CA Intermediate · Taxation · Basic Concepts
Under the Income-tax Act, 2025, which of the following is a 'person' in the definition of the Act?
A local authority and an artificial juridical person are both included in the definition of person. The definition is wide and covers individuals, HUFs, companies, firms, AOPs or BOIs, local authorities and other artificial juridical persons, regardless of residence or PAN.
- AOnly individuals and companies
- BA local authority and an artificial juridical personCorrect
- COnly resident entities
- DOnly entities registered with the PAN authority
Explanation
The definition of person includes an individual, HUF, company, firm, association of persons or body of individuals, local authority, and every artificial juridical person not covered earlier. Hence a local authority and an artificial juridical person both qualify.
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