Hindu Undivided Family (‘HUF’) is treated as a ‘person’ under section 2(31) of the Income-tax Act, 1961 (herein after referred to as ‘the Act’). HUF is a separate entity for the purpose of assessment under the Act.
Who is a person u/s 2 31?
For the purpose of charging Income-tax, the term ‘person’, under Section 2(31) of Income Tax, includes Individual, Hindu Undivided Families [HUFs], Association of Persons [AOPs], Body of individuals [BOIs], Firms, LLPs, Companies, Local authority and any artificial juridical person.
Who is called person U s2 31 of Income Tax Act 1961?
Definition of Person u/s 2(31) of the Income Tax Act 1961. The term “Person” includes: Individual (Means Natural Person, you and me, i.e. all human beings including minor and unsound mind).
Who is person in Income Tax Act 1961?
An income tax assessee is a person who pays tax or any sum of money under the provisions of the Income Tax Act, 1961. The term ‘assessee’ covers everyone who has been assessed for his income, the income of another person for which he is assessable, or the profit and loss he has sustained.
What is meant by person under section 2 31 of the Income Tax Act, 1961?
Person includes : an Individual; Association of Persons or Body of Individuals or a Local authority or Artificial Juridical Persons shall be deemed to be a person whether or not, such persons are formed or established or incorporated with the object of deriving profits or gains or income. …
Is trust a person under Income Tax Act?
Trust formed for charitable or religious purposes which are not intended to do commercial activities are allowed various benefits under the Income-Tax Act, inter-alia, exemption under section 11. The term religious purpose is not defined under the Income-Tax Act.
Who is a person as per law?
There are two types of persons, according to the country’s law: Natural, meaning a human individual capable of assuming obligations and holding rights. The second group refers to “legal persons,” which refers to entities endowed with juridical personality, decided upon by the courts.
What is full form of CBDT?
Central Board of Direct Taxes. Functions and Organization. The Central Board of Direct Taxes is a statutory authority functioning under the Central Board of Revenue Act, 1963.
What are tax free perquisites?
Any recreational facility provided to a group of employees by the employer is not taxable. Thus, health club, sports and similar facilities provided uniformly to all employees by the employer is a tax-free perquisite.
What is Section 56 2 of income tax?
Section 56(2)(x) provides that following receipts shall be taxed in hands of any person where received from any person or persons on or after 01.04. 2017 during any previous year. (a) Any sum of money exceeding Rs. 50000 in aggregate without consideration.