Tag: Definitions
Clause 27 of Finance Bill 2026 amends section 2(32) of the Income-tax Act, 2025 to expressly include co-operative societies registered under the Multi-State Co-operative Societies Act, 2002.
Clause 27 of Finance Bill 2026 refines the dividend definition by tightening conditions for inter-group loans involving IFSC finance units and notified foreign jurisdictions.
Clause 33 of Finance Bill 2026 defines “commodity derivative” in section 66 of the Income-tax Act, 2025, aligning it with the Income-tax Act, 1961.
Clause 78 of Finance Bill 2026 clarifies the meaning of “authorised person” and includes manpower supply within “work” for TDS purposes under the Income-tax Act, 2025.
Clause 110 of Finance Bill 2026 aligns the definition of “specified fund” in Schedule VI of the Income-tax Act, 2025 with section 10(4D) of the Income-tax Act, 1961.
The proposed reforms in Section 2 of the Income Tax Bill, 2025 aim to declutter the complex language of the existing Income-tax Act, 1961.