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Corporate Assessee

Amit Gupta (Loosening Myself) (1508 Points)

04 September 2010

What is the meaning of corporate and non coporate assessee under Income Tax act??

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10 Replies

RAKESH (Almost CA) (2199 Points)
Replied 05 September 2010

corporate is an assessee who are incorporated under the companies act and non corporate assessee are other than corporate assessee........

nandini mishra (individual) (592 Points)
Replied 05 September 2010

i am agree with mr. rakesh

Amit Gupta (Loosening Myself) (1508 Points)
Replied 05 September 2010

@ Rakesh : but the income of firms, aop etc are also taxable as companies..ok If corporate assessee is company only..then wat will be tds deduction under sec 194 for firms/aop ??

1 Like

Rakesh N R Gupta (Economics graduate) (27 Points)
Replied 20 May 2012

Yes, what Amit says is right. Every assessee except Individual and HUF are taxable as companies.

So my problem (for my research) is that when I am looking at the CAG reports I have tax revenues from corporate assessee and non-corporate assessee I am not what corresponds to the no. and types of assessees for the evolution of tax revenues.

PANJ and Associates (Corporate Consultants) (30 Points)
Replied 20 May 2012

Dear Mr Rakesh & Mr Amit,

Income Tax Act 1961 dose not contained the terms like "Corporate" or "Non Corporate Assessee", these are used only in the context of payment of tax. for eg. while filing the challan in form 281 / 280 etc.

Further, the CAG report is the Union Report which understand the Income tax as Direct Tax . The Direct Tax is further classified into Company and non company from revenue collection point of view.

Hence, in the income tax, Corporate assessee must be understood as Company assessee as defined in sectioin 2 of Income Tax Act.

Rakesh N R Gupta (Economics graduate) (27 Points)
Replied 24 May 2012

Dear Sir / Madam (PANJ & Associates),

Thanks for the reply. That helps in sorting out who the company assessee is when I look at the tax revenue details in the govt reports.

I have another question: What do they mean by non-corporate assessee? Do they include wealth tax, gift tax, interest tax assessees? (Of course this concerns only Direct tax)

Best regards

nandini mishra (individual) (592 Points)
Replied 25 May 2012

as per finance bill 2012 only for wealth tax purpose. individual and huf are liabile to wealth tax. in case of partnership firm, association of person, local authority, only the partnerof firm or member of association of person are liable to wealth tax. means (individual and HUF)

PRITAM JAIN, CA , CS (Practising CA CS) (398 Points)
Replied 25 May 2012

@ Rakesh

In Income Tax Act, 1961, there are 7 category of Person Sec 2(31)

1) Individual 2) HUF 3) Partnership Firm 4) Company 5) AOP/BOI 6) Local Authority 7) Artificial Judicial Person

So Corporate assessee means ONLY company and non corporate assessee means all assessees other than company.

Definition of assessee is stated in sec 2(7) of the act

Which briefly states that every person (sec.2(31)) by whom any tax under the IT act is payable, representing any other person or who is in default in the act.

This is all in regard to Income Tax Act.

Wealth tax is dealt separately in this regard

Gift Tax no more exist.

Regards

2 Like

PULAK DATTA (HEAD OF ACCOUNTS) (21 Points)
Replied 14 December 2012

What is the meaning of Corporate Assessee in Income Tax. Can any private cbse affiliated school under Trust (using trust PAN) under Corporate Assessee ?

Regards,

Pulak Datta

PRITAM JAIN, CA , CS (Practising CA CS) (398 Points)
Replied 09 January 2013

Originally posted by : PULAK DATTA
	What is the meaning of Corporate Assessee in Income Tax. Can any private cbse affiliated school under Trust (using trust PAN) under Corporate Assessee ? Regards, Pulak Datta