Basic Terms

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● Definition which are definite, specific, complete and full are called as ___________
Inclusive definition.

● Explanations
_______________ means a clarification of a particular term or a part of section.

● Person
The term __________ includes individual, HUF, Company, AOP, BOI, Local Authority etc.

● Minus Income
Loss is to be taken as _______________.

● Person includes a natural human being and also includes _________ Unsound mind
Minor or a person of _____________.

● Gift
Any sum of money received without consideration by an individual is called as __________.

● less than
Previous year of a newly set up business can be of ____________ 12 months.

● Personal gifts are not chargeable to tax.

__________

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● Any sum received or receivable in cash or kind under an agreement for not carrying out an activity in
Non-Compete Agreement
relation to a business is called as ________________________.

● 50,000 received without consideration by an individual is treated

Any sum of money exceeding Rs. _________
as Income.

● Financial year immediately preceding the assessment year.

Previous year means the ____________

● Periodical Monetary Return

Income is expected to be a ________________________.

● Assessment Year
A period of 12 months commencing on the 1st day of April every is called _________________.

● Reassessment
According to section 2(8), Assessment includes _______________.

● Assessee
A person by whom any tax is payable under the act is known as an ______________.

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● The law governing income tax is specified in the Income Tax Act __________.
1961

● 1962
The rules for implementation of income tax are contained in Income Tax Rules, ________.

● 2(9)
Assessment year is defined in section _________ of the Income Tax Act.

● 3
Previous year is defined in section ___________ of the Income Tax Act.

● 2(31)
Person is defined in section __________ of the Income Tax Act.

● 2(24)
Income is defined in section __________ of the Income Tax Act.

● 2(8)
Assessment is defined in section __________ of the Income Tax Act.

● 2(7)
Assessee is defined in section __________ of the Income Tax Act.

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● 4
Charge of income tax is laid down in section ___________ of the Income Tax Act.

● Individual
The legal status under the Income Tax Act of Dhiren a minor son of Kishor, is ___________.

● Company
The legal status under the Income Tax Act of Mukand Steel Ltd., is ___________.

● Artificial Judicial Person

The legal status under the Income Tax Act of Mumbai University, is _____________________.

● The legal status under the Income Tax Act of Safalya Co-op Housing Society Ltd., is
Association of Persons
_____________________.

● Company
The legal status under the Income Tax Act of New India Bank Ltd., is ___________.

● Local Authority
The legal status under the Income Tax Act of Mumbai Port Trust, is _______________.

● Individual
The legal status under the Income Tax Act of Madhuri Dixit, is ___________.

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● Local Authority
The legal status under the Income Tax Act of Baroda Municipal Corporation, is ______________.

● The legal status under the Income Tax Act of Mr. Matwala, a person of unsound mind, is
___________.
Individual

● The legal status under the Income Tax Act of A Joint family of Mr. sunil, his wife and two sons, is
Hindu Undivided Family
_____________________.

● The legal status under the Income Tax Act of A joint venture between Mr. Contractor, Mr. Painter & Mr.
Body of Individuals
Cementwala for construction of Kalpataru Building, is _____________________.

● The legal status under the Income Tax Act of Mr. Dharmaraj and his four brothers joining together to
Body of Individuals
purchase a lottery ticket and sharing the prize, if any, equally, is ___________________.

● Section 2 of the Income Tax Act, 1961 gives the definition of various terms.
___________

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● The act has _____

23 chapters, ______
298 sections and _____
14 schedules.

● Proviso means an exception to the provision in section.

_________

● Exhaustive and ____________.

The two types of definitions are ______________ Inclusive

● Inclusive Definition provide scope for interpretations.

__________________

● Assessment is the process of determining the tax payable by an assessee.

_____________

● Fictional
Income should be real and not __________.

● Accrual basis or _________

Income can be on ________ Receipt basis.

● Exclusive Right Agreement

Non compete agreements are also called _______________________.

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● Capital Gain is chargeable u/s 45.

____________

● Awards
____________ received by a professional sportsman is an income.

● Pin Money
_______________ received by wife for her personal expenses is not treated as income.

● Association fo Person
A.O.P is the abbreviation used for ____________________.

● Previous Year
The financial year in which the income is earned is called as the _________________

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