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Assessment Year Explained: Key Definitions

- An assessment year is defined as the 12 month period from April 1st to March 31st. The previous year refers to the financial year immediately before the assessment year. For a new business, the previous year is from the date of establishment to the end of the financial year. - A person includes individuals, Hindu Undivided Families, companies, partnerships, associations of persons, local authorities, and other artificial judicial persons. - An assessee refers to a person who is liable to pay tax, interest, or penalties under the Income Tax Act and includes an assessee in default. - The definition of assessment includes reassessment.

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568 views6 pages

Assessment Year Explained: Key Definitions

- An assessment year is defined as the 12 month period from April 1st to March 31st. The previous year refers to the financial year immediately before the assessment year. For a new business, the previous year is from the date of establishment to the end of the financial year. - A person includes individuals, Hindu Undivided Families, companies, partnerships, associations of persons, local authorities, and other artificial judicial persons. - An assessee refers to a person who is liable to pay tax, interest, or penalties under the Income Tax Act and includes an assessee in default. - The definition of assessment includes reassessment.

Uploaded by

Samir Parikh
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

Section 2(9) - Assessment Year

means the period of 12 months commencing on the 1st April every year

Section 3 - Previous Year


means the Financial Year immediately preceding the Assessment Year.
Provided that, in the case of a business or profession newly set up, or a source of income newly coming into existence in the said financial year, the previous year shall be the period beginning with the date of setting up of the business or profession, or, as the case may be, the date on which the source of income newly comes into existence and ending with the said financial year

Section 2(31) - Person


includes - An Individual; - A Hindu undivided family (HUF); - A Company; - A Partnership firm [including Limited Liability Partnership (LLP)]; - An Association of Persons (AOP) or Body of Individuals (BOI), whether incorporated or not, - A Local authority (eg, Municipal Corporation, etc.); and - Every other Artificial Juridical Person, not covered above (eg Deities, Bar Council, etc.)

Section 2(7) Assessee


means a person by whom any tax or any other sum of money (i.e. interest or penalty) is payable under the Act. Assessee also includes an assessee in default. It includes a person liable to pay tax, interest or penalty

Section 2(8) Assessment


an assessment includes reassessment

Section 2(24) Income


includes:
Profits and gains from business or profession; Dividend; Voluntary contributions received by charitable trust / institution; Value of perquisite/ benefit/ allowances; Taxable capital gains; Winnings from lottery, crossword puzzles, races, card games, other games, etc.; Any sum of money/ property received by individual without consideration or for an inadequate consideration; Shares of a closely held company received by a firm / another closely held company without consideration or for an inadequate consideration.

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