- Who can be assessee for PAN card?
- Can a company be the assessee?
- Is every person an assessee?
- What is Unrealised rent?
- Who is a person as per Income Tax Act?
- Who is not an assessee?
- Who is treated Assessee?
- Who can be representative assessee?
- How many kinds of assesses are there?
- What is area code in PAN card?
- Who invented the VAT?
- Who is an assessee?
- Who is called resident in India?
- Who is non resident?
- What is range code in PAN card?
Who can be assessee for PAN card?
Therefore this column should be filled in by representative assessee only as specified in Section 160 of the Income-Tax Act, 1961, such as, an agent of the non resident, guardian or manager of a minor, lunatic or idiot, Court of Wards, Administrator General, Official Trustee, receiver,manager,trustee of a Trust ….
Can a company be the assessee?
Every assessee except Individual and HUF are taxable as companies. … and types of assessees for the evolution of tax revenues.
Is every person an assessee?
An assessee is a person who pays a certain amount to the government as tax in a financial year. This is as per the Income Tax Act of 1961. It contains every individual who has been assessed for his income, the income of another person, or the profit and loss he has sustained.
What is Unrealised rent?
What is unrealized rent? When a tenant defaults on the payment of her rent, for income tax (I-T) purposes, it is called unrealized rent. The I-T department explains it as the amount of rent that the owner cannot realize, and the amount can be equal to the amount of rent payable.
Who is a person as per Income Tax Act?
Association of Persons or Body of Individuals or a Local authority or Artificial Juridical Persons shall be deemed to be a person whether or not, such persons are formed or established or incorporated with the object of deriving profits or gains or income.
Who is not an assessee?
Ram, who has earned a total income of Rs. 1,60,000 in the previous year. He is a person and not an assessee as his total income is less than the exemption limit of Rs. 2,50,000 and no tax or any other sum of money is due to him.
Who is treated Assessee?
An assessee is any individual who is liable to pay taxes to the government against any kind of income earned or any losses incurred by him for a particular assessment year. Each and every person who has been taxed in the previous years for income earned by him is treated as an Assessee under the Income Tax Act, 1961.
Who can be representative assessee?
Representative assessees are used while assessing a non-resident taxpayer under the provisions of Income Tax law. According to Section 163 of Income Tax Act, a Representative Assessee is a person who is employed as an agent on behalf of an NRI for the purposes of income tax assessment.
How many kinds of assesses are there?
6 typesThe 6 types of assessments are: Diagnostic assessments. Formative assessments. Summative assessments.
What is area code in PAN card?
AO Code is a combination of Area Code, AO Type, Range Code and AO Number. Applicants for PAN are required to provide the AO code in their application. This information can be obtained from the Income Tax Office. Applicants may search their AO Codes on the basis of description wherever provided.
Who invented the VAT?
Maurice LauréVAT is a continental invention. French tax authority apparatchik Maurice Lauré fathered the tax in 1954, although a tax that touched on every stage of the production process was first theorised in Germany a century earlier.
Who is an assessee?
[(2) “assessee” means a person by whom income-tax or any other sum of money is payable under this Act, and includes every person in respect of whom any proceeding under this Act has been taken for the assessment of his income or of the loss sustained by him or of the amount of refund due to him;]
Who is called resident in India?
To qualify as a resident Indian, an individual should have spent 182 days or more of a financial year in India, or stayed in India for 60 days or more in the year and for a period of 365 days or more in the 4 years preceding the relevant financial year.
Who is non resident?
A non-resident is an individual who mainly resides in one region or jurisdiction but has interests in another region. In the region where they do not mainly reside, they will be classified by government authorities as a non-resident.
What is range code in PAN card?
Range Code: It says the income range a taxpayer belongs. AO Number: This denotes the assessing officer number assigned to that particular ward/circle. Such AO code is required to be quoted in PAN application. You can get the information from the income tax department.