Section 111A: Interpretation

111A. Interpretation (1) In this Sub-part— “contractor”, in section 111B (d), means any person who enters into a contract for carrying out any work; “interest” in section 111B (a), means income from debt-claims of every kind, whether or not secured by mortgage and whether or not carrying a right to participate in the debtor’s profits and, in particular, income from debentures or any other loan instrument, including premiums and prizes attaching to such debentures or other loan instrument; “payee”, in relation to section 111C (1), means any person to whom an amount is made available by the payer; “payer”— (a) means any person responsible for the payment of any amount or sum referred to in section 111B; but (b) does not include a company which has an annual turnover not exceeding 6 million rupees; “person”, in section 111B (c), includes a minor; “rent”, in section 111B (c)— (a) means any payment, by whatever name called, under any lease, sub-lease, tenancy or any other agreement or arrangement for the use of any land or building together with furniture, fittings and the land appurtenant thereto, whether or not such building is owned by the payee; and (b) includes any premium or other consideration for a lease; I5 – 59 [Issue 7] Income Tax Act “sub-contractor”, in section 111B (d), means any person who enters into a contract with a contractor for carrying out any work; “work”, in the definitions of contractor and sub-contractor— (a) (i) means civil construction, including construction or repair of any building, road or other structure or execution of any works contract; and (ii) includes mechanical or electrical works; and (b) includes any supply of labour for carrying out works in respect of civil construction. (2) For the purpose of sections 111B and 111C, an amount or a sum is deemed to have been made available to a payee where the amount or sum is paid to, or credited to the account of, or dealt with in the interest or on behalf of, the payee, whichever is earlier. [S. 111A inserted by s. 18 (zl) of Act 15 of 2006 w.e.f. 1 October 2006; amended by s. 97 (4) of Act 14 of 2007 w.e.f. 28 September 2007; s. 15 (h) of Act 18 of 2008 w.e.f. 19 July 2008; s. 8 (zb) of Act 37 of 2011 w.e.f. 1 January 2012; s. 24 (p) of Act 9 of 2015 w.e.f. 1 July 2015.]