Income Tax Act 1961: Definitions

Meaning/ Definition of various terms as per Section 2 of the Income Tax act, 1961:

Definitions under Income Tax Act 1961
Section 2: Definitions of Income Tax Officers/ Commissioners/ Directors / CBDT
Section 2(1): Advance Tax
Section 2(1A): Agricultural Income
Section 2(1B): Amalgamation
Section 2(1C): Additional Commissioner
Section 2(1D): Additional Director
Section 2(2): Annual Value
Section 2(3): Omitted
Section 2(4): Appellate Tribunal
Section 2(5): Approved Gratuity Fund
Section 2(6): Approved Superannuation Fund
Section 2(7): Assessee (Normal/ Representative/ Deemed/ Defaulter Assessee)
Section 2(7A): Assessing Officer
Section 2(8): “assessment” includes reassessment.
Section 2(9): Assessment Year
Section 2(10): Average Rate of Income-tax
Section 2(11): Block of Assets
Section 2(12): Board
Section 2(12A): Books or Books of Account
Section 2(13) Tax: Business
Section 2(13A): Business Trust
Section 2(14): Capital Asset
Section 2(15): Charitable Purpose
Section 2(15A): Chief Commissioner
Section 2(15B): ‘child’, in relation to an individual, includes a step-child and an adopted child of that individual.
Section 2(16): Commissioner
Section 2(16A): Commissioner (Appeals)
Section 2(17): Company
Section 2(18): Substantial Interest of Public in Company
Section 2(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.
Section 2(19A) Deputy Commissioner
Section 2(19AA): Demerger
Section 2(19AAA): ‘Demerged Company’ means the company whose undertaking is transferred, pursuant to a demerger, to a resulting company.
Section 2(19B) Deputy Commissioner (Appeals)
Section 2(19C) Deputy Director
Section 2(20): Director, Manager, Managing Agent
Section 2(21): Director General or Director
Section 2(22): Dividend
Section 2(22A): Domestic Company
Section 2(22AA): “document” includes an electronic record as defined in clause (t) of sub-section (1) of section 2 of the Information Technology Act, 2000 (21 of 2000).
Section 2(22AAA): “electoral trust” means a trust so approved by the Board in accordance with the scheme made in this regard by the Central Government.
Section 2(22B): Fair Market Value
Section 2(23): ‘Partner’, ‘Partnership’ & ‘Firm’
Section 2(23A): “foreign company” means a company which is not a domestic company.
Section 2(23B): “fringe benefits” means any fringe benefits referred to in section 115WB.
Section 2(23C): “hearing” includes communication of data and documents through electronic mode.
Section 2(24): Income
Section 2(25): Income-tax Officer
Section 2(25A): India
Section 2(26): Indian Company
Section 2(26A)/ 2(26B): ‘Infrastructure Capital Company & Fund’
Section 2(27): Omitted
Section 2(28): Inspector of Income-tax
Section 2(28A): Interest
Section 2(28B): “interest on securities” means,- (i) interest on any security of the Central Government or a State Government; (ii) interest on debentures or other securities for money issued by or on behalf of a local authority or a company or a corporation established by a Central, State or Provincial Act.
Section 2(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.
Section 2(28C): Joint Commissioner
Section 2(28D): Joint Director
Section 2(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).
Section 2(29A): Long Term Capital Asset
Section 2(29B): Long Term Capital Gain
Section 2(29BA): “manufacture”, with its grammatical variations, means a change in a non-living physical object or article or thing,- (a) resulting in transformation of the object or article 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.
Section 2(29C): Maximum Marginal Rate
Section 2(29D): National Tax Tribunal
Section 2(30): Non Resident
Section 2(31): Person
Section 2(32): Substantial Interest of Person in Company
Section 2(34): ‘Previous Year’
Section 2(34A): Principal Chief Commissioner
Section 2(34B): Principal Commissioner
Section 2(34C): Principal Director
Section 2(34D): Principal Director General
Section 2(35): Principal Officer
Section 2(36): “profession” includes vocation.
Section 2(36A): Public Sector Company
Section 2(37): “public servant” has the same meaning as in section 21 of the Indian Penal Code (45 of 1860).
Section 2(37A): Income Tax Rates in Force
Section 2(38): recognised provident fund
Section 2(39): Omitted
Section 2(40): Regular Assessment
Section 2(41): Relative
Section 2(41A): Resulting Company
Section 2(42): “resident” means a person who is resident in India within the meaning of section 6.
Section 2(42A): Short Term Capital Asset
Section 2(42B): Short Term Capital Gain
Section 2(42C): Sump Sale
Section 2(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 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.
Section 2(43A): “tax credit certificate” means a tax credit certificate granted to any person in accordance with the provisions of Chapter XXII-B and any scheme made thereunder.
Section 2(43B): Omitted
Section 2(44): Tax Recovery Officer
Section 2(45): Total Income
Section 2(46): Omitted
Section 2(47): Transfer
Section 2(48): zero coupon bond
Section 3: ‘Previous Year’

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