TMI BlogDefinitionsX X X X Extracts X X X X X X X X Extracts X X X X ..... (b) all profits of the company up to the date of distribution or payment of dividend or upto the date of liquidation, as the case may be, in any other case; 5. "actual cost" in relation to a business capital asset shall be the cost computed under section 42; 6. "advance-tax" means the advance income-tax payable in accordance with the provisions of section 204; and 7. "advance ruling" shall have the meaning assigned to it in section 249; 8. "agreement" includes any arrangement or understanding or action in concert, whether or not such arrangement, understanding or action, is- (a) in writing; (b) formal; or (c) intended to be enforceable by legal proceedings; 9. "agreement of association" means,- (a) a partnership deed in relation to a firm; or (b) an oral, or written, agreement between the participants of any other unincorporated body; 10. "agreement for non-compete" means an agreement for,- (a) not carrying out any activity in relation to any business; or (b) not sharing any,- (i) know-how, patent, copyright, trade-mark, license, franchise or any other business or commercial right of similar natu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... co-operative become members of the amalgamated cooperative; and (iii) the shareholders holding seventy-five per cent or more in value of the shares in the amalgamating co-operative (other than the shares held by the amalgamated co-operative or its nominee or its subsidiary, immediately before the merger) become shareholders of the amalgamated co-operative; or (c) an unincorporated body or a proprietory concern means the succession of an amalgamating unincorporated body or proprietory concern with an amalgamated company if,- (i) all the assets and liabilities of the body or concern relating to the business immediately before the succession become the assets and liabilities of the amalgamated company; (ii) the participants of the body or the proprietor of the concern do not receive any consideration or benefit, directly or indirectly, in any form or manner, other than by way of allotment of shares in the amalgamated company; (iii) the aggregate of the shareholding in the amalgamated company of the participants of the body or the proprietor of the concern, upon succession, is not less than fifty per cent of the total value of the shares i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... "Assessing Officer" means the Income Tax Officer, Assistant Commissioner, Assistant Director, Deputy Commissioner, Deputy Director, Joint Commissioner, Joint Director, Additional Commissioner or Additional Director, who is vested with the relevant jurisdiction by virtue of direction or order issued under section 177 or any other provision of this Code; 26. "assessment" includes - (a) an intimation under section 155 if no communication has been served on the assessee under section 156; (b) reassessment; (c) any order under section 167rectifying any mistake apparent from the record; (d) any order giving effect to the directions of an Appellate Authority; and (e) any order under section 194; 27. "asset" means (a) a business asset;or (b) an investment asset; 28. "Assistant Commissioner" means a person appointed to be an Assistant Commissioner of Income-tax under section 130; 29. "associated concern" shall have the meaning assigned to it in section 96; 30. "Assistant Director" means a person appointed to be an Assistant Director of Income-tax under section 130; 31. "associated enterprise" shall have the meani ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... whatever name called) acquired in connection with, or in the course of, any business; (c) any tangible capital asset in the nature of a building, machinery, plant or furniture;or (d) any other capital asset connected with or used for the purposes of any business of the assessee; 43. "business connection" in relation to a non-resident shall include any business activity carried out through a person who, acting on behalf of the non-resident,- (a) has an authority to conclude contracts on behalf of the non-resident in India, and habitually exercises it, unless his activities are limited to the purchase of goods or merchandise for the non-resident; (b) has no such authority, but habitually maintains in India a stock of goods or merchandise from which he regularly delivers them on behalf of the nonresident; or (c) habitually secures orders in India, mainly or wholly for the non-resident or for that non-resident and its associated enterprise, and 44. "business reorganisation" means reorganisation of business of two or more residents, involving - (a) an amalgamation; (b) a merger under a scheme sanctioned and brought into force by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of State or Government of the Member Countries of South Asian Association for Regional Cooperation established on the 8th day of December, 1985 by the Charter of the South Asian Association for Regional Cooperation; 57. "Commissioner (Appeals)" means a person appointed to be a Commissioner of Income-tax (Appeals) under section 125; 58. "Commissioner" means a person appointed to be a Commissioner of Income-tax or a Director of Income-tax under section 130; 59. "communiao dos bens" means the system of community of property under the Portuguese Civil Code of 1860 in force in the State of Goa and in the Union territories of Dadra and Nagar Haveli and Daman and Diu; 60. "company" means- (a) any Indian company, (b) any body incorporated by or under the laws of a country outside India, or (c) any person who is or was assessable or was assessed as a company under the Indian Income-tax Act, 1922, or the Income-tax Act, 1961; 61. "Competent Investigating Authority" means any income-tax authority prescribed as such; 62. "Comptroller and Auditor-General of India" means the Comptroller and Auditor General of India appointed under Article 148 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee - (a) in a case where the prescribed expenditure is incurred before the commencement of the business, as on the last day of the financial year in which the business of the assessee commences; (b) in any other case, as on the last day of the financial year in which the extension of the business is completed, or the new business commences production or operation, in so far as such fixed assets have been acquired or developed in connection with the extension of the business or the setting up of the new business of the assessee; 72. "cultivation" includes any process ordinarily employed by a cultivator or receiver of rent in kind to render the produce raised or received by him fit to be taken to market; 73. "current income from ordinary sources" means the net result of the aggregation under sub-section (3) of section 58; 74. "current income from the special source" means the income referred to in subsection (2) of section 59; 75. "date of setting up of a business" means - (a) in the case of business of manufacturing, production or processing of goods, the date on which the manufacture, production or processing of the goods begins af ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e resulting company; (v) the transfer of the undertaking is on a going concern basis; and (vi) the transfer is in accordance with such other conditions as may be notified by the Central Government having regard to the necessity to ensure that the transfer is for genuine business purposes; or (b) the splitting up, or the reconstruction, of any authority or a body constituted or established under a Central, State or Provincial Act, or a local authority or a public sector company to form a resulting company, in accordance with the conditions as may be notified by the Central Government; 82. "Deposit-linked Insurance Fund" means a fund established under the Coal Mines Provident Fund and Miscellaneous Provisions Act, 1948; 83. "Deputy Commissioner" means a person appointed to be a Deputy Commissioner of Income-tax under section 130; 84. "Deputy Director" means a person appointed to be a Deputy Director of Income-tax under section 130; 85. "Director" means a person appointed to be a Director of Income-tax under section 130; 86. "Director General" means a person appointed to be a Director General of Income-tax under section 130; 87. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mely:- (i) any advance or loan made to a shareholder or the said concern by a company in the ordinary course of its business, where the lending of money is a substantial part of the business of the company; (ii) any dividend paid by a company which is set off by the company against the whole or any part of any sum previously paid by it and treated as a dividend within the meaning of sub-clause (e), to the extent to which it is so set off; (iii) any payment made by a company on purchase of its own shares from a shareholder in accordance with the provisions of section 77A of the Companies Act, 1956; and (iv) 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); 90. "dividend distribution tax" means the tax chargeable under section 99; 91. "document" includes an electronic record as defined in clause (t) of sub-section (1) of section 2 of the Information Technology Act, 2000; 92. "domestic company" means a company which is resident in India; 93. "disaster" shall have the meaning assigned t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e on account of misconduct or inefficiency, or (b) in the case of a deceased or incapacitated ex-serviceman it includes his wife, children, father, mother, minor brother, widowed daughter and widowed sister, wholly dependant upon such ex-serviceman immediately before his death or incapacitation; 101. "fair market value", in relation to an asset, means such price as may be determined in accordance with the rules made under this Code; 102."family" in relation to an individual, means- (a) the spouse and children of the individual; and (b) the parents, brothers or sisters of the individual, if mainly dependant on the individual; 103. "family pension" means a regular monthly amount payable by the employer to a person belonging to the family of an employee in the event of the death of the employee; 104. "farm house" means any building which fulfills all the following conditions - (a) it is situated on, or in the immediate viccinity of, the agricultural land; (b) the building is used- (i) as a dwelling house, store-house, or other out-building, for agricultural purpose; or (ii) to carry out any process to render the produc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e financial year and ending with the date of retirement or death of a participant of the unincorporated body; (e) the period immediately following the date of retirement, or death, of a participant of the unincorporated body and ending with the date of retirement, or death, of another participant or the 31st day of March following the date of the retirement, or death, as the case may be; or (f) the period of twelve months commencing from the 1st day of April of the relevant year in any other case. 110 ."firm"shall have the meaning assigned to it in the Indian Partnership Act, 1932 and shall include a limited liability partnership as defined in the Limited Liability Partnership Act, 2008; 111. "foreign company" means a company which is not a domestic company; 112 ."foreign currency" shall have the meanings assigned to it in section 2 of the Foreign Exchange Management Act, 1999; 113. "forward contract" means a contract with an authorised dealer, as defined in section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999), for providing a specified sum in a foreign currency on or after a stipulated future date at the rate of exchange specified in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y public sector company which is engaged in providing long-term finance for construction or purchase of houses in India for residential purposes; 125. "housing-finance public company" means a company,- (a) which is a public company; (b) whose main object is carrying on the business of providing long-term finance for construction or purchase of houses in India for residential purposes; and (c) which is registered in accordance with the Housing Finance Companies (NHB) Directions, 1989 given under section 30 and section 31 of the National Housing Bank Act, 1987; 126. "however" shall mean an alternative intention, or a contrast, with the previous section, sub-section, clause, sub-clause, item or phrase, as the case may be, and a modification of it under such circumstances as specified therein. 127. "incidental financial charges" means any fee, commission, brokerage, premium, tax payable or any other similar expenditure incurred for the purposes of borrowing or raising capital or incurring any debt or in respect of any credit facility which has not been utilized; 128. "income" includes,- (a) gross salary referred to in section 21; (b) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ficer" means a person appointed to be an Income-tax Officer under section 130; 141. "India" means- (a) the territory of India as referred to in article 1 of the Constitution; (b) its territorial waters, continental shelf, exclusive economic zone or any other maritime zone as defined in the Territorial Waters, Continental Shelf, Exclusive Economic Zone and Other Maritime Zones Act, 1976; (c) the air space above its territory and territorial waters; or (d) the seabed and the subsoil underlying the territorial waters; 142. "Indian company" means a body corporate which,- (a) is registered or established by or under,- (i) the Companies Act, 1956; or (ii) a Central, State or Provincial Act; (iii) any law relating to companies formerly in force in any part of India other than the State of Jammu and Kashmir; (iv) any law for the time being in force in the State of Jammu and Kashmir; and (b) has its registered or, as the case may be, principal office in India; 143. "Indian income-tax" means income-tax charged in accordance with the provisions of this Code; 144. "Indian rate of tax" means the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y - (a) an employer on the life of an employee or a former employee; or (b) a person on the life of another person who is, or was, connected in any manner whatsoever with the business of the first-mentioned person; 156. "khadi" and "village industries" have the meanings respectively assigned to them in the Khadi and Village Industries Commission Act, 1956 ; 157. "know-how" means any industrial information or technique likely to assist in the manufacture or processing of goods or in the working of a mine, oil-well or other sources of mineral deposits (including searching for discovery or testing of deposits for the winning of access thereto); 158 . "legal representative" has the meaning assigned to it in clause (11) of section 2 of the Code of Civil Procedure, 1908; 159. "liabilities" in relation to a demerger or slump sale 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or thing into a new and distinct object or article or thing having a different name, character and use; or (b) bringing into existence of a new and distinct object or article or thing with a different chemical composition or integral structure; 168. "material" includes any books of account, document, money, bullion, jewellery or other valuable article or thing; 169. "maximum marginal rate" means the rate of income-tax applicable in relation to the highest slab of income in the case of an individual, as specified in the First Schedule; 170. "medical authority" means,- (i) the medical authority referred to in clause (p) of section 2 of the Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995; or (ii) such other medical authority as may be notified by the Central Government for this purpose. 171. "mineral" includes a group of associated minerals specified in Part A or Part B, respectively, of the Eighteenth Schedule; 172. "mineral oil" shall have the meaning assigned to it in the Eleventh Schedule; 173. "mutual benefit finance company" means a company, - (a) which carries on, as i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... granted to an employee to apply for the sweat equity shares at a predetermined price; 187. "original investment asset" means an investment asset in respect of which deduction under section 53 is claimed; 188. "Overseas Depository Bank" means a bank authorised by the issuing company to issue Global Depository Receipts against issue of Foreign Currency Convertible Bonds or ordinary shares of the issuing company; 189. "owner" in relation to a house property and land appurtenant thereto shall include,- (a) an individual who transfers otherwise than for adequate consideration any house property to his or her spouse, not being a transfer in connection with an agreement to live apart, or to a minor child not being a married daughter; (b) the holder of an impartible estate; (c) a member of a co-operative society, company or other association of persons to whom a building or part thereof is allotted or leased under a house building scheme of the society, company or association; and (d) a person who is allowed to take or retain possession of any building or part thereof in part performance of a contract of the nature referred to in section 53A of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... umber allotted under this Code; 200. "permitted financial institution" means,- (a) a banking company or a scheduled bank; (b) a non-banking financial company; (c) a public financial institution; (d) State financial corporations; (e) State industrial investment corporations; or (f) a housing-finance development company; 201. "permitted savings intermediaries" means,- (a) approved provident fund; (b) approved superannuation fund; (c) life insurer; and (d) New Pension System Trust; 202. "permitted welfare activity" shall have the meaning assigned to it in section 96; 203. "person" includes- (a) an individual; (b) a Hindu undivided family; (c) a company; (d) a co-operative society; (e) a firm; (f) a non-profit organisation; (g) an office, or establishment, of Central Government or the Government of a State; (h) an association of persons; (i) a body of individuals; (j) a local authority; (k) any other artificial juridical person;and (l) any other society; 204. "person having a substantial interest in a concern", wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ible into money or not, provided directly or indirectly to the assessee by his employer, whether by way of reimbursement or otherwise:- (a) the value of any accommodation computed in the prescribed manner; (b) any sum payable to effect an assurance on life or to effect a contract for an annuity; (c) any sum payable to any permitted savings intermediaries; (d) the value of any sweat equity share allotted or transferred, as on the date on which the option is exercised by the assessee; (e) the value of any obligation which, but for payment by the employer, would have been payable by the assessee, computed in the prescribed manner; and (f) the value of any other amenity, facility, privilege or service, computed in the prescribed manner; 211. "plant" includes ships, vehicles, books, scientific apparatus and surgical equipment but does not include tea bushes, livestock, buildings and furniture and fittings; 212. "political party" means a recognised political party under The Election Symbols (Reservation and Allotment) Order, 1968 issued vide S.O. 2959 dated 31st August, 1968, as amended from time to time. 213. "predecessor" in relat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icy, if any part of the contribution to the policy is made by his employer or former employer; and (c) any amount due to or received, directly or indirectly, by any assessee from any person- (i) before his joining any employment with that person; or (ii) after cessation of his employment with that person; 221. "public company" shall have the meaning assigned to it in section 3 of the Companies Act, 1956; 222. "public financial institution" shall have the meaning assigned to it in section 4A of the Companies Act, 1956; 223. "public sector bank" means - (a) the State Bank of India constituted under the State Bank of India Act, 1955, (b) a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959, (c) a corresponding new Bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, or (d) a corresponding new Bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980; 224. "public sector company" means - (a) any corporation established by or under any Central, State or Provincial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spouse of the individual; (h) spouse of the person referred to in sub-clauses (b) to (f); or (g) any lineal descendant of a brother or sister of either the individual or of the spouse of the individual; 234. "remission or cessation of any liability" shall include the remission or cessation of any liability,- (a) by a unilateral act by the assessee by way of writing off such liability in his account or creating a reserve(by whatever name called); or (b) by virtue of there being no transaction with the creditor during the period of three years from the end of the financial year in which the last transaction took place; 235. "rent" in relation to a house property means any income derived, directly or indirectly, from letting of the property; 236. "Reserve Bank of India" means the Bank constituted under sub-section (1) of section 3 of the Reserve Bank of India Act, 1934; 237. "resident" means a person who is resident in India within the meaning of section 4; 238. "resident deductee" means a person who is resident and receives any amount liable to deduction of tax at source under Chapter XI; 239. "resulting company" means - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (c) any allowance, concession or assistance; (d) any fees or commissions; (e) perquisites; (f) profits in lieu of, or in addition to, any salary; (g) any advance or arrear of salary; (h) any allowance granted to the employee to- (i) meet his personal expenses at the place where the duties of his office or employment of profit are ordinarily performed by him or at a place where he ordinarily resides; or (ii) compensate him for the increased cost of living; (i) any allowance or benefit, granted to the employee to meet expenses wholly, necessarily and exclusively for the performance of the duties of an office or employment of profit; (j) any allowance in the nature of personal allowance granted to remunerate or compensate the assessee for performing duties of a special nature relating to his office or employment; (k) any amount receivable, directly or indirectly, by an employee from his employer, in connection with his voluntary retirement or termination of service or voluntary separation; (l) any payment received by an employee in respect of any period of leave not availed by him; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Securities and Exchange Board of India Act, 1992; 250. "self-assessment tax" means the tax paid after the financial year but before filing the return of tax bases; 251. "senior citizen" means an individual resident in India who is of the age of sixty-five years or more at any time during the financial year; 252. "service" means service of any description which is made available to potential users and includes the provision of services in connection with business of any industrial or commercial nature such as accounting, banking, merchant banking, communication, conveying of news or information, advertising, entertainment, amusement, education, financing, insurance, chit funds, real estate, construction, transport, storage, processing, supply of electrical or other energy, boarding and lodging; 253. "Sikkimese" means,- (a) an individual, whose name is recorded in the register maintained under the Sikkim Subjects Regulation, 1961 read with the Sikkim Subject Rules, 1961 (herein after referred to as the "Register of Sikkim Subjects"), immediately before the 26th day of April, 1975; (b) an individual, whose name is included in the Register of Si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... knowledge-based industry or service" means- (a) information technology software; (b) information technology service; (c) entertainment service; (d) pharmaceutical industry; (e) bio-technology industry; and (f) any other industry or service, as may be specified by the Central Government, by notification in the Official Gazette; 261. "specified territory" means any area outside India and notified as such by the Central Government. 262. "speculative transaction" means a transaction in which a contract for the purchase or sale of any commodity, including stocks and shares, is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips other than the following transactions: (a) a permitted derivative transaction; (b) a contract in respect of raw materials or merchandise entered into by a person in the course of his manufacturing or merchandising business to guard against loss through future price fluctuations in respect of his contracts for actual delivery of goods manufactured by him or merchandise sold by him; (c) a contract in respect of stocks and shar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and includes subsidiary incorporated outside India; 271. "successor" in relation to a business reorganisation means - (a) the amalgamated company or amalgamated cooperative, in the case of amalgamation; (b) the merged company in the case of business reorganisation referred to in subclause (b) of clause (45). (c) the resulting company, in the case of demerger; 272. "successor in business" means,- (a) a successor in relation to a business reorganisation; (b) a firm which succeeds another firm carrying on a business; and (c) a person who succeeds any other person in a business; 273. "sweat equity share" means,- (a) any security underlying any employees stock option granted under any plan, or scheme, of the employer; or (b) any security issued by a company to its employee or director, at a discount or for consideration other than cash; 274. "tax" means - (a) any tax chargeable under the provisions of this Code; (b) surcharge chargeable under the relevant Finance Act; or (c) cess chargeable under the relevant Finance Act; 275. "tax bases" means- (a) income or total income, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... means the net result of the aggregation under sub-section (4) of section 59 for that financial year. 285. "total turnover" in relation to a business means the gross sum received or receivable by the assessee, directly or indirectly, in respect of his world-wide sale of goods or supply of services, as the case may be, of the business including any tax, duty, cess or fee (by whatever name called) collected or collectible in respect of the sale or supply; 286. "trade debt" means a debt,- (a) which has been taken into account in computing the income of the assessee in any financial year; or (b) which is money lent in the ordinary course of banking or money lending which is carried on by the assessee; 287. "transfer", in relation to a capital asset, includes - (a) the sale, exchange or relinquishment of the asset; (b) the extinguishments of any rights in it; (c) its compulsory acquisition under any law; (d) its conversion into, or its treatment as stock-in-trade of a business; (e) the buy-back of any shares or other specified securities by the issuer of such shares or securities; (f) any contribution of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... account of the carriage of passengers, livestock, mail or goods shipped at any place outside India; (c) any amount paid or payable, directly or indirectly by way of demurrage charges or handling charges or any other amount of similar nature; or (d) any amount paid or payable for charter, including an arrangement as slot charter, space charter or joint charter or similar arrangement, of ships, aircraft or any other mode of transport, along with crew; 290. "trust" shall have the meaning assigned to it in section 96; 291. "unabsorbed current capital loss" means the amount determined under subsection (5) of section 47. 292. "unabsorbed current loss from ordinary sources" means the amount determined under sub-section (4) of section 58; 293. "unabsorbed current loss from the special source" means the amount determined under sub-section (3) of section 59; 294. "unabsorbed preceeding year capital loss " means the unabsorbed current capital loss, for the financial year immediately preceeding the relevant financial year; 295. "unabsorbed preceeding year loss from ordinary sources" means the unabsorbed current loss from ordinary sources, for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and includes a Regional Valuation Officer, a District Valuation Officer and an Assistant Valuation Officer; 306. "value of gross assets" in relation to a company shall have the meaning assigned to it in section 97; 307. "value of inventory of the business, as on the close of the financial year" means the value of stock of finished goods, work-in progress, raw material, stores and spares or any other inventory remaining in stock, as on the close of the financial year and the value is computed in accordance with the method of accounting regularly employed by the assessee; 308. "value of inventory of the business, as on the beginning of the financial year" shall be,- (a) nil if the business as commenced during the financial year; and (b) the value of inventory of the business, as on the close of the immediately preceding financial year, in any other case; 309. "value of sweat equity shares" shall be the value of the sweat equity shares on the date on which the option is exercised by the assessee, determined in accordance with the method as may be prescribed, as reduced by the amount actually paid by, or recovered from, the assessee in respect of such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... capital of such subsidiary company has been held by the parent company or by its nominees throughout the financial year; 314. "working participant" means an individual who is actively engaged in conducting the affairs of the business or profession of the unincorporated body of which he is a participant; 315. "written down value" shall have the same meaning assigned to it in section 43; 316. "written off" in relation to a debt means recording an appropriate entry in the account of the debtor so as to reduce the amount of the debt without any recovery thereof; 317. "year" means the financial year; 318. "zero coupon bond" means a bond- (a) issued by any company, fund or scheduled bank in accordance with a scheme notified by the Central Government in the Official Gazette; (b) in respect of which no payment and benefit is received or receivable before maturity or redemption from the company, fund or scheduled bank; and (c) which the Central Government may, by notification in the Official Gazette, specify in this behalf. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India ..... X X X X Extracts X X X X X X X X Extracts X X X X
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