The question asks for the specific section of the Income Tax Act that defines 'Assessment Year'. To answer this, one needs to recall the fundamental definitions provided in the initial sections of the Act.
C) Section 2(9) defines 'Assessment Year' under the Income Tax Act, 1961. It states that "Assessment Year" means the period of twelve months commencing on the 1st day of April every year.
This question tests knowledge of basic income tax terminology in India. It asks for the specific term used to describe the financial year in which income is earned.
D) Previous year — According to the Income Tax Act, 1961, the financial year in which income is earned is always referred to as the 'Previous Year'. For example, if income is earned between April 1, 2023, and March 31, 2024, this period is the Previous Year.
This question tests understanding of the fundamental concepts of 'Financial Year' and 'Assessment Year' in Indian income tax law. The financial year is when income is earned, and the assessment year is when that income is assessed and taxed. There is a specific relationship between these two periods.
Correct Option: A) 2025-26 is the correct assessment year for income earned in the financial year 2024-25, as per the definition of these terms in Indian income tax law.
The question asks for the specific section of the Income Tax Act, 1961, that defines the term 'person'. This is a direct factual question related to the definitions provided in the Act.
B) Section 2(31) is the correct answer because this section of the Income Tax Act, 1961, explicitly defines the term 'person'.
The question asks to identify which option is NOT included in the definition of 'person' under Section 2(31) of the Income Tax Act, 1961. This requires knowledge of the entities explicitly listed as 'persons' in the Act.
D) A registered trademark — A registered trademark is an intellectual property right, not a legal entity capable of earning income or being assessed for tax. Therefore, it is not included in the definition of 'person' under Section 2(31) of the Income Tax Act.
The question asks for the specific section of the Income Tax Act, 1961, that defines the term 'assessee'. To answer this, one needs to recall the definitions provided in Section 2 of the Act, which deals with definitions of various terms used throughout the Act.
C) Section 2(7) — This section explicitly defines the term 'assessee' in the Income Tax Act, 1961. An assessee is a person liable to pay tax or any other sum under the Act.