Modified on : 6 May, 2018

Definitions as per Section 2 of Income Tax Act

This page gives Definition and meaning of various terms as per Section 2 of Income Tax Act in a user friendly format. Definitions of following terms have been given on the page

  • Advance Tax, Agricultural income, Amalgamation, Additional Commissioner, Additional Director, Annual value, Appellate Tribunal, Approved gratuity fund, Assessee, Assessing Officer, Assessment, Assessment year, Assistant Commissioner, Assistant Director, Average rate of income-tax
  • Block of assets, Board, Books or books of account, Business, Business trust
  • Capital asset, Charitable purpose, Chief Commissioner, Child, Commissioner, Commissioner (Appeals), Company, Company in which the public are substantially interested, Co-operative society
  • Deputy Commissioner, Demerger, Demerged company, Deputy Commissioner (Appeals), Director, Manager and Managing Agent, Director General or Director, Dividend, Domestic company, Document
  • Electoral trust
  • Fair market value, Firm, Partner and Partnership, Foreign company, Fringe benefits
  • Hearing
  • Income, Income-tax Officer, India, Indian company, Infrastructure capital company, Infrastructure capital fund, Inspector of Income-tax, Interest, Interest on securities, Insurer
  • Joint Commissioner, Joint Director
  • Legal representative, Long-term capital asset, Long-term capital gain
  • Manufacture, Maximum marginal rate
  • National Tax Tribunal, Non-resident
  • Person, Person who has a substantial interest in the company, Prescribed, Previous year, Principal Chief Commissioner of Income-tax, Principal Commissioner of Income-tax, Principal Director of Income-tax, Principal Director General of Income-tax, Principal officer, Profession, Public sector company, Public servant
  • Rate or rates in force, Recognised provident fund, Regular assessment, Relative, Resulting company, Resident
  • Short-term capital asset, Short-term capital gain, Slump sale
  • Tax, Tax credit certificate, Tax Recovery Officer, Total income, Transfer
  • Zero coupon bond

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