Section 2. Definitions

(b) discount on promissory notes and bills of exchange drawn or made in India, but does not include-- (i) interest referred to in sub-section (1B) of section 42 of the Reserve Bank of India Act, 1934 (2 of 1934); (a) commitment charges on unutilised portion of any credit sanctioned for being availed of in India; and (v) a mutual benefit finance company, that is to say, a company which carries on, as its principal business, the business of acceptance of deposits from its members and which is declared by the Central Government under section 620A of the Companies Act, 1956 (1 of 1956), to be a Nidhi or Mutual Benefit Society; [3]* [4][(va) a residuary non-banking company [other than a financial company referred to in sub-clause (i), (ii), (iii), (iv) or (v)] that is to say, a company which receives any deposit under any scheme or arrangement, by whatever name called, in one lumpsum or in instalments by way of contributions or subscriptions or by sale of units or certificates or other instruments or in any other manner; or] (iii) a housing finance company, that is to say, a company which carries on, as its principal business, the business of financing of acquisition or construction of houses, including acquisition or development of land in connection therewith; (ii) discount on treasury bills;] (8) "prescribed" means prescribed by rules made under this Act; [6]* * * * *; (10) all other words and expressions used herein but not defined and defined in the Income-tax Act shall have the meanings respectively assigned to them in that Act. [Footnotes] 1. Ins. by Act 49 of 1991, s. 91 (w.e.f. 1-10-1991). 2. The words "or a co-operative society engaged in carrying on the business of banking not being a co-operative society providing credit facilities to farmers or village artisans" omitted by Act 18 of 1992, s. 103 (w.e.f. 1-4-1993). 3. The word "or" omitted by Act 18 of 1992, s. 103 (w.e.f 1-4-1993). 4. Ins. by s. 103, ibid. (w.e.f. 1-4-1993). 5. Subs. by Act 49 of 1991, s. 91, for clause (7) (w.e.f. 1-10-1991). 6. Clause (9) omitted by s. 91, ibid. (w.e.f. 1-10-1991). (iv) a loan company, that is to say, a company [not being a company referred to in sub-clauses (i) to (iii)] which carries on, as its principal business, the business of providing finance, whether by making loans or advances or otherwise; (vi) a miscellaneous finance company, that is to say, a company which carries on exclusively, or almost exclusively, two or more classes of business referred to in the preceding sub-clauses;] (6) "Income-tax Act" means the Income-tax Act, 1961(43 of 1961); [5](7) '"interest" means interest on loans and advances made in India and includes-- 2. Definitions. In this Act, unless the context otherwise requires,-- (1) "assessee" means a person by whom interest-tax or any other sum of money is payable under this Act and includes-- (ii) an investment company, that is to say, a company which carries on, as its principal business, the acquisition of shares, stock, bonds, debentures, debenture stock or securities issued by the Government or a local authority, or other marketable securities of a like nature; (i) a hire-purchase finance company, that is to say, a company which carries on, as its principal business, hire-purchase transactions or the financing of such transactions;