India - Income Tax Act 2010 - Saarc

I.T. ACT, 1961 1.1026(5) In this section, the expression “company” includes any body corporate, and theexpression “equity share capital” has the same meaning as in sub-section (2) of section 85.(6) In the case of a body corporate which is incorporated in a country outside India, asubsidiary or holding company of the body corporate under the law of such country shallbe deemed to be a subsidiary or holding company of the body corporate within themeaning and for the purposes of this Act also, whether the requirements of this section arefulfilled or not.(7) A private company, being a subsidiary of a body corporate incorporated outside India,which, if incorporated in India, would be a public company within the meaning of this Act,shall be deemed for the purposes of this Act to be a subsidiary of a public company if theentire share capital in that private company is not held by that body corporate whetheralone or together with one or more other bodies corporate incorporated outside India.SECTION 4A OF COMPANIES ACT, 1956Public financial institutions.4A. (1) Each of the financial institutions specified in this sub-section shall be regarded,for the purposes of this Act, as a public financial institution, namely :—(i) the Industrial Credit and Investment Corporation of India Limited, a companyformed and registered under the Indian Companies Act, 1913 (7 of 1913) ;(ii) the Industrial Finance Corporation of India, established under section 3 of theIndustrial Finance Corporation Act, 1948 (15 of 1948) ;(iii) the Industrial Development Bank of India, established under section 3 of theIndustrial Development Bank of India Act, 1964 (18 of 1964) ;(iv) the Life Insurance Corporation of India, established under section 3 of the LifeInsurance Corporation Act, 1956 (31 of 1956) ;(v) the Unit Trust of India, established under section 3 of the Unit Trust of India Act,1963 (52 of 1963);(vi) the infrastructure Development Finance Company Limited, a company formedand registered under this Act;(vii) [***](2) Subject to the provisions of sub-section (1), the Central Government may, by notificationin the Official Gazette, specify such other institution as it may think fit to be a publicfinancial institution :Provided that no institution shall be so specified unless—(i) it has been established or constituted by or under any Central Act, or(ii) not less than fifty-one per cent of the paid-up share capital of such institution isheld or controlled by the Central Government.NOTIFIED INSTITUTIONS UNDER SECTION 4A(2) OFCOMPANIES ACT, 1956In exercise of the powers conferred by sub-section (2) of section 4A of the Companies Act,1956 (1 of 1956), the Central Government hereby specifies the following institutions to bepublic financial institutions, namely :(1) The Industrial Reconstruction Corporation of India established under the IndustrialReconstruction Bank of India Act, 1984 (62 of 1984); (2) The General Insurance Corporationof India established under the General Insurance Business (Nationalisation) Act, 1972(57 of 1972); (3) The National Insurance Company Limited, formed and registered underthe Companies Act, 1956 (1 of 1956); (4) The New India Assurance Company Limited,formed and registered under the Companies Act, 1956 (1 of 1956); (5) The Oriental Fire andGeneral Insurance Company Limited, formed and registered under the Companies Act,1956 (1 of 1956); (6) The United Fire and General Insurance Company Limited, formed and