India - Income Tax Act 2010 - Saarc

S. 2(24) I.T. ACT, 1961 1.16partnership 11 as defined in the Limited Liability Partnership Act,2008 (6 of 2009);(ii) “partner” shall have the meaning assigned to it in the IndianPartnership Act, 1932 (9 of 1932), and shall include,—(a) any person who, being a minor, has been admitted to thebenefits of partnership; and(b) a partner of a limited liability partnership 11 as defined in theLimited Liability Partnership Act, 2008 (6 of 2009);(iii) “partnership” shall have the meaning assigned to it in the IndianPartnership Act, 1932 (9 of 1932), and shall include a limitedliability partnership 11 as defined in the Limited Liability PartnershipAct, 2008 (6 of 2009);]12[(23A) “foreign company” means a company which is not a domesticcompany ;]13[(23B) “fringe benefits” means any fringe benefits referred to in section115WB;]14(24) “income” 15 includes 15 —(i) profits and gains 15 ;(ii) dividend ;16[(iia) voluntary contributions received by a trust created wholly orpartly for charitable or religious purposes or by an institutionestablished wholly or partly for such purposes 17 [or by an associationor institution referred to in clause (21) or clause (23), or by afund or trust or institution referred to in sub-clause (iv) or subclause(v) 18 [or by any university or other educational institution(Contd. from p. 1.15)‘ “Partnership” is the relation between persons who have agreed to share the profits of abusiness carried on by all or any of them acting for all.Persons who have entered into partnership with one another are called individually“partners” and collectively “a firm”, and the name under which their business is carried onis called the “firm name”.’11. For definition of “designated partner”, “limited liability partnership” and “partner” underLimited Liability Partnership Act, 2008, see Appendix.12. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.13. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006.14. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.15. For the meaning of the terms/expression “income”, “includes” and “profits and gains”, seeTaxmann’s Direct Taxes Manual, Vol. 3.16. Inserted by the Finance Act, 1972, w.e.f. 1-4-1973.17. Substituted for “or by a trust or institution of national importance referred to in clause(d) of sub-section (1) of section 80F” by the Direct Tax Laws (Amendment) Act, 1989, w.e.f.1-4-1989. Earlier, the said expression was substituted for “, not being contributions madewith a specific direction that they shall form part of the corpus of the trust or institution”by the Direct Tax Laws (Amendment) Act, 1987, with effect from the same date.18. Substituted for “or by any university or other educational institution referred to in subclause(vi) or by any hospital or other institution referred to in sub-clause (via)” by theFinance Act, 2006, w.e.f. 1-4-2007. Earlier the quoted words were inserted by the FinanceAct, 2006, w.r.e.f. 1-4-1999.