Get Latest Updates on Income Tax Refund by Eserviceshelp

The person earn total income of previous year exceeds the maximum amount, which is not chargeable to income tax, is called an assessee and should be chargeable to income tax at the rate prescribed in the finance act for the relevant assessment year.

person includes:

An individual: -it means a natural person i.e. a human being.

It includes a male, female, minor child, and a lunatic or idiot.

HUF:  -     It has not being defined under the tax laws.

•        Hindu law consists all persons lineally descended from a common ancestor including their wives and unmarried daughters.

Company: A company is the artificial person registered or incorporated under companies act ,2013

Firm: A Firm includes a proprietor ship firm which mean the firms govern by the single person, also the firm means a partnership firm which has more than one person and share their profit and loss in prescribed manner.

AOP or BOI whether Incorporated or not:

- AOP has been defined under IT Act , however it means two or more               persons who join for a common purpose with a view to earn income .

- BOI means a conglomeration of individuals who carry on some  activity with the objective of earning some income.

 

 

Local authority: The expression local authority means:

 panchayat

 municipality

 municipal committee and district board

 cantonment board

Any other artificial juridiacal person:     - these are entities , which are not natural persond but are separate entities in the eyes of law.

                                             -they may not be sued directly in the court of law but can be sued through persons managing them.

 

ASSESSEE: Assessee means a person by whom any tax or other sum is payable under IT Act and includes the following:

•        Every person in respect of whom any proceeding under the IT Act has been taken.

•        A person who is called to be an assessee under any provisions of this act.(this would include the legal representative of a deceased person or the agent of a person who is a non resident or the trustee of a trust)

•        Every person who is deemed to be the assessee in default under any provisions of income tax act . (a person is said to be an assessee in default if he fails to comply the provisions of the duties imposed upon him under the IT Act)

 

Taxable Status

 Taxable status of the assessee defined on their residential status ,Residential status can be seen on some factors that how many days was in the india in previous year and for how many years he/she was Resident indian.

taxability depends on his/her residential status ,If he/she was resident indian in previous year all of his/her income will taxable in current Assessment year .

 

Prescribed Slab of that year

 After considering all factor like person,assessee,residential status ,Total income of particular previous year will be counted according to head/sources defined in income tax and given deduction ,taxable amount should be totalled and as per prescribed rates the tax should be drawn.

 

Tax can be deposited through online or through mannual in deposited through challan in bank and filed the income tax returns on income tax department efling portal.

For more details visit - http://www.eserviceshelp.in/