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We offer a bunch of fully combined tax and regulatory services. Our wide experience and in-depth knowledge combined with our vision and innovation helps dynamic businesses in their comprehensive operations. With, the growing ease of doing business in India, investors are extremely optimistic about making investments in the country. Our team of consultants supports businesses on several tax and regulatory matters at every stage of the business lifecycle which enables them to explore and make the most out of the opportunities.

Our team of Professionals provide a complete and the most tax-effective solutions to large multinational companies, mid-size businesses, high net worth individuals and entrepreneurs looking to grow their businesses.

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1. What is Income-tax?
It is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax are covered in the Income-tax Act, 1961.
2. What is the period for which a person’s income is taken into account for the purpose of Income-tax?
Income-tax is levied on the annual income of a person. The year under the Income-tax Law is the period starting from 1st April and ending on 31st March of next calendar year. The Income-tax Law classifies the year as (1) Previous year, and (2) Assessment year. The year in which income is earned is called as the previous year and the year in which the income is charged to tax is called an assessment year.
e.g., Income earned during the period of 1st April 2019 to 31st March 2020 is treated as income of the previous year 2019-20. Income of the previous year 2019-20 will be charged to tax in the next year, i.e., in the assessment year 2020-21.
3. Who is supposed to pay Income-tax?
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. For the purpose of charging Income-tax, 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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