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Assessee sec 2(7) Means a person by whome any tax or any other sum of money is due under the income tas Act.

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Presentation on theme: "Assessee sec 2(7) Means a person by whome any tax or any other sum of money is due under the income tas Act."— Presentation transcript:

1 Assessee sec 2(7) Means a person by whome any tax or any other sum of money is due under the income tas Act

2 Person 2(31) According to IT Act 1961 theterm person includes : 1.An individual 2.HUF 3.Company 4.Firm 5. association of persons 6.Local aauthority

3 Assesment year 2(9) Means the period of 12 months commencing from 1 st of every year and ends on 31 st march of the next year

4 Previous year sec 3 Preceding 12 months period to the relevent assesment year

5 Gross total income 80(B) It is the aggregate of all the incomes fron five heads before deducting sec 80C to 80 U Heads of income Income from salary Income from house property Income from business Income from caputal gains Income from other heads

6 Total income 2 (45) Total income is gross total income – deductions under sec 80 c to 80 U

7 Income sec 2 (24) Includes profits & gains Dividends Voluntary contribution rceived by a charity The value of any perquisites Any capital gains chargeable Profits and gains of any business Winning from cross words, puzzles Gifts received in cash from pereson any in excesss of 50,000

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