Income Tax Act.-1961

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 1^st of April to 31^st 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]