This document appears to be excerpts from the Income Tax Act of 1961 in India, as amended in 2012. It discusses provisions around the applicability of the Act to different states and territories of India. It also contains sections on the definitions of terms related to income derived from agricultural land. Further sections outline requirements for companies regarding the transfer of property, liabilities, and issuance of shares when undertaking a corporate demerger.

2.  INCOME-TAX ACT, 1961*[43 OF 1961]
 [AS AMENDED BY FINANCE ACT, 2012]
 An Act to consolidate and amend the law
relating toincome-tax and super-tax
 BE it enacted by Parliament in the Twelfth
Year of the Republic of India as follows :—

3.  1. For applicability of the Act to State of Sikkim, see section 26 of the Finance Act,
1989.
 For extension of Act to Continental Shelf of India, see Notification No. GSR 304(E),
dated
 31-3-1983. For details, see Taxmann’s Master Guide to Income-tax Act.
 2. For effective date for the applicability of the Act in the State of Sikkim, see
Notification
 No. SO 148(E), dated 23-2-1989. For details, see Taxmann’s Master Guide to
Income-tax
 Act.
 3. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.
 *Amendments made by the Finance Act, 2012, notwithstanding the dates from
which they
 come into effect, have been printed in italics enclosed with bold square brackets.
 Amendments made by the Finance Act, 2011, coming into force from 1-4-2012,
have also been
 printed in italics but enclosed within medium square brackets.

4.  [(a) any rent10 or revenue10 derived10 from land10 which is
situated in
 India and is used for agricultural purposes;]
 (b) any income derived from such land10 by—
 (i) agriculture10; or
 (ii) the performance by a cultivator or receiver of rent-in-kind of
 any process ordinarily employed by a cultivator or receiver
 of rent-in-kind to render the produce raised or received by
 him fit to be taken to market10; or
 (iii) the sale by a cultivator or receiver of rent-in-kind of the
 produce raised or received by him, in respect of which no
 process has been performed other than a process of the
 nature described in paragraph (ii) of this sub-clause ;

5.  (i) all the property of the undertaking, being transferred by the
 demerged company, immediately before the demerger, becomes
 the property of the resulting company by virtue of the demerger;
 (ii) all the liabilities relatable to the undertaking, being transferred by
 the demerged company, immediately before the demerger,
 become the liabilities of the resulting company by virtue of the
 demerger;
 (iii) the property and the liabilities of the undertaking or undertakings
 being transferred by the demerged company are transferred at
 values appearing in its books of account immediately before the
 demerger;
 (iv) the resulting company issues, in consideration of the demerger,
 its shares to the shareholders of the demerged company on a
 proportionate basis 81a[except where the resulting company itself
 is a shareholder of the demerged company];

6.  (i) all the property of the undertaking, being transferred by the
 demerged company, immediately before the demerger, becomes
 the property of the resulting company by virtue of the demerger;
 (ii) all the liabilities relatable to the undertaking, being transferred by
 the demerged company, immediately before the demerger,
 become the liabilities of the resulting company by virtue of the
 demerger;
 (iii) the property and the liabilities of the undertaking or undertakings
 being transferred by the demerged company are transferred at
 values appearing in its books of account immediately before the
 demerger;
 (iv) the resulting company issues, in consideration of the demerger,
 its shares to the shareholders of the demerged company on a
 proportionate basis 81a[except where the resulting company itself
 is a shareholder of the demerged company];