TMI BlogDefinitions [Clause (31) to Clause (48)] - "Person" to "Zero Coupon Bond"X X X X Extracts X X X X X X X X Extracts X X X X ..... with or without a right to participate in profits, carrying not less than twenty per cent of the voting power ; ( 33 ) prescribed means prescribed by rules made under this Act ; ( 34 ) previous year means the previous year as defined in section 3 ; 67 [ (34A) 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 perso ..... 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[ ( iii ) for the purposes of deduction of tax under 75 [section 194LBA or] 77 [ section 194LBB or section 194LBC or ] section 195, the rate or rates of income-tax specified in this behalf in the Finance Act of the relevant year or the rate or rates of income-tax specified in 27 [ an agreement entered into by the Central Government under section 90, or an agreement notified by the Central Government under section 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 l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he property of the assessee in the circumstances mentioned in 39 [ sub-section (1)] of section 49, there shall be included the period for which the asset was held by the previous owner referred to in the said section ; 82 [(ba) in the case of a capital asset referred to in clause (via) of section 28, the period shall be reckoned from the date of its conversion or treatment;] 40 [ ( c ) in the case of a capital asset being a share or shares in an Indian company, which becomes the property of the assessee in consideration 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 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he property of the assessee in consideration of a transfer referred to in clause (xviii) of section 47, there shall be included the period for which the unit or units in the consolidating scheme of the mutual fund were held by the assessee; (he) in the case of a capital asset, being share or shares of a company, which is acquired by the non-resident assessee on redemption of Global Depository Receipts referred to in clause (b) of sub-section (1) of section 115AC held by such assessee, the period shall be reckoned from the date on which a request for such redemption was made; ] 80 [ (hf) in 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f stamp duty, registration fees or other similar taxes or fees shall not be regarded as assignment of values to individual assets or liabilities ; ] 86 [Explanation 3. For the purposes of this clause, transfer shall have the meaning assigned to it in clause (47); ] 48 [ ( 43 ) tax in relation to the assessment year commencing on the 1st day of April, 1965, and any subsequent assessment year means income-tax chargeable under the provisions of this Act, and in relation to any other assessment year income-tax and super-tax chargeable under the provisions of this Act prior to the aforesaid date 49 [ and in relation to the assessment year commencing on the 1st day of April, 2006, and any subsequent assessment 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 Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irtual digital asset means- (a) any information or code or number or token (not being Indian currency or foreign currency), generated through cryptographic means or otherwise, by whatever name called, providing a digital representation of value exchanged with or without consideration, with the promise or representation of having inherent value, or functions as a store of value or a unit of account including its use in any financial transaction or investment, but not limited to investment scheme; and can be transferred, stored or traded electronically; (b) a non-fungible token or any other token of similar nature, by whatever name called; (c) any other digital asset, as the Central Government may, by notification in the Official Gazette specify: Provided that the Central Government may, by notification in the Official Gazette, exclude 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 , ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 11. 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. 12. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 13. Substituted for in a case falling under section 164, the rate specified in that section by the Finance Act, 1976, w.e.f. 1-6-1976. 14. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 15. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003. 16. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 17. 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. 18. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 19. Substituted for section 115B or, as the case may be, section 164 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 1994, w.e.f. 1-4-1995. 42. Inserted by the Finance Act, 1995, w.e.f. 1-4-1996. 43. Inserted by the Finance Act, 1999, w.e.f. 1-4-2000. 44. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004. 45. Inserted by the Finance Act, 1994, w.e.f. 1-4-1995. 46. Inserted by the Finance Act, 1987, w.e.f. 1-4-1988. 47. Inserted by the Finance Act, 1999, w.e.f. 1-4-2000. Earlier clause (42C) was inserted by the Direct Tax Laws (Second Amendment) Act, 1989, w.e.f. 1-4-1990 and later on omitted by the Finance Act, 1990, w.e.f. 1-4-1990. 48. Substituted by the Finance Act, 1965, w.e.f. 1-4-1965. 49. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006. 50. Inserted by the Finance Act, 1965, w.e.f. 1-4-1965. 51. Chapter XXII-B was omitted by the Finance Act, 1990, w.e.f. 1-4-1990. 52. Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Original clause (43B) was inserted by the Finance (No. 2) Act, 1971, w.e.f. 1-1-1972. 53. Substituted by the Direct Tax Laws (Amendment) Act, 1987 [as amended by the Direct Tax Laws (Amendment) Act, 1989], w.r.e.f. 1-4-1988. Prior to its substitution, clause (44), was substituted by the Fina ..... 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 73. Substituted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of June, 2013, before it was read as, 28 [ Chief Commissioner or Commissioner] 74. Substituted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of June, 2013 75. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016 76. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016 77. Inserted vide THE FINANCE ACT, 2016 with effect from the 1st day of June, 2016 78. Inserted vide THE FINANCE ACT, 2016 with effect from the 1st day of April, 2017 79. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018 80. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018 81. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018 82. Inserted vide THE FINANCE ACT, 2018 w.e.f. 1st day of April, 2019 83. Substituted vide THE FINANCE ACT, 2018 w.e.f. 1st day of April, 2019, before it was read as, the Explanation to clause (38) of section 10 84. Inserted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 85. Substituted vide THE FINANCE ACT, 2021 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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