Home
My Documents
Admin Login
   E-mail
>
Quick Links
Bookmark and Share

1A.  Definitions.

In these rules, unless the context otherwise requires,—

          (a )  "Act" means the Wealth-tax Act, 1957 (27 of 1957);

          (b )  "accounting year", in relation to a company, means a period in respect of which any profit and loss account of the company laid before it in annual general meeting is made up;

        1[( ba)   "authorised bank" means any bank as may be appointed by the Reserve Bank of India as its agent under the provisions of sub-section (1) of section 45 of the Reserve Bank of India Act, 1934 (2 of 1934);]

          (c )  "equity share" means any share in the share capital of a company other than a preference share;

          (d )  "Form" means a form appended to these rules;

          (e )  "gold" means gold, including its alloy, whether virgin, melted, remelted, wrought or unwrought, in any shape or form of a purity of not less than nine carats and includes any gold coin (whether legal tender or not), any gold ornament and other articles of gold;

           ( f)  "gold ornament" means any article in a finished form, meant for personal adornment or for the adornment of any idol, deity or any other object of religious worship, made of, or manufactured from, gold, whether or not set with stones or gems, real or artificial or with pearls, real, cultured or imitation or with all or any of them and includes parts, pendants or broken pieces of gold ornaments;

           2 [(g)   "investment company" means a company whose gross total income consists mainly of income which is chargeable to income-tax under the heads "Interest on securities", "Income from house property", "Capital gains" and "Income from other sources".

                Explanation. —In this clause, the expression "gross total income" means the total income computed in accordance with the provisions of the Income-tax Act, 1961 before making any deduction under Chapter VIA of that Act ;]

          (h )  "managing agency company" means a company the entire income of which or any part thereof is derived by way of managing agency;

           ( i)  "preference share" has the meaning assigned to it in section 85 of the Companies Act, 1956 (1 of 1956);

              3 (j)   "recognised stock exchange" has the meaning assigned to it in clause (f ) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);

          (k )  "section" means a section of the Act;

           ( l)  "unquoted share" means an equity share or a preference share of a company, other than any such share the value of which is regularly quoted at any recognised stock exchange;

4(m) all other words and expressions used but not defined in these rules and defined in the Act, shall have the meanings respectively assigned to them in the act.

Total Visitors: 780871 Copyrights © PANKAJ NIGAM & ASSOCIATES All Rights Reserved. Powered By Aem Solutions