PERSON AS PER INCOME TAX ACT 1961

PERSON AS PER INCOME TAX ACT 1961

According to government rule and regulation their is different individual and companies who come under the definition of person and these will treated differently in income tax for there tax levied. Tax slab rates for these people is different according to income tax act 1961.

So for different person tax slab, tax rates and age criteria is different and according to that he has pay the tax on his income. Person is not single identity is included different persons in this definition. so below there is list of persons 

PERSON AS PER INCOME TAX ACT 1961

Income tax is a tax on income. According to SEC. 2 (31), the income of the following persons is assessed:

1)      Individual; it includes a male, female, minor child and a lunatic;

2)      Hindu Undivided Family (HUF);

3)      Company;

4)      Firm;

5)      Association of Persons or Body of Persons, whether incorporated or not.;

6)      Local authorities;

7)      Every Artificial Juridical persons not falling within any of the above categories

So these above given name is treat by income tax as separate people and according to status tax rates imply on their incomes. Generally high income people pay high tax rate and low income pay low tax but every individual pay tax if his income go beyond specified limit given by income tax department.

Example - individual has to pay rate of 10%, 20%, 30% slab rates whereas company's  have to pay direct 30% on their income

 

 

 

PERSON AS PER INCOME TAX ACT 1961

PERSON AS PER INCOME TAX ACT 1961.PERSON DEFINITION AS PER INCOME TAX ACT.PERSON TAX RATE SLAB,TAX RATE FOR INDIVIDUALS,PERSON CATEGORIES,PERSON TYPE AND TAX RATE,PERSON CLASSIFICATIONS