Income Tax Act, 2025
Section 9: The figures “, 113” omitted by Act 10 of 1965, s. 4 (w.e.f. 11965).
9. The figures “, 113” omitted by Act 10 of 1965, s. 4 (w.e.f. 11965).
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(iii) a company,
(iv) a firm,
(v) an association of persons or a body of individuals, whether incorporated or not,
(vi) a local authority, and
(vii) every artificial juridical person, not falling within any of the preceding sub-clauses.
1[Explanation.—For the purposes of this clause, an association of persons or a body of
individuals or a local authority or an artificial juridical person shall be deemed to be a person,
whether or not such person or body or authority or juridical person was formed or established or
incorporated with the object of deriving income, profits or gains;]
(32) “person who has a substantial interest in the company”, in relation to a company, means a
person who is the beneficial owner of shares, not being shares entitled to a fixed rate of dividend
whether with or without a right to participate in profits, carrying not less than twenty per cent. of the
voting power ;
(33) “prescribed” means prescribed by rules made under this Act;
(34) “previous year” means the previous year as defined in section 3;
2[(34A) “Principal Chief Commissioner of Income-tax” means a person appointed to be a
Principal Chief Commissioner of Income-tax under sub-section (1) of section 117;
(34B) “Principal Commissioner of Income-tax” means a person appointed to be a Principal
Commissioner of Income-tax under sub-section (1) of section 117;
(34C) “Principal Director of Income-tax” means a person appointed to be a Principal Director of
Income-tax under sub-section (1) of section 117;
(34D) “Principal Director General of Income-tax” means a person appointed to be a Principal
Director General of Income-tax under sub-section (1) of section 117;]
(35) “principal officer”, used with reference to a local authority or a company or any other public
body or any association of persons or any body of individuals, means—
(a) the secretary, treasurer, manager or agent of the authority, company, association or body,
or
(b) any person connected with the management or administration of the local authority,
company, association or body upon whom the 3[Assessing Officer] has served a notice of his
intention of treating him as the principal officer thereof;
(36) “profession” includes vocation;
4[(36A) “public sector company” means any corporation established by or under any Central,
State or Provincial Act or a Government company as defined in section 617 of the Companies Act,
1956 (1 of 1956);]
a company,
a firm,
an association of persons or a body of individuals, whether incorporated or not,
a local authority, and
every artificial juridical person, not falling within any of the preceding sub-clauses.
1[Explanation.—For the purposes of this clause, an association of persons or a body of
individuals or a local authority or an artificial juridical person shall be deemed to be a person,
whether or not such person or body or authority or juridical person was formed or established or
incorporated with the object of deriving income, profits or gains;]
“person who has a substantial interest in the company”, in relation to a company, means a
person who is the beneficial owner of shares, not being shares entitled to a fixed rate of dividend
whether with or without a right to participate in profits, carrying not less than twenty per cent. of the
voting power ;
“prescribed” means prescribed by rules made under this Act;
“previous year” means the previous year as defined in section 3;
2[
“Principal Chief Commissioner of Income-tax” means a person appointed to be a
Principal Chief Commissioner of Income-tax under sub-section
of section 117;
“Principal Commissioner of Income-tax” means a person appointed to be a Principal
Commissioner of Income-tax under sub-section
of section 117;
“Principal Director of Income-tax” means a person appointed to be a Principal Director of
Income-tax under sub-section
of section 117;
“Principal Director General of Income-tax” means a person appointed to be a Principal
Director General of Income-tax under sub-section
of section 117;]
“principal officer”, used with reference to a local authority or a company or any other public
body or any association of persons or any body of individuals, means—
the secretary, treasurer, manager or agent of the authority, company, association or body,
or
any person connected with the management or administration of the local authority,
company, association or body upon whom the 3[Assessing Officer] has served a notice of his
intention of treating him as the principal officer thereof;
“profession” includes vocation;
4[
“public sector company” means any corporation established by or under any Central,
State or Provincial Act or a Government company as defined in section 617 of the Companies Act,
1956 (1 of 1956);]