Section Text
In this Chapter, unless the context otherwise requires.--
(1) "Appellate Tribunal" means the Appellate Tribunal constituted under section 252 of the Income-tax Act, 1961(43 of 1961);
(2) "Assessing Officer" means the Income-tax Officer or Assistant Commissioner of Income-tax or Deputy Commissioner of Income-tax or Joint Commissioner of Income-tax or Additional Commissioner of Income-tax who is authorised by the Board to exercise or perform all or any of the powers and function's conferred on, or assigned to, an Assessing Officer under this Chapter;
(3) "Board" means the Central Board of Direct faxes constituted under the Central Boards of Revenue Act, 1963(54 of 1963);
(4) "derivative" has the meaning assigned to it in clause (aa) of section 2 of the Securities Contracts (Regulation) Act, 1956(42 of 1956);
(5) "equity oriented fund" means a fund--
(i) where the investible funds are invested by way of equity shares in domestic companies to the extent of more than 1 [sixty-five per cent]. of the total proceeds of such fund; and
(ii) which has been set up under a scheme of a Mutual Fund:
Provided that the percentage of equity share holding of the fund shall be computed with reference to the annual average of the monthly averages of the opening and closing figures;
(6) "Mutual Fund" means a Mutual Fund specified under clause (23D) of section 10 of the Income-tax Act, 1961(43 of 1961);
(7) "option in securities" has the meaning assigned to it in clause (d) of section 2 of the Securities Contracts (Regulation) Act, 1956(42 of 1956);
(8) "option premium" means the premium payable by the purchaser of an "option in securities" at the time of such purchase;
(9) "prescribed" means prescribed by rules made by the Board under this Chapter;
(10) "recognised stock exchange" shall have the same meaning as in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956(42 of 1956);
(11) "securities transaction tax" means tax leviable on the taxable securities transactions under the provisions of this Chapter;
(12) "strike price" means the price at which the "option in securities" may be exercised on the expiry date of such option;
(13) "taxable securities transaction" means a transaction of--
(a) purchase or sale of an equity share in a company or a derivative or a unit of an equity oriented fund, entered into in a recognised stock exchange; or
(b) sale of a unit of an equity oriented fund to the Mutual Fund;
(14) words and expressions used but not defined in this Chapter and defined in the Securities Contracts (Regulation) Act, 1956(42 of 1956), the Income-tax Act, 1961(43 of 1961) or the rules made thereunder, shall apply, so far as may be, in relation to securities transaction tax.
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1. Substituted by the Finance Act, 2006 (21 of 2006) for the words "fifty per cent" w.e.f 01-06-2006.