Substantial interest and benificial interest

This has been defined in Income tax act and not in companies act .

As per income tax act An individual is deemed to  have substantial interest if he individually or along with his relatives beneficially hold equity shares  carrying not less than 20% of the voting rights at any time during the previous year.  

Read more at: /forum/who-is-said-to-be-having-substantial-interest-in-a-company-33772.asp#.UG7TjZhhf3Q

i wanted to know for income tax only,like in case of clubbing of income what is the difference in benifical ownership of shares and substantial interest to club the income of  one person with anotheer?

A beneficial interest is "that right which a person has in a contract made with another" (third) person. ^[1] The typical example is "if A makes a contract with B that he will pay C a certain sum of money, B has the legal interest in the contract, and C the beneficial interest."

When the concern is a company, a person shall be deemed to have a substantial interest therein, if its shares, other than preference shares, carrying not less than 20 per cent of the voting power are, at any time during the previous year, owned beneficially by him alone or partly by him and partly by one or more of the other persons referred to in section 13 (3).