QuestionsCategory: Questions​Who is supposed to pay Income-tax?
adminvgnc Staff asked 7 months ago
1 Answers
adminvgnc Staff answered 7 months ago

Income-tax is to be paid by every person. The term ‘person’ as defined under the Income-tax Act under

covers in its ambit natural as well as artificial persons.

For the purpose of charging Income-tax, the term ‘person’ includes Individual, Hindu Undivided Families [HUFs], Association of Persons [AOPs], Body of individuals [BOIs], Firms, LLPs, Companies, Local authority and any artificial juridical person not covered under any of the above.

Thus, from the definition of the term ‘person’ it can be observed that, apart from a natural person,

an individual, any sort of artificial entity will also be liable to pay Income-tax.​