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Corporate Income Tax
1. What is Income-tax?
2. What is the period for which a person’s income is taken into account for the purpose of Income-tax?
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?
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.