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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