BASIS OF CHARGE

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....ear is Taxable: However, in specified circumstances / situations, income tax may be charged in respect of the income of a period other than the previous year. The sections with exceptions are as follows: SECTION PARTICULARS 172 Shipping business of Non-Residents; 174 Assessment of persons leaving India; 174A Assessment of AOP or BOI or AJP formed for a particular event or purpose; 175 Assessment of persons likely to transfer property to avoid tax; 176 Discontinued business Section 4(2) of Income Tax Act, 1961 provides that in respect of income chargeable under section 4(1), the income tax shall be deducted at the source or paid in advance, where it is so deductible or payable under any provision of this Act. CHARGE TO INCOME ....

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....rson [Section 2(31)]: As we know that income tax is levied on every person. However, in accordance with the provision of this section the definition of "person" is inclusive in nature and includes: * an Individual, * a Hindu Undivided Family (HUF), * a Company, * a Firm, * an Association of Persons (AOP) or a Body of Individuals (BOI), whether incorporated or not, * a Local Authority (LA), and * every Artificial Juridical Person (AJP), not falling within any of the preceding sub-clauses Explanation: An AOP or a BOI or a LA or an AJP shall be deemed to be a person, whether or not such person or body or authority or juridical person was formed or established or incorporated with the object of deriving income, profits or gains. ....