the Territorial Waters, Continental Shelf, Exclusive Economic Zone and other Maritime Zones Act, 1976 (80 of 1976), and the air space above its territory and territorial waters ;] (26) Indian company means a company formed and registered under the Companies Act, 1956 (1 of 1956), and includes- (i) a company formed and registered under any law relating to companies formerly in force in any part of India (other than the State of Jammu and Kashmir 60 [ and the Union territories specified in sub-clause (iii) of this clause ] ) ; 61 [ (ia) a corporation established by or under a Central, State or Provincial Act ; (ib) any institution, association or body which is declared by the Board to be a company under clause (17) ; ] (ii) in the case of the State of Jammu and Kashmir, a company formed and registered under any law for the time being in force in that State ; 62 [ (iii) in the case of any of the Union territories of Dadra and Nagar Haveli, Goa, Daman and Diu, and Pondicherry, a company f .....

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..... ed by a Central, State or Provincial Act ;] 69 [ (28BB) insurer means an insurer, being an Indian insurance company, as defined under clause (7A) of section 2 of the Insurance Act, 1938 (4 of 1938), which has been granted a certificate of registration under section 3 of that Act; ] 70 [ (28C) Joint Commissioner means a person appointed to be a Joint Commissioner of Income-tax or an Additional Commissioner of Income-tax under sub-section (1) of section 117; 107 [ (28CA) Joint Commissioner (Appeals) means a person appointed to be a Joint Commissioner of Income-tax (Appeals) or an Additional Commissioner of Income-tax (Appeals) under sub-section (1) of section 117; ] (28D) Joint Director means a person appointed to be a Joint Director of Income-tax or an Additional Director of Income-tax under sub-section (1) of section 117; ] (29) legal representative has the meaning assigned to it in clause (11) of section 2 of the Code of Civil Procedure, 1908 (5 of 1908); 104 [ (29A) liable to tax , in relation to a person and with reference to a country, means that there is an income-tax liability on such person under the law of that country for the time .....

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..... 1-4-1970. Earlier, clause (b) was amended first by the Finance Act, 1965, w.e.f. 1-4-1965 and then by the Finance Act, 1966, w.e.f. 1-4-1966. 13. Substituted by the Finance Act, 1983, w.e.f. 2-4-1983. 14. Substituted for where such subsidiary company fulfils the conditions laid down in clause (b) of section 108 by the Finance Act, 1987, w.e.f. 1-4-1988. 15. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 16. Words or an Additional Commissioner of Income-tax omitted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. Earlier the quoted words were inserted by the Finance Act, 1994, w.e.f. 1-6-1994. 17. Clauses (19AA) and (19AAA) inserted by the Finance Act, 1999, w.e.f. 1-4-2000. 18. Substituted for the conditions specified in sub-clauses (i) to (vii) of this clause, to the extent applicable by the Finance Act, 2000, w.e.f. 1-4-2000. 19. Inserted by the Finance Act, 1994, w.e.f. 1-6-1994. 20. Inserted by the Finance Act, 1994, w.e.f. 1-6-1994. 21. Words or an Additional Director of Income-tax omitted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. 22. Substituted by the Direct Tax Laws (Amendment) A .....

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..... d by the Finance Act, 1990, w.r.e.f. 1-4-1972. 47. Relettered by the Finance Act, 1990, w.r.e.f. 1-4-1962. Earlier the original sub-clause (va) was inserted by the Finance Act, 1964, w.e.f. 1-4-1964. 48. Inserted by the Finance Act, 1992, w.e.f. 1-4-1993. 49. Inserted by the Finance Act, 2006, w.e.f. 1-4-2007. 50. Inserted by the Finance Act, 1972, w.e.f. 1-4-1972. 51. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002. 52. Inserted by the Finance Act, 1987, w.e.f. 1-4-1988. 53. Inserted by the Finance (No. 2) Act, 1996, w.e.f. 1-10-1996. 54. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003. 55. Substituted for clause (vii) by the Finance Act, 2003, w.e.f. 1-4-2003. 56. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005. 57. Inserted by the Finance Act, 2007, w.e.f. 1-4-2007. 58. Words sub-section (1) of omitted by the Direct Tax Laws (Amendment) Act, 1989, w.r.e.f. 1-4-1988. Earlier, that expression was inserted by the Direct Tax Laws (Amendment) Act, 1987, with effect from the same date. 59. Substituted by the Finance Act, 2007, w.r.e.f. 25-8-1976. Prior to its substitution, clause (25A), as inserted .....

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..... them in the Indian Partnership Act, 1932 (9 of 1932) ; but the expression partner shall also include any person who, being a minor, has been admitted to the benefits of partnership; 80. Inserted vide Finance (No. 2) Act, 2009 w.e.f. 1.4.2010 81. Inserted vide Finance (No. 2) Act, 2009 w.e.f. 1.10.2009 82. Inserted vide Finance (No. 2) Act, 2009 w.e.f. 1st day of April, 2009 83. In clause (24), in sub-clause (xv), or clause (viia) has been inserted vide Finance Act, 2010 w.e.f. the 1st day of June, 2010. 84. Inserted vide Finance Act, 2012 (w.e.f. 1-4-1988). 85. Substituted vide Finance Act, 2012 (w.e.f. 1-4-2013). before it was read as:- proportionate basis 86. Inserted vide Finance Act, 2012 (w.e.f. 1-4-2013). 87. Substituted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of June, 2013 , before it was read as, 1 [ ( 15A ) Chief Commissioner means a person appointed to be a Chief Commissioner of Income-tax under sub-section (1) of section 117 ;] 88. Substituted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of June, 2013 , before it was read as, 4 [ ( 16 ) Commissioner means a person appointed to be a .....

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