DU SOL Q3. Define previous year & assessment year. Explain under what circumstances the income of a previous year is taxable in the previous year itself?

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Q3. Define previous year & assessment year. Explain under what circumstances the income of a previous year is taxable in the previous year itself? Also define person under section 2(31) of the income tax act 1961.

Previous year :  It means the financial year immediately preceding the assessment year. The income earned during the previous year is taxed in the assessment year.

 Assesment year: This means a period of 12 months commencing on 1st April every year. The year in which tax is paid is called the assessment year while the year in respect of the income of which the tax is levied is called the previous year.

CERTAIN CASES WHEN INCOME OF A PREVIOUS YEAR WILL BE ASSESSED IN THE PREVIOUS YEAR ITSELF – EXCEPTION TO SECTION 4

The income of an assessee for a previous year is charged to income-tax in the assessment year following the previous year. However, in a few cases, this rule does not apply and the income is taxed in the previous year in which it is earned. The exceptions are as follows:

 (1) Income of a Non resident from Shipping Business;

 (2) Income of persons Leaving India either permanently or for a long period of time;

 (3) Income of bodies formed for short duration;

 (4) Income of a person trying to alienate his assets with a view to avoiding payment of tax and

 (5) Income of a discontinued Business

 

PERSON [Section 2(31)]

 Section 2(31) - The definition is inclusive i.e. a person includes,

 (A) An Individual

 (B) A Hindu Undivided family [HUF]

 (C) A Company

(D) A Firm (including LLP)

 (E) An AOP or a BOI, whether incorporated or not

 (F) A local authority

(G) Every artificial juridical person, not covered above, but which are separate entities in the eye of law

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