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Under the Indian Income Tax Act, the entity on which Income Tax is levied is called an "Assessee". An "assessee" is a "person" by whom any tax or any other sum of money (such as interest, penalty, etc.) is payable under the Income Tax Act or in respect of whom any proceeding under the Act has been taken for the assessment of his income or loss. It also includes every representative assessee deemed to be an assessee under Chapter 15 of the Income Tax Act, 1961. A "Person" as per the IT Act, 1961 As per Section 2(31) of the I.T. Act a "person" refers not only to an individual but also corporate bodies like companies or non-corporate bodies such as Partnership firms, Associations, societies, local authorities, civic or town planning bodies and even artificial entities like temple, deities etc. It also includes the Hindu Undivided Family (H.U.F.), a status enjoyed by Hindus in India who follow the joint family system owning joint property. Residential Status The residential status is ... more
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Ans: An assessee is a person by whom any tax or any other sum of money is payable under the Act. more
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