Income-tax Act, 2025

Interpretation - Section 66

Interpretation.

66. For the purposes of Part D of this Chapter,

(1) "agreement", for the purposes of section 26(2)(h), includes any arrangement or understanding or action in concert,

(A) whether or not such arrangement, understanding or action is formal or in writing; or

(B) whether or not such arrangement, understanding or action is intended to be enforceable by legal proceedings;

(2) "banking company" means a company to which the Banking Regulation Act, 1949 (10 of 1949) applies and includes any bank or banking institution referred to in section 51 of that Act;

(3) "commission or brokerage" shall have the meaning assigned to it in section 402(7);

9[(4) "commodities transactions tax" and "commodity derivative" shall have the same meanings as respectively assigned to them in Chapter VII of the Finance Act, 2013 (17 of 2013);]

(5) "fees for technical services" shall have the meaning assigned to it in section 9(7)(b);

(6) "housing finance company" means a public company formed or registered in India with the main object of carrying on the business of providing long-term finance for construction or purchase of houses in India for residential purposes;

(7) "Indian Institute of Technology" shall have the same meaning as that of "Institute" defined in section 3(g) of the Institutes of Technology Act, 1961 (59 of 1961);

(8) "Keyman insurance policy" shall have the meaning assigned to it in Schedule II (Note 1);

(9) "limited liability partnership" shall have the same meaning as assigned to it in section 2(1)(n) of the Limited Liability Partnership Act, 2008 (6 of 2009);

(10) "long-term finance", for the purposes of section 32(e), means any loan or advance where the terms under which moneys are loaned or advanced provide for repayment along with interest thereof during a period of not less than five years;

(11) "micro enterprise" shall be an enterpris .... To read the full section download the app from Google Play store