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Who is liable to pay Income-tax?

April 26, 2017Income-Tax liable pay

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Who is liable to pay Income-tax?

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Ans : Every ‘person’ who has taxble income during the previous year shall be liable to pay income tax. ‘Person’ is defined in the Income-tax Act to include (i) an individual, (ii) a Hindu undivided family, (iii) a company, (iv) a firm, (v) an association of persons or a body of individuals, whether incorporated or not, (vi) a local authority (vii) every artificial juridical person, not falling within any of the preceding items.