Presentation
Solution:
Solution:
Previous years for the assessment years 2015-16 and 2016-17 will be as under:
2. DCM Ltd.
Ans: A Company
2. Income of Y (age 38 years) is Rs.2,55,000 for the assessment year 2017-18. He does
not file his return of income. Since he is supposed to file his return of income
(income being more than exempted slab of Rs.2,50,000), he is an “assessee”.
3. Income of Z (age 51 years) is Rs.75,000 for the assessment year 2017-18. He files
his return of income (even if his taxable income is less than Rs.2,50,000).
Assessment order is passed by the Assessing Officer without any adjustment. Z is
an “assessee”.
3. X is employed by A Ltd. Apart from salary, he has been provided a rent free
house by the employer. The value of perquisite in respect of rent free house is
taxable as income in the hands of X.
Tripathi Online Educare
Income u/s 2(24)
4. X is employed by A Ltd. He gets Rs. 3,000 per month as conveyance allowance
apart from salary. Rs.3,000 per month is treated as income {any amount which is
spent for official purpose out of conveyance allowance is exempt under section
10(14)}.
"Partnership" is the relation between persons who have agreed to share the
profits of a business carried on by all or any of them acting for all. Persons who
have entered into partnership with one another are called individually "partners"
and collectively a "firm", and the name under which their business is carried on
is called the"firm name“.
The words ‘body of individuals’ occurring in the Income-tax Act in the definition of the
word ‘person’ in section 2(31), therefore, could only mean a combination of
individuals who carry on some activity with the object of earning income .
It has authority for meeting local needs. It has also the power to collect necessary
funds for performing its functions.
Any entity having a separate legal existence, not covered under any of the above
categories, falls under this category e.g. an Idol, a corporation established under a
special act (e.g. Life Insurance Corporation), a University.
The amount of money one earns. This can be through one's job or through
investments, etc. The financial gain (earned or unearned) accruing over a given
period of time. Income is the consumption and savings opportunity gained by an
entity within a specified time frame, which is generally expressed in monetary terms.
...
“Assessee” means a person by whom income tax or any other sum of money is
payable under the Act. It includes every person in respect of whom any proceeding
under the Act has been taken for the assessment of his income or loss or the
amount of refund due to him. ...
“Assessment year” means the period starting from April 1 and ending on March 31 of
the next year. Example- Assessment year 2015-16 which will commence on April 1,
will end on March 31,. ...