India - Income Tax Act 2010 - Saarc

R. 1 I.T. ACT, 1961 1.960Interpretation.7. (1) For the purposes of these rules—(i) 70 [***](ii) “investments” includes securities, stocks and shares;(iii) 71 [***](iv) “life insurance business” 72 means life insurance business as defined inclause (11) of section 2 of the Insurance Act, 1938 (4 of 1938) ;(v) “rule” means a rule contained in this Schedule.(2) References in these rules to the Insurance Act, 1938 (4 of 1938), or anyprovision thereof, shall, in relation to the Life Insurance Corporation of India, beconstrued as references to that Act or provision as read with section 43 73 of theLife Insurance Corporation Act, 1956 (31 of 1956).THE SECOND SCHEDULEPROCEDURE FOR RECOVERY OF TAX74[[See sections 222 and 276]]Definitions.PART IGENERAL PROVISIONS1. In this Schedule, unless the context otherwise requires,—75[(a) “certificate”, except in rules 7, 44, 65 and sub-rule (2) of rule 66, meansthe certificate drawn up by the Tax Recovery Officer under section222 in respect of any assessee referred to in that section;]70. Omitted by the Finance Act, 1976, w.e.f. 1-4-1977. Earlier, clause (i) was amended by theFinance (No. 2) Act, 1967, w.e.f. 1-4-1967.71. Omitted by the Finance Act, 1976, w.e.f. 1-4-1977.72. Clause (11) of section 2 of the Insurance Act, 1938 defines “life insurance business” asfollows :‘(11) “life insurance business” means the business of effecting contracts of insuranceupon human life, including any contract whereby the payment of money is assuredon death (except death by accident only) or the happening of any contingencydependent on human life, and any contract which is subject to payment ofpremiums for a term dependent on human life and shall be deemed to include—(a) the granting of disability and double or triple indemnity accident benefits, ifso provided in the contract of insurance,(b) the granting of annuities upon human life, and(c) the granting of superannuation allowances and annuities payable out of anyfund applicable solely to the relief and maintenance of persons engaged orwho have been engaged in any particular profession, trade or employmentor of the dependants of such person;’73. For text of section 43 of the Life Insurance Corporation Act, 1956, see Appendix.74. Substituted for “[See section 222]” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1989.75. Substituted, ibid. Earlier, it was amended by the Direct Tax Laws (Amendment) Act, 1989,w.r.e.f. 1-4-1988.