WebApr 21, 2024 · Definition of Persons under Income Tax Act, 1961. Under Section 2 (31), ‘Person’ is an AOP or Association of Persons or BOI (Body of Individuals) or a Local Authority or an artificial judicial person, or not, that Person or Body or Authorities or a Legal Person, was established or merged for revenue, profit or gains. Webassessee meaning: 1. a person or group that is being assessed (= judged), especially in order to decide how much tax…. Learn more.
Introduction and Basic Concept of Income Tax - Law Times …
WebBusiness : “Business” simply means any economic activity carried on for earning profits. Sec. 2 (3) has defined the term as “ any trade, commerce, manufacturing activity or any adventure or concern in the nature of trade, commerce and manufacture”. In this connection it is not necessary that there should be a series of transactions in a ... WebDefinition in Income Tax – Who is Assessee. The term assessee is defined under Section 2 (7) of Income Tax Act, 1961. According to this definition, “assessee” means a person by whom any tax or any other sum of money is payable under this Act, and includes—. every person in respect of whom any proceeding under this Act has been taken for ... sims 4 motive trials secret location
Section 68 of The Income Tax Act, 1961 - CAclubindia
WebMore Definitions of assessee. assessee means a person, being a resident other than not ordinarily resident in India within the meaning of clause (6) of section 6 of the Income … WebNov 1, 2024 · 1. Income Tax Law. Income-tax is a tax levied on the total income of an assessee, being a person charged under the provisions of this Act, for the relevant previous year. For understanding Income tax law in India, the following components need to be studied carefully: (1) Income-tax Act, 1961. (2) Annual Finance Acts. Webtotal income of the assessee. 4. The ld. CIT(A) on this issue held as follows: “I have considered the facts of the case as well as reply of the appellant. After amendment/substitution of Explanation to sect ion 9 of the I.T. Act, 1961 vide Finance Act 2012, the provisions of sec. 9 have been very clear that for the purpose of section rccb tripping issue