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Definitions

By S.S. Kalyan , JDIT. Definitions. Taxable Income. Assessment Year, Previous Year. Income of Previous Year is taxed in the following Assessment Year.

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Definitions

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  1. By S.S. Kalyan, JDIT Definitions

  2. Taxable Income

  3. Assessment Year, Previous Year • Income of Previous Year is taxed in the following Assessment Year. • Asst. Year [Sec 2(9)] – means the period of 12 months commencing on the 1st day of April every year. Example : A.Y. 2011-12 is …. • Previous Year [Sec 3] – means the Financial Year immediately preceding the assessment year.

  4. ….Previous Year • Provided in the case of newly set up business or profession or a source of income : • The 1st Previous Year will commence on the date of setting up of business or profession or source of income newly comes into existence and end on the immediately following 31st March (end of the F.Y.) • The 2nd and subsequent previous years will be Financial Years.

  5. …Previous Year • Income of Previ0us Year is taxed in the following Asst. Year • Exceptions : Sec 172, 174, 174A, 175, 176

  6. Person • Person [Sec 2(31)] – includes • Individual • Hindu Undivided Family (H.U.F.) • Company • Firm • Association of Persons or Body of Individuals (A.O.P. / B.O.I.) • Local Authority • Artificial Juridical Person [See explanation]

  7. Assessee • Assessee [Sec 2(7)] – means a person by whom any tax or any other sum of money is payable under the Act and includes • Person in respect of whom any proceeding has been taken for assessment of income or loss or amount of refund due • Person deemed to be an assessee. E.g. Sec 160(2) • Person deemed to be an assessee in default. E.g. Sec 201(1), Sec 218

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