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According to section 2(31) of the Income-tax Act a person includes: Individuals Partnership Firms HUF Company Association of person or body of individuals whether incorporated or not Local authorities Any other artificial judicial person not falling under any of the above sub secti
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FAQ :
Under section 2(31) of the Income-tax Act 1961, a 'person' includes individuals, partnership firms, HUF, companies, associations of persons or bodies of individuals, local authorities, and any other artificial judicial person.
An assessee is defined as a person who is liable to pay any tax or any other dues mentioned under the Income-tax Act.
No, the definition of 'person' under the Act includes not only natural persons (human beings) but also artificial judicial persons.
Yes, LLPs are considered or taxed as firms under the Income-tax Act, 1961.
The definition of 'Company' includes Indian companies, foreign companies, parent, associate or subsidiary companies, statutory companies, government companies, and any other type of company formed under the Companies Act or previous acts.
Yes, Jain and Sikh families are also considered as Hindu Undivided Families (HUF) under the Income-tax Act.
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