Who are assesses?

Who are assesses?

An assessee is any individual who is liable to pay taxes to the government against any kind of income earned or any losses incurred by him for a particular assessment year. Each and every person who has been taxed in the previous years for income earned by him is treated as an Assessee under the Income Tax Act, 1961.

Who is an assessee example?

All individuals who pay interest or who are supposed to get a refund from the government are categorised as normal assessees. For example, Mr A is a salaried individual who has been paying taxes on time over the past 5 years. Then, Mr A can be considered as a normal assessee under the Income Tax Act, 1961.

What are the types of assessee?

Types of Assessee

• Normal Assessee.
• Representative Assessee.
• Deemed Assessee.
• Assessee-in-default.

What is company Assessee?

As per Income tax act, companies registered under Companies Act, 1956 & 2013 are termed as Corporate Assessee.

In which section Assessee defines?

Central Government Act. Section 2(7) in The Income- Tax Act, 1995. (7) ” assessee” means a person by whom 3 any tax] or any other sum of money is payable under this Act, and includes-

Who is not an assessee?

Ram, who has earned a total income of Rs. 1,60,000 in the previous year. He is a person and not an assessee as his total income is less than the exemption limit of Rs. 2,50,000 and no tax or any other sum of money is due to him.

Who is an assessee explain different heads of income?

Section 2(7) of the act describes income tax assessee as any individual, liable to pay taxes for any earned income or incurred loss in a single assessment year. An assessee can be an individual managing his own taxes or representing someone else. An assessee is basically anyone who is subject to income tax payment.

What is HUF India?

​​​Hindu Undivided Family (HUF) Under Hindu Law, an HUF is a family which consists of all persons lineally descended from a common ancestor and includes their wives and unmarried daughters. An HUF cannot be created under a contract, it is created automatically in a Hindu Family.

What is the total income of assessee?

In computing the total income of an assessee, there shall be included all income on which no income-tax is payable under Chapter VII and any amount in respect of which the assessee is entitled to a deduction from the amount of income-tax on his total income with which he is chargeable for any assessment year in …

Who is assessor and assessee?

is that assessee is something or someone that is assessed while assessor is one who assesses a property for tax or insurance evaluation.

Who is called deemed Assessee Mcq?

6. Who is a deemed assessee? A person who is deemed to be an assessee for some other person, is called ‘Deemed Assessee’. 7.

What is the meaning of assessee?

Noun 1. assessee – a person that is assessed individual, mortal, person, somebody, someone, soul – a human being; “there was too much for one person to do”… Assessee – definition of assessee by The Free Dictionary

Who is assessee in income tax?

Assessee is a person who is liable to be assessed under income tax act due to its earning. Assessee may be an Individual, HUF, Firm, Company, AOP (Association of Persons), BOI (Body of Individual), Institution etc.

What is the meaning of representative assesses?

Representative Assessee A person may not be liable only for his own income or loss but he may also be liable for the income or loss of other persons e.g. agent of a non-resident, guardian of minor or lunatic etc. In such cases, the person responsible for the assessment of income of such person is called representative assesses.

Who is an assessee under the IT Act?

Any individual who is supposed to make payments to the government in the form of interest or penalty or anybody who is entitled to tax refund under the IT Act is an Assessee. All such individuals are grouped under the category of Normal Assessee.