2. Definitions: Unless the subject or context otherwise requires, in this Act,-

(a) "Advance Withholding Agent" means a person who has the duty to withhold tax in advance under Chapter 17 while making payment of employment, investment returns, service fees, and contracts or agreements.

(b) "Authorized Officer" means the Director General, Deputy Director General, Chief Tax Administrator, Director, Chief Tax Officer, Tax Officer, and other officers as referred to in Section 72 in the Department.

(c) "Final Withholding Payment" means a payment of dividend, rent, profit, interest, and payment subject to withholding made to a non-resident person as referred to in Section 92.

(d) "Retirement Fund" means an entity established solely for the purpose of accepting retirement contribution amounts and investing such amounts for the purpose of providing retirement payments from the fund to a natural person who is a beneficiary of the entity or to the dependent of such person.

(e) "Retirement Payment" means a payment made to the following persons:-
 (1) Payment made to a natural person upon his or her retirement, or
 (2) Payment made to the dependent of a natural person upon the death of that person.

(f) "Retirement Contribution Amount" means a payment made to a retirement fund for the arrangement or future arrangement of a retirement payment.

(g) "Incapacitated Person" means a person who is incapable of managing his or her own affairs due to physical or mental illness.

amended by the Finance Act, 2063.(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 the Finance Act, 2063.(h1) "Casual Gain" means a gain received casually from a lottery, gift, prize, gratuity, winnings, or any other source.

(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 the payment is with consideration, a payment to the extent that the market value of the payment exceeds the market value of the consideration.

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

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

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

(ga) "Tax" means the tax leviable under this Act, and the term also denotes the following payments:-
 (1) Expenses referred to in clause (a) of sub-section (8) of Section 104 incurred by the Department in relation to claims and auction sales of the property of a person in tax arrears,
 amended by the Finance Act, 2063.(2) Amount payable by the withholding agent or the person subject to withholding under Section 90, or the amount payable by the person making installment deposits under Section 94, or the amount payable by the person required to deposit advance tax under Section 95a, or the amount payable as per the tax assessment under Sections 99, 100, and 101,
 (3) Amount payable to the Department in relation to the tax liability of a third party 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 as fees and interest under Chapter 22, and
 (5) Penalty amount under Section 129 payable as ordered by the Department.

(gha) "Person Subject to Withholding" means a person who receives payment or has the right to receive payment after withholding tax in accordance with Chapter 17 while making payment of employment, investment returns, service fees, and contracts or agreements.

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