Basic definitions in DIRECT INDIRECT TAX


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SOME OF THE BASIC DEFINITIONS IN DIRECT INDIRECT TAX

1.  Person  2(31)

Person includes :
a) individual

b) Company

c) Hindu undivided family

d) Body of individual

e) Local authority

f) Any other legal approved association

2.   Assessee 2(7)

The person who are liable to pay tax are called “Assesses” under section 2(7).

“Assessee means a person by whom any tax or any other sum of money is payable under the income Tax Act, 1961.”

3.  Assessment 2(8)

“Assessment is the process of determining :

O the income or loss an assessee

O the tax liability on the income so determined and

O the tax payable by or refund due to the assessee.

4.  Assessment year

“Assessment year” means the period starting from April 1 and ending on march 31 of the next year.

Example : assessment year 2006 – 07 which will commence on April 1,2006 and will end on March 31,2007.  Income of previous year of an assessee is taxed during the next following assessment year at the rates prescribed by the relevant finance act.

5.  Previous year 2(9)

Previous year is an year mediate before assessment year

Example : Assessment year 2011-12 will have previous year 2010-11 which an assessee will pay tax from the period of 1st april 2010 till 31st march 2011

6.  Income 2(24)

Income includes following :

a)      Any profit or gain

b)      Wages and salary

c)      Any contribution received by a charitable trust

d)      Any profit on sale of export license

e)      Perquisites

f)       Dividend received

g)      Interest received


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