Basic concepts of Income Tax Act 1961 | [Section-1 to 4] | Akash Kumar Chauhan

Basic concepts of Income Tax Act 1961
Section 1 of Income Tax Act 1961
Section 3 of Income Tax Act 1961
Section 2(9) of Income Tax Act 1961
Section 2(7) of Income Tax Act 1961
Section 2(31) of Income Tax Act 1961
Section 4 of Income Tax Act 1961
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This is Income Tax Act 1961 w.e.f. 1962.
Previous Year - This is financial year which is immediately preceeding the assessment year.
Assessment Year - In which year income tax is calculate.
Assessee - It is a person by whom any tax is paid or any some of money payable under this act, it also include on which any tax proceedings has been taken, sometimes Income of other person is assessment on that person and it also include assessee in default and deemed assessee.
Person - It includes
1. Individuals
2. HUF
3. Firm
4. Company
5. AOP/BOI
6. Artificial Judicial Person
7. Others
Charging Section of Income Tax Act 1961which gives summary of income tax act 1961.
When income is earned and payable in previous year
1. Income from foreign shipping business.
2. Person leaving India permanently.
3. AOP/BOI formed for special purpose.
4. Discontinued Business.
5. Transfer of property for evade of taxation.
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Basic of Income Tax: kzbin.info/aero/PLCuiSz-geH9dbwQTVWHFh3nyNUxsbJh8t

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SALARY (Income Tax): kzbin.info/aero/PLCuiSz-geH9donQHng22iH_3Uq6zL-2aM

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