Beruflich Dokumente
Kultur Dokumente
DEFINITIONS
DEFINITIONS
ASSESSMENT YEAR:
PREVIOUS YEAR:
PERSON
ASSESSEE
Assessee means:
A person by whom income tax or any other sum
of money is payable under the Act.
Every person in respect of whom any
proceeding under the Act has been taken for the
assessment of his income or loss or the amount
of refund due to him.
A person who is assessable in respect of
income or loss of another person or who is
deemed to be an assessee, or an assessee in
default under any provision of the Act
INCOME
The definition of the term income in section 2(24) is inclusive
and not exhaustive. Therefore, the term income not only
includes those things that are included in section 2(24) but also
includes those things that the term signifies according to its
general and natural meaning.
Under section 2(24) it includes the following:
Profits and gains
Dividend
Voluntary contributions received by a trust
Perquisites in the hands of employee
Any special allowance or benefit
City compensatory allowance/dearness allowance
Any benefit or perquisite to a director
INCOME(CONTD..)
COMPUTATION OF INCOME
1.) Income from Salary
XXXX
2.) Income from House Property
XXX
3.) Income from Business/Profession
XX
4.) Income from Capital Gains
X
5.) Income from Other Sources
XXXXX
GROSS TOTAL INCOME (Sec. 14)
XXXX
Less:Deductions u/chap-VI-A (Sec.80CCC to 80U)
XXX
TOTAL INCOME [Sec.2(45)]
XXXX
Tax Due
XXX
Less:Rebates and Reliefs u/Chap-VIII
XX
Tax Payable
XXXX
COMPANY
Under section 2(17), the expression company is defined
to mean the following:
any Indian company ; or
any body corporate incorporated by or under the laws
of a country outside India, i.e., any foreign company; or
any institution, association or body which is assessed
or was assessable/assessed as a company for any
assessment year commencing on or before April 1,
1970 ; or
any institution, association or body, whether
incorporated or not and whether Indian or non-Indian,
which is declared by a general or special order of the
CBDT to be a company
INDIAN COMPANY
Indian company [Section 2(26)]:
Indian company means a company formed and
registered under the Companies Act, 1956. It
includes the following:
a.
b.
INDIAN COMPANY(CONTD..)
c. Any institution, association or body which is declared
by the Board to be a company under section 2(17)
d. A company formed and registered under any law in
force in the State of Jammu and Kashmir
e. A company formed and registered under any law for
the time being in force in the Union territories of
Dadra and Nagar Haveli, Goa, Daman and Diu and
Pondichery
All the above must have their registered office in
India.
DOMESTIC COMPANY
Domestic Company means an Indian company or
any other company which, in respect of its income
liable to income-tax, has made the prescribed
arrangements for the declaration and payment of
dividends (including dividends on preference
shares) within India, payable out of such income.
Thus domestic company is an :
Indian Company
Any other company which has made
arrangements for declaration of dividends
Business