Income Tax Act, 2002

Amended by Finance Act, 2075.(h) "Income" means income received by a person from employment, business, investment or casual gain, and the term also denotes the total amount of such income calculated in accordance with this Act. Added by Finance Act, 2075.(h1) "Casual Gain" means gain received from lottery, gift, award, bounty, prize, or any other manner casually.

(i) "Income Year" means the period from the first day of Shrawan of a year to the last day of Ashadh of the following year.

(j) "Gift" means a payment without any consideration, or where a payment is with consideration, to the extent the market value of the payment exceeds the market value of the consideration.

(k) "Debt Obligation" means an obligation equivalent to a debt claim.

(l) "Debt Claim" means the right of one person to receive payment from another person, and the term also denotes the right of one person to recover an amount given to another person, deposits held in banks and financial institutions, receivables, debentures, bills of exchange, bonds, rights under annuities, the right to receive amounts from financial leases and installment sales.

(m) "Company" means a company established in accordance with the prevailing company law, and for tax purposes, the following entities shall also be treated as a company:-
 (1) A body corporate established in accordance with prevailing law,
 (2) Any unincorporated association, committee, institution or society, or a group of persons other than registered or unregistered sole proprietorships and partnerships, or a trust,
 (3) A partnership firm, registered or not under prevailing law, having twenty or more partners, pension fund, cooperative institution, unit trust, joint venture,
 (4) A foreign company,
 (5) Any other foreign entity specified by the Director General.

(n) "Tax" means tax leviable under this Act, and the term also denotes the following payments:-
 (1) Expenses mentioned in clause (a) of sub-section (8) of Section 104 incurred by the Department in respect of claims and auction sales of the property of a person in tax arrears,
 Amended by Finance Act, 2075.(2) Amount payable by a person deducting tax at source or a person whose tax is deducted under Section 90, or amount payable by a person depositing in installments under Section 94, or amount payable by a person required to deposit advance tax under Section 95k, or amount payable according to tax assessment made under Sections 99, 100 and 101,
 (3) Amount payable to the Department in relation to a third party's tax liability under sub-section (2) of Section 107, sub-section (3) or (4) of Section 108, sub-section (1) of Section 109, and sub-section (1) of Section 110,
 (4) Amount payable by way of fee and interest under Chapter-22, and
 (5) Penalty amount under Section 129 payable as ordered by the Department.

(o) "Person Whose Tax is Deducted" means a person who receives payment or has the right to receive payment with tax deducted under Chapter-17 while making payment of employment, investment return, service fee, and contract or agreement.

(p) "Tax Assessment" means tax assessment made under this Act, and the term also denotes the determination of fee and interest made under Section 122.