Income Tax Act, 2025
Section 7: Ins. by Act 26 of 1988, s. 3 (w.e.f. 11989).
7. Ins. by Act 26 of 1988, s. 3 (w.e.f. 11989).
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1[(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;]
2[(28C) “Joint Commissioner” means a person appointed to be a Joint Commissioner of
Income-tax or an Additional Commissioner of Income-tax under sub-section (1) of section 117;
(28D) “Joint Director” means a person appointed to be a Joint Director of Income-tax or an
Additional Director of Income-tax under sub-section (1) of section 117;]
(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);
3[(29A) “long-term capital asset” means a capital asset which is not a short-term capital asset;
(29B) “long-term capital gain” means capital gain arising from the transfer of a long-term capital
asset;]
4[(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;]
5[(29C) “maximum marginal rate” means the rate of income-tax (including surcharge on
income-tax, if any) applicable in relation to the highest slab of income in the case of an individual
6[, association of persons or, as the case may be, body of individuals] as specified in the Finance
Act of the relevant year;]
7[(29D) “National Tax Tribunal” means the National Tax Tribunal established under section 3
of the National Tax Tribunal Act, 2005;]
(30) “non-resident” means a person who is not a “resident” 8[, and for the purposes of
sections 92, 93 9*** and 168, includes a person who is not ordinarily resident within the meaning of
clause (6) of section 6;
(31) “person” includes—
(i) an individual,
(ii) a Hindu undivided family,
“insurer” means an insurer, being an Indian insurance company, as defined under
clause
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;]
2[
“Joint Commissioner” means a person appointed to be a Joint Commissioner of
Income-tax or an Additional Commissioner of Income-tax under sub-section
of section 117;
“Joint Director” means a person appointed to be a Joint Director of Income-tax or an
Additional Director of Income-tax under sub-section
of section 117;]
“legal representative” has the meaning assigned to it in clause
of section 2 of the Code
of Civil Procedure, 1908 (5 of 1908);
3[
“long-term capital asset” means a capital asset which is not a short-term capital asset;
“long-term capital gain” means capital gain arising from the transfer of a long-term capital
asset;]
4[
“manufacture”, with its grammatical variations, means a change in a non-living physical
object or article or thing,—
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
bringing into existence of a new and distinct object or article or thing with a different
chemical composition or integral structure;]
5[
“maximum marginal rate” means the rate of income-tax (including surcharge on
income-tax, if any) applicable in relation to the highest slab of income in the case of an individual
6[, association of persons or, as the case may be, body of individuals] as specified in the Finance
Act of the relevant year;]
7[
“National Tax Tribunal” means the National Tax Tribunal established under section 3
of the National Tax Tribunal Act, 2005;]
“non-resident” means a person who is not a “resident” 8[, and for the purposes of
sections 92, 93 9*** and 168, includes a person who is not ordinarily resident within the meaning of
clause
of section 6;
“person” includes—
an individual,
a Hindu undivided family,