Tuesday, 6 September 2011

What is assessment year and previous year in India

tags: what is an assessment year and what is a previous year,what is an assessment year of income tax,what is an assessment year income tax india,what is an assessment year india tax,what is assessment year and previous year,

What is assessment year? Section.2(9)

An assessment year is the period of twelve months starting from 1st april of every ending on 31st march of the next year.
For Example the current assessment year for 1st April 2011 to 31st march 2012

What is a previous Year ? Section.3

The year in which income is earned is known as previous year Generally, the income earned in a year is taxable in the year is taxable in the next year
For example the PY for  31st march 2011 to 1st April 2010

Income Tax Person Section 2 (31) India

tags: Income Tax Person Section 2 (31) India

Income Tax Person Section 2 (31) India

Person include:

i) An Individual
ii) A Hindu undivided Famliy (H.U.F)
iii) A Company
iv) A Firm
v) An Association of Person (AOP)
vi) A Local Authority

who is an assessee of income tax

tags:who is an assessee of income tax,who is an assessee in default,question and answer,who is an assessee or Define Assessee

who is an assessee or Define Assessee?
An Assessee is a person by who any tax or any other sum of money is payable under this act,[section 2(7)] and includes:

1,Representative assessee
2,Deemed assessee
3,Assessee in Default

Income tax act 1961 india

The Income tax act, 1961 become effective from the 1st day of April,1962. It contains 298 sections and numerous sub section,schedules etc. for the determination of taxable income determination of tax liabilly procedure for assessment, appeal es and prosecutions

           Since the income tax act, 1961 is the revenue law,there are bound to be amended from time to time to time in this law .These amendments are generally brought in annually along with the union budget. Traditionally every year a budget is presented before the parliament by the finance minister on the last day of Feb. each year.It contains the "finance Bill" which declares the financial prospects of the central Govt. for the next financial year. The Finance bill mentions the rate of income tax and other taxes, rebates and reliefs. The finance Bill 2011 wes placed before the parliament on 26th Feb. 2011 By Finance Minster of India Sri.Pranab Mukarjee.