Income Tax Act, 2025
Section 12: Subs. by s. 3, ibid., for “Assistant Director” (w.e.f. 11998).
12. Subs. by s. 3, ibid., for “Assistant Director” (w.e.f. 11998).
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1[Additional Director or] 2[Joint Commissioner or Joint Director] who is directed under clause (b) of
sub-section (4) of that section to exercise or perform all or any of the powers and functions conferred
on, or assigned to, an Assessing Officer under this Act;]
(8) “assessment” includes reassessment;
(9) “assessment year” means the period of twelve months commencing on the 1st day of April
every year;
3[(9A) “Assistant Commissioner” means a person appointed to be an Assistant Commissioner of
Income-tax 4[or a Deputy Commissioner of Income-tax] under sub-section (1) of section 117;]
5[(9B) “Assistant Director” means a person appointed to be an Assistant Director of Income-tax
under sub-section (1) of section 117;]
(10) “average rate of income-tax” means the rate arrived at by dividing the amount of income-tax
calculated on the total income, by such total income;
6[(11) “block of assets” means a group of assets falling within a class of assets comprising—
(a) tangible assets, being buildings, machinery, plant or furniture;
(b) intangible assets, being know-how, patents, copyrights, trade-marks, licences, franchises
or any other business or commercial rights of similar nature,
in respect of which the same percentage of depreciation is prescribed;]
(12) “Board” means the 7[Central Board of Direct Taxes constituted under the Central Boards of
Revenue Act, 1963 (54 of 1963)];
8[(12A) “books or books of account” includes ledgers, day-books, cash books, account-books and
other books, whether kept in the written form or as print-outs of data stored in a floppy, disc, tape or
any other form of electro-magnetic data storage device;]
(13) “business” includes any trade, commerce or manufacture or any adventure or concern in the
nature of trade, commerce or manufacture;
9[(13A) “business trust” means a trust registered as,—
(i) an Infrastructure Investment Trust under the Securities and Exchange Board of India
(Infrastructure Investment Trusts) Regulations, 2014 made under the Securities and Exchange
Board of India Act, 1992 (15 of 1992); or
(ii) a Real Estate Investment Trust under the Securities and Exchange Board of India (Real
Estate Investment Trusts) Regulations, 2014 made under the Securities and Exchange Board of
India Act, 1992 (15 of 1992), and
the units of which are required to be listed on recognised stock exchange in accordance with the
aforesaid regulations;]
of
sub-section
of that section to exercise or perform all or any of the powers and functions conferred
on, or assigned to, an Assessing Officer under this Act;]
“assessment” includes reassessment;
“assessment year” means the period of twelve months commencing on the 1st day of April
every year;
3[
“Assistant Commissioner” means a person appointed to be an Assistant Commissioner of
Income-tax 4[or a Deputy Commissioner of Income-tax] under sub-section
of section 117;]
5[
“Assistant Director” means a person appointed to be an Assistant Director of Income-tax
under sub-section
of section 117;]
“average rate of income-tax” means the rate arrived at by dividing the amount of income-tax
calculated on the total income, by such total income;
6[
“block of assets” means a group of assets falling within a class of assets comprising—
tangible assets, being buildings, machinery, plant or furniture;
intangible assets, being know-how, patents, copyrights, trade-marks, licences, franchises
or any other business or commercial rights of similar nature,
in respect of which the same percentage of depreciation is prescribed;]
“Board” means the 7[Central Board of Direct Taxes constituted under the Central Boards of
Revenue Act, 1963 (54 of 1963)];
8[
“books or books of account” includes ledgers, day-books, cash books, account-books and
other books, whether kept in the written form or as print-outs of data stored in a floppy, disc, tape or
any other form of electro-magnetic data storage device;]
“business” includes any trade, commerce or manufacture or any adventure or concern in the
nature of trade, commerce or manufacture;
9[
“business trust” means a trust registered as,—
an Infrastructure Investment Trust under the Securities and Exchange Board of India
(Infrastructure Investment Trusts) Regulations, 2014 made under the Securities and Exchange
Board of India Act, 1992 (15 of 1992); or
a Real Estate Investment Trust under the Securities and Exchange Board of India (Real
Estate Investment Trusts) Regulations, 2014 made under the Securities and Exchange Board of
India Act, 1992 (15 of 1992), and
the units of which are required to be listed on recognised stock exchange in accordance with the
aforesaid regulations;]