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Senior Citizen – Section 2(100) | Income-tax Act, 2025 vs 1961

§ 2(100) · Income-tax Act, 2025 Senior citizen ITA 2025 · 2(100) ≈ Expl. to S.194A · 1961 Act Definition — Section 2(100) Means an individual resident in India who is of the age of sixty years or more at any time during the relevant tax year. Act Comparison Income-tax Act, 2025 2(100) Senior citizen Income-tax Act, 1961 Expl. to S.194A Senior Citizen — defined via Explanation to S.194A Key Points New explicit standalone definition in the 2025 Act — the 1961 Act used the term in individual provisions with defintion in Expl. to S.194A of 1961 Act Senior citizens get a higher basic exemption limit and additional deductions for health insurance premiums under the 2025 Act Very senior citizens aged 80 years or more get even higher exemption limits and may be exempt from filing returns if income is only pension and interest ...
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Short-term Capital Asset – Section 2(101)(a) | Income-tax Act, 2025 vs 1961

§ 2(101)(a) · Income-tax Act, 2025 Short-term capital asset ITA 2025 · 2(101)(a) ITA 1961 · 2(42A) Definition — Section 2(101)(a) Means a capital asset held by an assessee for not more than 24 months immediately preceding the date of its transfer. However where the capital asset is: (1) a security listed in a recognised stock exchange in India; (2) a unit of the Unit Trust of India; (3) a unit of an equity-oriented fund; or (4) a zero coupon bond — the threshold is reduced to 12 months instead of 24 months. Special rules under Section 2(101)(c) apply for determining the holding period in cases of inherited assets, assets acquired through amalgamation or demerger, demutualisation of stock exchanges, and other specified circumstances where the holding period of the previous owner or previous asset is included. Act Comparison Income-tax Act, 2025 2(101)(a) Short-term capital asset ...
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Valuation Officer – Section 2(110) | Income-tax Act, 2025 vs 1961

§ 2(110) · Income-tax Act, 2025 Valuation Officer ITA 2025 · 2(110) ≈ Expl. to S.142A · 1961 Act Definition — Section 2(110) Means a person appointed by the Central Government as a Valuation Officer who shall exercise powers as specified in section 269(3) of the Income-tax Act, 2025, and includes a Regional Valuation Officer, a District Valuation Officer and an Assistant Valuation Officer. Under section 269, the Valuation Officer estimates the value including fair market value of any asset, property or investment on a reference from the Assessing Officer, and has powers to enter premises, inspect assets, examine books of account and gather evidence for the purpose of such estimation. Act Comparison Income-tax Act, 2025 2(110) Valuation Officer Income-tax Act, 1961 Expl. to S.142A Valuation Officer — defined via Wealth-tax Act reference in Explanation to S.142A ...
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Income Computation and Disclosure Standards (ICDS) – Section 2(50) | Income-tax Act, 2025 vs 1961

§ 2(50) · Income-tax Act, 2025 Income Computation and Disclosure Standards ITA 2025 · 2(50) ★ New in 2025 Definition — Section 2(50) Means such standards as may be notified under section 276(2) of the Income-tax Act, 2025. These are the Income Computation and Disclosure Standards (ICDS) — standards that govern how income is computed and what disclosures are required for tax purposes. They apply to taxpayers following the mercantile system of accounting and currently comprise 10 notified standards (ICDS I to X) covering areas such as accounting policies, valuation of inventories, construction contracts, revenue recognition, tangible fixed assets, effects of changes in foreign exchange rates, government grants, securities, borrowing costs, and provisions. Act Comparison Income-tax Act, 2025 2(50) Income Computation and Disclosure Standards Income-tax...
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Long-term Capital Asset – Section 2(67) | Income-tax Act, 2025 vs 1961

§ 2(67) · Income-tax Act, 2025 Long-term capital asset ITA 2025 · 2(67) ITA 1961 · 2(29AA) Definition — Section 2(67) Means a capital asset which is not a short-term capital asset as defined under Section 2(101) of this Act. Under Section 2(101), a capital asset is short-term if held for not more than 24 months immediately preceding the date of transfer — or not more than 12 months in the case of listed securities, units of Unit Trust of India, units of equity-oriented funds, and zero coupon bonds. Any capital asset held beyond these thresholds is automatically a long-term capital asset. For example: listed equity shares held for more than 12 months, or immovable property held for more than 24 months, qualify as long-term capital assets. Act Comparison Income-tax Act, 2025 2(67) Long-term capital asset Income-tax Act, 1961 2(29AA) ...
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Non-fungible Token (NFT) – Section 2(111)(i) | Income-tax Act, 2025 vs 1961

§ 2(111)(i) · Income-tax Act, 2025 Non-fungible token ITA 2025 · 2(111)(i) ≈ Expl. to S.2(47A)(a) · 1961 Act Definition — Section 2(111)(i) This is a sub-definition within the definition of "virtual digital asset" under Section 2(111) of the Income-tax Act, 2025. "Non-fungible token" means such digital asset as the Central Government may, by notification, specify. The definition is deliberately open-ended — it gives the Central Government flexibility to specify which tokens qualify as NFTs for tax purposes, and equally to exclude any digital asset from the VDA definition by notification. Act Comparison Income-tax Act, 2025 2(111)(i) Non-fungible token Income-tax Act, 1961 Expl. to S.2(47A)(a) Non-fungible token — defined in Explanation to S.2(47A)(a) Key Points Existed in the 1961 Act as an Explanation to Section 2(47A)(a) — th...
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Principal Director – Section 2(83) | Income-tax Act, 2025 vs 1961

§ 2(83) · Income-tax Act, 2025 Principal Director ITA 2025 · 2(83) ITA 1961 · 2(34C) Definition — Section 2(83) Means a person appointed to be a Principal Director of Income-tax under section 237(1) of the Income-tax Act, 2025. Under section 237(1), the Central Government may appoint such persons as it thinks fit to be income-tax authorities, and this appointment power covers the Principal Director designation. Act Comparison Income-tax Act, 2025 2(83) Principal Director Income-tax Act, 1961 2(34C) Principal Director of Income-tax Key Points Maps to Section 2(34C) of the 1961 Act Heads specialised directorates — intelligence, international taxation, etc. Functions at the senior officer level in the investigation hierarchy 💡 Practical Note Principal Directors head cr...
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