Understanding of basic definitions of Income Tax act, 1961

What is the significance of Section 2(31) in the Income Tax Act, 1961?

• It outlines the penalties for tax evasion.

• It defines the term 'person' for tax purposes.

• It describes the process for filing tax returns.

• It specifies the tax rates for individuals.

How does Section 2(31) define the term 'person'?

• The term 'person' includes individuals, HUFs, companies, firms, associations of persons, bodies of individuals, local authorities, and artificial juridical persons.

• 'Person' is defined as only legal entities.

• The term 'person' excludes companies and firms.

• The term 'person' only refers to individuals.

Can a Hindu Undivided Family (HUF) be considered a 'person' under Section 2(31)?

• No, an HUF cannot be considered a 'person' under Section 2(31).

• Yes, a Hindu Undivided Family (HUF) can be considered a 'person' under Section 2(31).

• Only individuals can be considered 'persons' under Section 2(31).

• An HUF is only recognized as a legal entity, not a 'person' under Section 2(31).

What implications does the definition of 'person' in Section 2(31) have on tax liability?

• It has no impact on tax liability for corporations.

• The definition is irrelevant to tax regulations.

• The definition limits tax liability to individuals only.

• The definition expands tax liability to include various entities beyond individuals.

What is the status of the following person under Income Tax act ?

Reliance Industries Ltd.

Roha Gram Panchyat

• 1. A Firm. 2. Local Authority

• 1. A Firm 2. An AOP

• 1. A company. 2. Local Authority

• 1. A company. 2. An AOP

The Marathwada University is (a)   under Sec.2(31) of Income Tax Act, 1961.

Mr. A earlier unemployed gets a job on 1st August 2024. What will be the relevant Previous Year for filing Income Tax return for the first time ?

• 01-04-2024 to 31-03-2025

• 01-08-2024 to 31-03-2025

• 01-04-2025 to 01-03-2026

• 01-08-2025 to 31-03-2026