A) A Hindu Undivided Family
B) A Company
C) Body of Individuals
Income Tax Act Assessee Identification
Under the Indian Income Tax Act, an 'assessee' is a person by whom any tax or any other sum of money is payable under the Act.
The definition of 'person' in Section 2(31) of the Income Tax Act is comprehensive and includes:
- A Hindu Undivided Family (HUF)
- A Company
- A Body of Individuals (BOI)
Therefore, all three entities mentioned – Hindu Undivided Family, Company, and Body of Individuals – are considered assessees under the Income Tax Act as they are liable to pay taxes.
This corresponds to Option B, which includes A, B, and C.
Important Questions from Income-tax
The ratio of income and expenditure is 9:5. Income increases by 40% and expenditure decreases by 10%. If the initial income is ₹45,000 then the final saving (in ₹) is:
As per the new tax regime of India, what is the exemption limit of income tax for financial year 2022-23?
What is the basic difference in the aggregates at market price and factor cost?
If assesssee is engaged in the business of growing and manufacturing tea in India, the non-agricultural income in that case be:
Arrange the steps to e-filing of Income Tax Return in correct sequence:
a) Register yourself
b) Verify ITR V
c) Select the requisite form
d) Fill form and upload
Choose the correct option from those below:
