Income-tax Act, 2025

Interpretation - Section 402

Interpretation.

402. For the purposes of this Chapter,

(1) "Administrator" shall have the same meaning as assigned to it in section 2(a) of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002);

(2) "agricultural land" means agricultural land in India,

(a) not being a land situated in any area referred to in section 2(22)(iii), for the purposes of section 393(1) [Table: Sl. No. 3(i)];

(b) including a land situated in any area referred to in section 2(22)(iii), for the purposes of section 393(1) [Table: Sl. No. 3(iii)];

(3) "an incorrect claim apparent from any information in the statement" shall mean a claim, on the basis of an entry, in the statement

(a) of an item, which is inconsistent with another entry of the same or some other item in such statement;

(b) in respect of rate of deduction of tax at source or rate of collection of tax at source, where such rate is not as per the provisions of the Act;

(4) "authorised dealer" means a person authorised by the Reserve Bank of India under section 10(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) to deal in foreign exchange or foreign security;

(5) "banking company" means a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies;

(6) "buyer" for the purposes of provisions in column B of the Table below means any person as specified in column C but does not include any person as specified in column D:

TABLE

Sl. No.

Provisions

Person

Person not to be included

A

B

C

D

1.

Purchase of goods referred to in section 393(1) [Table: Sl. No. 8(ii)].

A person whose total sales, gross receipts or turnover from the business carried on by him exceed ten crore rupees during the tax year immediately preceding the tax year in which the purchase of goods is carried out .... To read the full section download the app from Google Play store