December 14, 2018

Income Tax Act

Income Tax Act, 1961

An income tax is a tax that governments imposed on financial income generated by all  assessee (taxpayers) within their jurisdiction.

Businesses and individuals must file an income tax return every year to determine

  • whether they have to pay tax or
  • are eligible for a tax refund.

Assessee {Section2(7)}

It means a person by whom income-tax or any other sum of money is payable under the Act. It includes every person

(a) in respect of whom any proceeding under the Act has been taken  for the assessment of his income 0r loss and the amount of refund due to him or,

(b) who is assessable in respect of the income or loss of another or who is deemed to be an assessee or an assessee in default under any provision of the Act

Income Tax Act

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