Dilemmas of AOPs engaged in business
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- Last Updated on 5 January, 2022
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V. K. SUBRAMANI – [2021] 133 taxmann.com 332 (Article)
Section 2(31) of the Income-tax Act, 1961 defines the term “person” and this term must be understood besides the term ‘assessee’ which is defined in section 2(7) of the Act. The term ‘assessee’ is used more frequently than the term ‘person’. It may be noted that the definition of the term ‘assessee’ uses the term ‘person’ and thus covers a larger field, including the collection of tax or any other sum of money payable by any person under the Act.
This refresher takes note of AOP’s dilemmas regarding choosing the status, the applicability of presumptive provisions, and the requirement of tax deduction at source by such entities.
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