Tax payable 14

9

(36) “Works Contract” means any agreement for carrying out for cash or deferred payment or other valuable consideration - (i) the construction, fitting out, improvement or repair of any building, road, bridge or other immovable property, or (ii) the installation or repair of any machinery affixed to a building or other immovable property, or (iii) the overhaul or repair of- (a) any motor vehicle, (b) any vessel propelled by internal combustion engine or by any other mechanical means, (c) any aircraft, (d) any component or accessory or part of any of the items mentioned in paragraph (a) to (c) above, (iv) the altering, ornamenting, finishing, improving or otherwise processing or adopting of any goods. (37) “Year” means twelve-month period commencing on the first day of April; (38) “Zero rating” means complete removal of tax up to the zero rated stage of production or distribution. No tax is charged on sale and tax credit is given for the tax paid on purchases. (39) “Special Economic Zone” (S.E.Z) means the area outside the custom territory of India for trade operation, duties and tariffs.