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This type of income tax is levied on an individual s wages salaries and other types of income.
Definition of person in income tax. Further also we under stand the term in more one by one 1. Assessee normal representative deemed defaulter assessee meaning. Individual is a unit of assessment covered under definition of person as per income tax act and it refers to a natural person i e. 2 7 of the income tax act 1961 unless the context otherwise requires the term assessee means a person by whom any tax or any other sum of money is payable under this act and includes.
A human being male or female. Definition of person u s 2 31 of the income tax act 1961. Huf company firm association of persons aop or body of individuals whether incorporated or not local authority and. Individual income tax is also referred to as personal income tax.
The term person includes. Every artificial juridical person not falling within any of the preceding sub clauses. Section 2 7 of income tax. Same way each class of persons has its own scope of coverage under income tax act.
Whereas as per section 2 31. In general terms the meaning of a person can be interpreted in a short term. An association of persons or a body of individuals whether incorporated or not. The definition of previous year is given under section 3 of the act.
A hindu undivided family huf. Person section 2 31. Jan 1 2020 income tax act 1961 kewal garg. Previous year is the year in which income is earned.
Income tax is levied on the total income of the previous year of every person. 4 the value of perquisite or profit in lieu of salary. A person includes i an individual ii a hindu undivided family huf iii a company iv a firm v an aop or a boi whether incorporated or not. Contributions received by a fund or institution set up for charitable purposes and notified u s 10 23c iv v.
The definition is inclusive i e. B any person connected with the management or administration of the local authority company association or body upon whom the income tax officer has served a notice of his intention of treating him as the principal officer thereof. The term person is important from another point of view also viz the charge of income tax is on every person. 36 profession includes vocation.
It is a proper definition as given by the income tax act 1961. This tax is usually a tax the. Individual means natural person you and me i e.
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