ASSESSEE:-Sec.2 (7):-Assessee
means a person by whom any Tax or any Sum of money is payable under Income Tax
Act.1961.
PERSON:-Sec.2(31):-An Individual, A HUF,Acompany,A
firm, An Aop,A Local Authority, And Artificial Judicial Person.
ASSESSMENT YEAR:-Sec.2 (9):-Assessment year means the
period of 12 months commencing on the first day of April every year. It is,
therefore, a period from 1st of April to 31st March. It
is the year immediately succeeding the previous year.
PREVIOUS YEAR:-Sec.-3:-Previous year means the
financial year immediately proceeding the Assessment year. The first previous
year may be of less than 12 months.
GROSS TOTAL INCOME:-Sec.14:-All sum of five head of
Income of the assessee, before deduction of Sec.80C to 80U.
TOTAL INCOME:-Sec.2(45):-The total income of an
assessee is computed by deducting from the Gross total income, all deductions
permissible under Chapter VIA of the Income-tax act.i.e, deduction under
Sec.80C to 80U.
**Rounding Off of total
income in this act. Is nearest Ten repees.Sec.288A
**Rounding Off of Tax.
In this act. is nearest Ten rupees.Sec.288B
SALARY:-Sec.17(1):-According to Income-tax
act.1961.any wages, annuity or pension,gratuity,any fees,commission,perquisites
or profit in lieu of salary,etc.(As per EJUSDEM GENERIS Rule),is called salary…
## Gratuity:-Sec.10(10),Leave salary:-Sec.10(10AA),Retrenchment
compensation:-Sec.10(10B),Compensation on Voluntary retirement:-Sec.10(10C),Pension:-Sec.10(10A)
## House rent allowance:-Sec.10(13A) read with Rule
2A
## Deduction from salary:-Sec.16[Sec.16(ii)-entertainment,Sec.16(iii)-employment
tax]
