Resident

Private Limited Company Public Limited Company Limited Liability Partnership Section 8 Company One Person Company Nidhi Company

Non-Resident

Liaison Office Branch Office Project Office Subsidiary Company Company Registration in India By Foreigners Global Capability Centre (GCC) in India

Registrations

GST Registration Import Export Code Registration In India Trademark Registration Start-up India Registration MSME Registration FCRA Registration

Regular Compliance

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Compliance

ITR Filling Services Increase in Authorized Share Capital Change in Name of Company Strike off a company Appointment of Director Change of Objects

Advisory

ESOP Advisory in India Business Valuation Experts Market Study Legal and Tax Structuring Internal Audit Advisory Due Diligence FEMA Consultant and Advisor Business Deck/Information Memorandum Technical Accounting Advisory

Shareholders Agreement (SHA) Share Subscription Agreement (SSA) Share Purchase Agreement (SPA) Joint Venture Agreements Franchise Agreement Founder Agreement

Valuation

Business Valuation Valuation under Insolvency and Bankruptcy Code (IBC) Portfolio Valuation Valuation of Brands, Intangible Assets & Intellectual Property Fairness Opinion Services Financial Modelling Services | CompaniesNext Merger Valuation & Swap Ratio Valuation of Financial Securities, Instruments & Derivatives Valuation of Infrastructure Assets & Specialized Assets Acquisition Valuation Services Purchase Price Allocation (PPA) Valuation ESOP Valuation Services Startup Valuation Services Impairment Study for Intangible Assets and Goodwill Quick Value DCF Valuation ESOP Valuation

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Who is liable to pay income tax?

Question

Who is liable to pay income tax?

Expert Answer

Answered 21 Oct 2022

2586 views

Income-tax is to be paid by every person. The term 'person' as defined under the Income-tax Act under section 2(3) covers in its ambit natural as well as artificial persons.

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

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