{"act":{"id":"finance-act-2016","short_title":"The Finance Act, 2016","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2016-2017.","act_number":null,"act_year":2016,"enact_date":"2016-06-27","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":276,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2016/"},"unit":"section","section":{"number":"201","heading":"Definitions","text":"Definitions. 201. (1) In this Scheme, unless the context otherwise requires,— (a) | \"declarant\" means a person making a declaration under section 202; (b) | \"designated authority\" means an officer not below the rank of a Commissioner of Income-tax and notified by the Principal Chief Commissioner for the purposes of this Scheme; (c) | \"disputed income\", in relation to an assessment year, means the whole or so much of the total income as is relatable to the disputed tax; (d) | \"disputed tax\" means the tax determined under the Income-tax Act, or the Wealth-tax Act, which is disputed by the assessee or the declarant, as the case may be; (e) | \"disputed wealth\", in relation to an assessment year, means the whole or so much of the net wealth as is relatable to the disputed tax; (f) | \"Income-tax Act\" means the Income-tax Act, 1961 (43 of 1961); (g) | \"specified tax\" means a tax— (i) | the determination of which is in consequence of or validated by any amendment made to the Income-tax Act or the Wealth-tax Act with retrospective effect and relates to a period prior to the date on which the Act amending the Income-tax Act or the Wealth-tax Act, as the case may be, received the assent of the President; and (ii) | a dispute in respect of such tax is pending as on the 29th day of February, 2016; (h) | \"tax arrear\" means, the amount of tax, interest or penalty determined under the Income-tax Act or the Wealth-tax Act, in respect of which appeal is pending before the Commissioner of Income-tax (Appeals) or the Commissioner of Wealth-tax (Appeals) as on the 29th day of February, 2016; (i) | \"Wealth-tax Act\" means the Wealth-tax Act, 1957 (27 of 1957). (2) All other words and expressions used herein but not defined and defined in the Income-tax Act or the Wealth-tax Act, as the case may be, shall have the meanings respectively assigned to them in those Acts.","html":"<p><b>Definitions.</b></p><p><b>201.</b> (1) In this Scheme, unless the context otherwise requires,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>\"declarant\" means a person making a declaration under section 202;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>\"designated authority\" means an officer not below the rank of a Commissioner of Income-tax and notified by the Principal Chief Commissioner for the purposes of this Scheme;</td></tr><tr><td>(<i>c</i>)</td><td></td><td>\"disputed income\", in relation to an assessment year, means the whole or so much of the total income as is relatable to the disputed tax;</td></tr><tr><td>(<i>d</i>)</td><td></td><td>\"disputed tax\" means the tax determined under the Income-tax Act, or the Wealth-tax Act, which is disputed by the assessee or the declarant, as the case may be;</td></tr><tr><td>(<i>e</i>)</td><td></td><td>\"disputed wealth\", in relation to an assessment year, means the whole or so much of the net wealth as is relatable to the disputed tax;</td></tr><tr><td>(<i>f</i>)</td><td></td><td>\"Income-tax Act\" means the Income-tax Act, 1961 (43 of 1961);</td></tr><tr><td>(<i>g</i>)</td><td></td><td>\"specified tax\" means a tax—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>the determination of which is in consequence of or validated by any amendment made to the Income-tax Act or the Wealth-tax Act with retrospective effect and relates to a period prior to the date on which the Act amending the Income-tax Act or the Wealth-tax Act, as the case may be, received the assent of the President; and</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>a dispute in respect of such tax is pending as on the 29th day of February, 2016;</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>h</i>)</td><td></td><td>\"tax arrear\" means, the amount of tax, interest or penalty determined under the Income-tax Act or the Wealth-tax Act, in respect of which appeal is pending before the Commissioner of Income-tax (Appeals) or the Commissioner of Wealth-tax (Appeals) as on the 29th day of February, 2016;</td></tr><tr><td>(<i>i</i>)</td><td></td><td>\"Wealth-tax Act\" means the Wealth-tax Act, 1957 (27 of 1957).</td></tr></table></div><p><span class=\"num\">(2)</span> All other words and expressions used herein but not defined and defined in the Income-tax Act or the Wealth-tax Act, as the case may be, shall have the meanings respectively assigned to them in those Acts.</p>","words":331,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2016/section/201/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}