Income Tax Act, 1961
Section 7: Ins. by Act 13 of 2018, s. 3 (w.e.f. 12018).
7. Ins. by Act 13 of 2018, s. 3 (w.e.f. 12018).
40
1[Explanation 3.—For the purposes of this clause,—
(a) “concern” means a Hindu undivided family, or a firm or an association of persons or a
body of individuals or a company;
(b) a person shall be deemed to have a substantial interest in a concern, other than a company,
if he is, at any time during the previous year, beneficially entitled to not less than twenty per cent.
of the income of such concern;]
2[(22A) “domestic company” means an Indian company, or any other company which, in respect
of its income liable to tax under this Act, has made the prescribed arrangements for the declaration
and payment, within India, of the dividends (including dividends on preference shares) payable out of
such income;]
3[(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);]
4[(22AAA) “electoral trust” means a trust so approved by the Board in accordance with the
scheme made in this regard by the Central Government;]
5[6[(22B)] “fair market value”, in relation to a capital asset, means—
(i) the price that the capital asset would ordinarily fetch on sale in the open market on the
relevant date; and
(ii) where the price referred to in sub-clause (i) is not ascertainable, such price as may be
determined in accordance with the rules made under this Act;
7[(23) (i) “firm” shall have the meaning assigned to it in the Indian Partnership
Act, 1932 (9 of 1932), and shall include a limited liability partnership as defined in the Limited
Liability Partnership Act, 2008 (6 of 2009);
(ii) “partner” shall have the meaning assigned to it in the Indian Partnership
Act, 1932 (9 of 1932), and shall include,—
(a) any person who, being a minor, has been admitted to the benefits of partnership; and
(b) a partner of a limited liability partnership as defined in the Limited Liability Partnership
Act, 2008 (6 of 2009);
(iii) “partnership” shall have the meaning assigned to it in the Indian Partnership
Act, 1932 (9 of 1932), and shall include a limited liability partnership as defined in the Limited
Liability Partnership Act, 2008 (6 of 2009);
2[(23A) “foreign company” means a company which is not a domestic company;]
8[(23B) “fringe benefits” means any fringe benefits referred to in section 115WB;]
“concern” means a Hindu undivided family, or a firm or an association of persons or a
body of individuals or a company;
a person shall be deemed to have a substantial interest in a concern, other than a company,
if he is, at any time during the previous year, beneficially entitled to not less than twenty per cent.
of the income of such concern;]
2[
“domestic company” means an Indian company, or any other company which, in respect
of its income liable to tax under this Act, has made the prescribed arrangements for the declaration
and payment, within India, of the dividends (including dividends on preference shares) payable out of
such income;]
3[
“document” includes an electronic record as defined in clause
of sub-section
of
section 2 of the Information Technology Act, 2000 (21 of 2000);]
4[
“electoral trust” means a trust so approved by the Board in accordance with the
scheme made in this regard by the Central Government;]
5[6[
the price that the capital asset would ordinarily fetch on sale in the open market on the
relevant date; and
where the price referred to in sub-clause
is not ascertainable, such price as may be
determined in accordance with the rules made under this Act;
7[
(i) “firm” shall have the meaning assigned to it in the Indian Partnership
Act, 1932 (9 of 1932), and shall include a limited liability partnership as defined in the Limited
Liability Partnership Act, 2008 (6 of 2009);
“partner” shall have the meaning assigned to it in the Indian Partnership
Act, 1932 (9 of 1932), and shall include,—
any person who, being a minor, has been admitted to the benefits of partnership; and
a partner of a limited liability partnership as defined in the Limited Liability Partnership
Act, 2008 (6 of 2009);
“partnership” shall have the meaning assigned to it in the Indian Partnership
Act, 1932 (9 of 1932), and shall include a limited liability partnership as defined in the Limited
Liability Partnership Act, 2008 (6 of 2009);
2[
“foreign company” means a company which is not a domestic company;]
8[
“fringe benefits” means any fringe benefits referred to in section 115WB;]