Income Tax Definition Of Person

All human beings including minor and unsound mind.

Income tax definition of person. Personal income tax is a type of income tax that is levied on an individual s wages salaries and other types of income. Definition of person u s 2 31 of the income tax act 1961. Personal income tax definition. Person section 2 31.

An income tax is a tax imposed on individuals or entities taxpayers that varies with respective income or profits taxable income. Individual means natural person you and me i e. Business income taxes apply to corporations partnerships small. Taxes have been called the building block of civilization.

The definition of assessee leads us to the definition of person as the former is closely connected with the latter. Definition of income inder income tax section 2 24 income deemed to be received in india under income tax act. Further also we under stand the term in more one by one 1. 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. Thus from the definition of the term person it can. 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. Definition of person.

Income tax generally is computed as the product of a tax rate times taxable income. Taxation rates may vary by type or characteristics of the taxpayer. The term person includes. A charge imposed by government on the annual gains of a person corporation or other taxable unit derived through work business pursuits investments property dealings and other sources determined in accordance with the internal revenue code or state law.

Huf company firm association of persons aop or body of individuals whether incorporated or not local authority and. Section 7 incomes which accrue or arise in india or are deemed to accrue or arise in india section 9.