BASIC CONCEEPTS AND RESIDENTIAL STATUS. Basic Concepts Assessment year—Section 2(9) of the Act defines an ‘assessment year’ as ‘the period of 12months.

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BASIC CONCEEPTS AND RESIDENTIAL STATUS

Basic Concepts Assessment year—Section 2(9) of the Act defines an ‘assessment year’ as ‘the period of 12months commencing on the first day of April every year’ Comments: An assessment year begins on1st April every year and ends on 31 st March of the next year. For eg. The current assessment year has begun on 1st April,2012 and will end on 31 st March,2013. A financial year means the period of 12 months from1st April to the following 31 st March. The income earned by a person during one financial year is taxed in the next financial year. The year in which the income is earned is called previous year and in the next year in which the income is taxed is called assessment year. Thus the total income of the person during the financial year (previous year) will be taxed in the next financial year (assessment year)

Previous year—section3 of the Act defines ‘previous year’ as follows: For the purpose of this act,’ previous year’ means the financial year immediately preceding the assessment year Comments: income earned in one year (called previous year) is taxed in the next year (called assessment year)..The total income earned by a person from whatever sources during the period from 1 st April,2011 to 31 st March,2012 will be taxed in the current assessment year The previous year is uniform for all persons and is to be followed in respect of all types of income, irrespective of the ‘accounting year’; it has to prepare separate Accounts for the period1st April, to31 st March, to compute its taxable income.

Person Sec 2 (31) Individual-means a natural person i.e human being. It includes a male female a minor and even a lunatic HUF-consists of all persons lineally descended from a Hindu ancestor (children& grandchildren)&their wives and unmarried daughters Company- Firm- is a taxable entity distinct from its partners

Association of persons- AOP means an association in which 2 or more ‘persons’ join in for a common purpose or a common action for earning income. An AOP can have any ‘person’i.e(i)Individual(ii)HUF(iii)a company etc as a member. Following are the examples of an association of persons (a) Joint venture (b) a trust (c)a club(d)a cooperative society. Body of individuals- BOI means a team of individuals carrying on some activity with the object of earning income. An association of persons may consist of non individuals but a Body of Individuals consists of only “individuals” or human beings and cannot have any other person (eg a firm, HUF) as a member. Local Authority-means a municipality, a district board, a Port Commissioner, or any other authority legally entitled to control or manage a municipal or a local fund

Artificial Juridical Person- any entity having a separate legal existence not covered under any of the above categories falls under this category eg a deity an idol, a corporation established under a special Act (LIC) a University, a Bar Council etc Assessee: As per section2(7) of the Act an Assessee means a person by whom any tax or any other sum of money is payable under the act. A person is liable to pay tax as well as interest (for late payment of tax) or penalty (for concealment of income, fraud etc.)under Income Tax Act. Therefore assessee basically means a person liable to pay tax or interest or penalty