India - Income Tax Act 2010 - Saarc

S. 2(32) I.T. ACT, 1961 1.2257[(29C) “maximum marginal rate” means the rate of income-tax (includingsurcharge on income-tax, if any) applicable in relation to the highestslab of income in the case of an individual 58 [, association of personsor, as the case may be, body of individuals] as specified in the FinanceAct of the relevant year ;]59[(29D) “National Tax Tribunal” means the National Tax Tribunal establishedunder section 3 of the National Tax Tribunal Act, 2005;](30) “non-resident” means a person who is not a “resident” 60 [, and for thepurposes of sections 92, 93 61 [* * *] and 168, includes a person who isnot ordinarily resident within the meaning of clause (6) of section 6] ;62(31) “person” includes—(i) an individual 63 ,(ii) a Hindu undivided family 63 ,(iii) a company,(iv) a firm 64 ,(v) an association of persons 64 or a body of individuals 64 , whetherincorporated or not,(vi) a local authority, and(vii) every artificial juridical person, not falling within any of thepreceding sub-clauses.65[Explanation.—For the purposes of this clause, an association ofpersons or a body of individuals or a local authority or an artificialjuridical person shall be deemed to be a person, whether or not suchperson or body or authority or juridical person was formed or establishedor incorporated with the object of deriving income, profits orgains;](32) “person who has a substantial interest in the company”, in relation toa company, means a person who is the beneficial owner of shares, notbeing shares entitled to a fixed rate of dividend whether with orwithout a right to participate in profits, carrying not less than twentyper cent of the voting power ;57. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.58. Inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1991.59. Shall be inserted by the National Tax Tribunal Act, 2005, with effect from a date yet to benotified.60. Inserted by the Finance Act, 1999, w.e.f. 1-4-1999. Earlier these words were omitted by theFinance (No. 2) Act, 1998, w.e.f. 1-4-1999.61. “, 113” omitted by the Finance Act, 1965, w.e.f. 1-4-1965.62. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.63. For the meaning of the term/expression “individual” and “Hindu undivided family”, seeTaxmann’s Direct Taxes Manual, Vol. 3.64. For the meaning of the term/expressions “firm”, “association of persons” and “body ofindividuals”, see Taxmann’s Direct Taxes Manual, Vol. 3.65. Inserted by the Finance Act, 2002, w.e.f. 1-4-2002.