Income Tax Act, 2025
Section 12: Subs. by Act 20 of 2015, s. 3, for the proviso (w.e.f. 12016).
12. Subs. by Act 20 of 2015, s. 3, for the proviso (w.e.f. 12016).
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1[(15A) “Chief Commissioner” means a person appointed to be a Chief Commissioner of Incometax or a Principal Chief Commissioner of Income-tax under sub-section (1) of section 117;]
2[3[(15B)] “child”, in relation to an individual, includes a step-child and an adopted child of that
individual;]
4[(16) “Commissioner” means a person appointed to be a Commissioner of Income-tax or a
Director of Income-tax or a Principal Commissioner of Income-tax or a Principal Director of
Income-tax under sub-section (1) of section 117;]
5[(16A) “Commissioner (Appeals)” means a person appointed to be a Commissioner of Incometax (Appeals) under sub-section (1) of section 117;]
6[(17) “company” means—
(i) any Indian company, or
(ii) any body corporate incorporated by or under the laws of a country outside India, or
(iii) any institution, association or body which is or was assessable or was assessed as a
company for any assessment year under the Indian Income-tax Act, 1922 (11 of 1922), or which
is or was assessable or was assessed under this Act as a company for any assessment year
commencing on or before the 1st day of April, 1970, or
(iv) any institution, association or body, whether incorporated or not and whether Indian or
non-Indian, which is declared by general or special order of the Board to be a company:
Provided that such institution, association or body shall be deemed to be a company only for such
assessment year or assessment years (whether commencing before the 1st day of April, 1971, or on or
after that date) as may be specified in the declaration;]
(18) “company in which the public are substantially interested”—a company is said to be a
company in which the public are substantially interested—
7[(a) if it is a company owned by the Government or the Reserve Bank of India or in which
not less than forty per cent.. of the shares are held (whether singly or taken together) by the
Government or the Reserve Bank of India or a corporation owned by that bank; or]
8[(aa) if it is a company which is registered under section 25 of the Companies
Act, 1956 (1 of 1956); or]
(ab) if it is a company having no share capital and if, having regard to its objects, the nature
and composition of its membership and other relevant considerations, it is declared by order of
the Board to be a company in which the public are substantially interested:
Provided that such company shall be deemed to be a company in which the public are
substantially interested only for such assessment year or assessment years (whether commencing
before the 1st day of April, 1971, or on or after that date) as may be specified in the declaration;
or]
“Chief Commissioner” means a person appointed to be a Chief Commissioner of Incometax or a Principal Chief Commissioner of Income-tax under sub-section
of section 117;]
2[3[
“Commissioner” means a person appointed to be a Commissioner of Income-tax or a
Director of Income-tax or a Principal Commissioner of Income-tax or a Principal Director of
Income-tax under sub-section
of section 117;]
5[
“Commissioner
under sub-section
of section 117;]
6[
“company” means—
any Indian company, or
any body corporate incorporated by or under the laws of a country outside India, or
any institution, association or body which is or was assessable or was assessed as a
company for any assessment year under the Indian Income-tax Act, 1922 (11 of 1922), or which
is or was assessable or was assessed under this Act as a company for any assessment year
commencing on or before the 1st day of April, 1970, or
any institution, association or body, whether incorporated or not and whether Indian or
non-Indian, which is declared by general or special order of the Board to be a company:
Provided that such institution, association or body shall be deemed to be a company only for such
assessment year or assessment years (whether commencing before the 1st day of April, 1971, or on or
after that date) as may be specified in the declaration;]
“company in which the public are substantially interested”—a company is said to be a
company in which the public are substantially interested—
7[
if it is a company owned by the Government or the Reserve Bank of India or in which
not less than forty per cent.. of the shares are held (whether singly or taken together) by the
Government or the Reserve Bank of India or a corporation owned by that bank; or]
8[
if it is a company which is registered under section 25 of the Companies
Act, 1956 (1 of 1956); or]
if it is a company having no share capital and if, having regard to its objects, the nature
and composition of its membership and other relevant considerations, it is declared by order of
the Board to be a company in which the public are substantially interested:
Provided that such company shall be deemed to be a company in which the public are
substantially interested only for such assessment year or assessment years (whether commencing
before the 1st day of April, 1971, or on or after that date) as may be specified in the declaration;
or]