BASIS OF CHARGE

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... on to the Rule that Income of the Previous Year is Taxable: However, in specified circumstances / situations, income tax may be charged in respect of the income of a period other than the previous year. The sections with exceptions are as follows: SECTION PARTICULARS 172 Shipping business of Non-Residents; 174 Assessment of persons leaving India; 174A Assessment of AOP or BOI or AJP formed for a particular event or purpose; 175 Assessment of persons likely to transfer property to avoid tax; 176 Discont .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e on April 1 of AY are relevant only for determining taxable income for that AY. If, however an amendment is made which is purely procedural (not for computing taxable income), then it is applicable from the date of amendment. Now let us understand some important terms used frequently in Income Tax Act Person [ Section 2(31) ]: As we know that income tax is levied on every person. However, in accordance with the provision of this section the definition of person is inclusive in nature and includes: an Individual, a Hindu Undivided Family (HUF), a Company, a Firm, an Association of Persons (AOP) or a Body of Individuals (BOI), whether incorporated or not, a Local Authority (LA), and every Artificial Ju .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 016-17 1 st September 2013 31 st March 2014 FY 2013-14 AY 2014-15 15 th May 2014 28 th February 2015 FY 2014-15 AY 2015-16 Assessee [ Section 2(7) ] : It means a person by whom any tax or any other sum of money is payable under this Act, and includes: Every person in respect of whom any proceeding under this Act has been taken For the assessment of his income or income of any other person in respect of which he is assessable, or For the assessment of the loss sustained by him or by such other person, or For the assessment of the amount of refund due to him or to such other person .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X