Definition Of Person In Income Tax Act
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A hindu undivided family huf.
Definition of person in income tax act. The definition is inclusive i e. The definition is inclusive i e. For the purpose of charging income tax the term person under section 2 31 of income tax includes individual hindu undivided families hufs association of persons aops body of individuals bois firms llps companies local authority and any artificial juridical person. Individual means natural person you and me i e.
An association of persons or a body of individuals whether incorporated or not. 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. Thus from the definition of the term person it can be observed that apart from a natural person i e an individual any sort of artificial entity will also be liable to pay income tax. The term person includes.
The term person is important from another point of view also viz the charge of income tax is on every person. How a company considered as person as per income tax act 1961 for the purpose of income tax the term company has wider meaning in the provision of income tax act 1961 than the companies act 1956. A every person in respect of whom any proceeding under this act has been taken for the assessment of his income or assessment of fringe benefits or of the income of any other person in respect of which he is assessable or of the loss sustained by him or by such other person or of the amount of refund due to him or to such other person. Person section 2 31 the definition of assessee leads us to the definition of person as the former is closely connected with the latter.
The term person is important from another point of view also viz the charge of income tax is on every person. A person includes i an individual. Person or any word or expression descriptive of a person includes any corporation and any entity exempt because of subsection 149 1 from tax under part i on all or part of the entity s taxable income and the heirs executors liquidators of a succession administrators or other legal representatives of such a person according to the. Further also we under stand the term in more one by one 1.
As per the income tax act 1961 the expression company means any indian company as defined in section 2 26. 7 assessee means a person by whom income tax or super tax or any other sum of money is payable under this act and includes a every person in respect of whom any proceeding under this act has been taken for the assessment of his income or of the income of any other person in respect of which he is assessable or of the loss sustained by him or by such other person or of the amount of refund due to him or to such other person. Every artificial juridical person not falling within any of the preceding sub clauses. Person section 2 31.
Now we begin with the understanding types of person as per income tax as person section 2 31 of income tax act which define this are the pillars of income tax act taxability based on the box under which you are falling. Huf company firm association of persons aop or body of individuals whether incorporated or not local authority and.
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