Is Assessee always a person?
An income tax assessee is a person who pays tax or any sum of money under the provisions of the Income Tax Act, 1961. The term 'assessee' covers everyone who has been assessed for his income, the income of another person for which he is assessable, or the profit and loss he has sustained.13-Jan-2022
It includes: The person who had done an assessment of his income or the income of any other person, or the loss sustained / the amount of refund by him or by another person. A person who is considered to be an assessee under this Act. The person who is assumed to be an assessee in default under this Act.04-Nov-2019
Is company an assessee?
As per Income tax act, companies registered under Companies Act, 1956 & 2013 are termed as Corporate Assessee.
Moreover, Section 2(7) of the act describes income tax assessee as everyone, liable to pay taxes for any earned income or incurred loss in a single assessment year. Also they can be termed as each and every person for whom: Any proceedings are going on under the act for the assessment of his income.13-Feb-2021
Who is a person in tax?
In terms of Section 2 (31) of the Income Tax Act, 1961, a person has been defined to include (i) an individual, (ii) a Hindu undivided family, (iii) a company, (iv) a firm, (v) an association of person or a body of individuals, whether incorporated or not, (vi) a local authority, and (vii) every artificial juridical 25-May-2017
A person is deemed to be an assessee-in-default if he fails to fulfill his statutory obligations. For example, an assessee who fails to pay the demand u/s 156 within 30 days, in full, shall be deemed to be an 'Assessee in Default', except in circumstances where he has obtained Order staying the demand in due course.01-Jan-2020
Who is assessor and assessee?
One who assesses a property for tax or insurance evaluation. noun. A specialist who assists the court in determining a matter. noun. Tax assessor : Civil servant entrusted with checking the veracity of data and criteria used by a taxpayer to complete a tax return.
The word individual is used in the sense of conveying unique properties or characteristics of a person. People who know a celebrity from close quarters often use the word individual to describe him as a person. An individual is a person in a crowd having unique characteristics.14-Jun-2011
What is tax free income?
Tax-free is used to describe income on which you do not have to pay tax.
The assessment year (AY) is the year that comes after the FY. This is the time in which the income earned during FY is assessed and taxed. Both FY and AY start on 1 April and end on 31 March. For instance, for FY 2020-21, the assessment year is AY 2021-22.23-Jul-2022
What is assessed income?
(əˈsɛsəbəl ˈɪnkəm ) or assessed income (əˈsɛst ˈɪnkəm ) noun. the portion of one's income that is subject to tax.
Section 2(7) of the act describes income tax assessee as any individual, liable to pay taxes for any earned income or incurred loss in a single assessment year. An assessee can be an individual managing his own taxes or representing someone else. An assessee is basically anyone who is subject to income tax payment.
Who is specified employee?
Specified employees are company directors, employees with substantial interest in the company and any other employee whose salary income exclusive of non-monetary benefits and amenities exceeds Rs. 50,000/-. 3) Any sum paid by employer in respect of an obligation, which was actually payable by the assessee.
Answer. Answer. Casual income means any receipts which are of a casual and non-recurring nature. For example, income earned by way of winnings from lotteries, races including horse races, crossword puzzles, etc.27-Jun-2018
What does the term person includes Mcq?
Answer» d. Individuals, HUF, Company, Firm, AOP or BOI, Local Authority, Every. Report.
Section 11 in The Indian Penal Code. 11. “Person”. —The word “person” includes any Company or Association or body of persons, whether incorporated or not.
Who is individual in income tax?
The individual income tax (or personal income tax) is a tax levied on the wages, salaries, dividends, interest, and other income a person earns throughout the year. The tax is generally imposed by the state in which the income is earned.
When any sum is payable as a result of any order passed under the Act, then the Assessing Officer shall serve upon the assessee a notice of demand U/s 156 specifying the sum so payable.31-Oct-2018
What is another word for assessor?
In this page you can discover 17 synonyms, antonyms, idiomatic expressions, and related words for assessor, like: chorographer, exciseman, taxman, tax-assessor, customhouse, gauger, valuator, valuer, examiner, assessors and evaluator.
Definition of assessor 1 : an official who assists a judge or magistrate. 2 : one that assesses especially : an official who assesses property for taxation.
How do I spell Assessee?
“Assessee.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/assessee.
Is Assessee always a person?