1. Definitions
By S.S. Kalyan, JDIT

2. Deductions under Chapter VI A
Taxable Income
Receipts
Non-incomes
Exempt incomes
Gross Total Income
Deductions under Chapter VI A
Expenses and Losses
Total Income
Rate of tax
Tax liability

3. Assessment Year, Previous Year
Income of Previous Year is taxed in the following Assessment Year.
Asst. Year [Sec 2(9)] – means the period of 12 months commencing on the 1st day of April every year. Example : A.Y is ….
Previous Year [Sec 3] – means the Financial Year immediately preceding the assessment year.

4. ….Previous Year
Provided in the case of newly set up business or profession or a source of income :
The 1st Previous Year will commence on the date of setting up of business or profession or source of income newly comes into existence and end on the immediately following 31st March (end of the F.Y.)
The 2nd and subsequent previous years will be Financial Years.

5. …Previous Year
Income of Previ0us Year is taxed in the following Asst. Year
Exceptions : Sec 172, 174, 174A, 175, 176

6. Person Person [Sec 2(31)] – includes Individual
Hindu Undivided Family (H.U.F.)
Company
Firm
Association of Persons or Body of Individuals (A.O.P. / B.O.I.)
Local Authority
Artificial Juridical Person
[See explanation]

7. Assessee
Assessee [Sec 2(7)] – means a person by whom any tax or any other sum of money is payable under the Act and includes
Person in respect of whom any proceeding has been taken for assessment of income or loss or amount of refund due
Person deemed to be an assessee. E.g. Sec 160(2)
Person deemed to be an assessee in default. E.g. Sec 201(1), Sec 218