{"id":7855,"date":"2013-01-29T07:22:30","date_gmt":"2013-01-29T07:22:30","guid":{"rendered":"http:\/\/vskills.in\/certification\/tutorial\/?p=7855"},"modified":"2024-04-12T14:13:52","modified_gmt":"2024-04-12T08:43:52","slug":"taxation-2","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/taxation-2\/","title":{"rendered":"Business Accounting Tutorial | Taxation"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><a ref=\"magnificPopup\" href=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/MEANING-AND-SCOPE-OF-ACCOUNTING-29.png\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"400\" src=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/MEANING-AND-SCOPE-OF-ACCOUNTING-29.png\" alt=\"Taxation topic details\" class=\"wp-image-92273\" srcset=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/MEANING-AND-SCOPE-OF-ACCOUNTING-29.png 750w, https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/MEANING-AND-SCOPE-OF-ACCOUNTING-29-300x160.png 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/a><\/figure>\n<\/div>\n\n\n<p><a href=\"https:\/\/www.vskills.in\/certification\/tutorial\/business-accountant\/\" target=\"_blank\" rel=\"noreferrer noopener\">Go back to Tutorial<\/a><\/p>\n\n\n<h3><strong>Taxation<\/strong><\/h3>\n<p>Let&#8217;s learn more about taxation.<\/p>\n<ul>\n<li>&#8211;&nbsp; <strong>Assesse :<\/strong> An Assessee means a person by whom any tax or any other sum of money is payable under Income tax Act. It includes deemed assessee [section 2(7) of Income Tax Act].<\/li>\n<li>&#8211; <strong>Person:<\/strong> &#8216;Person&#8217; includes, Individual, HUF, Company, Partnership Firm, Association of Persons (AOP) or body of individuals whether incorporated or not, Local Authority like Municipality etc., Artificial Judicial person not falling in any of the aforesaid categories e.g. a Hindu deity [section 2(31) of Income Tax Act].<\/li>\n<li>&#8211;&nbsp;<strong> Assessment Year:<\/strong> Assessment year means the period of twelve months commencing on the 1 st day of April every year [section 2(9) of Income Tax Act].<\/li>\n<li>&#8211;<strong> Previous Year:<\/strong> Previous year means the financial year immediately preceding the assessment year. If a business\/profession is newly set up, previous year is the period from date of setting up that business or profession and ending with the financial year [section 3 of Income Tax Act].<\/li>\n<li>&#8211;&nbsp; <strong>Hindu Undivided Family (H.U.F)<\/strong> : A Hindu Undivided Family (HUF) consists of all persons lineally descended from a common male ancestor. It is assessable in respect of income derived from the joint family corpus. However, income earned by individual members of HUF in their individual and personalcapacities is taxed as their personal income. Such income is not treated as income of HUF. Thus, it is possible to have an income from a proprietary firm (in individual capacity) as well as income from a business of HUF. Both are eligible for separate tax exemptions. Business of HUF can, of course, be conducted in a different name. In such case, the HUF will be proprietor of the firm in the name of which business is being conducted. It may be noted that there is no question of &#8216;forming&#8217; an HUF, as every male Hindu automatically has &#8216;HUF&#8217; status. A Hindu male can have his own separate HUF even if his father or son has separate HUF. One HUF with only one male member is permissible. If an individual throws his separate property into the property of HUF, income from such converted property will be included in the total income of such individual. Hence, the HUF business should be from independent source of capital and not from the funds provided by an individual member of the HUF. Thus, if an HUF intends to conduct a business, its financial resources have to be carefully planned. The income of HUF is chargeable at the same rate as individual income. Thus, if an individual splits his business &#8211; partly in his individual capacity and partly in name of firm owned by HUF, considerable tax saving is possible, if done systematically and carefully.<\/li>\n<\/ul>\n<p>This module covers the following topics:<\/p>\n<ul id=\"block-28a6876b-223b-497b-95d4-3532188b2d4d\" class=\"block-editor-rich-text__editable block-editor-block-list__block wp-block is-selected rich-text\" tabindex=\"0\" role=\"group\" contenteditable=\"true\" spellcheck=\"false\" aria-multiline=\"true\" aria-label=\"Block: List\" data-block=\"28a6876b-223b-497b-95d4-3532188b2d4d\" data-type=\"core\/list\" data-title=\"List\">\n<li><a href=\"http:\/\/vskills.in\/certification\/tutorial\/accounting-banking-finance\/business-accountant\/taxation-terminologies\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-rich-text-format-boundary=\"true\">Terminologies<\/a><\/li>\n<li><a href=\"http:\/\/vskills.in\/certification\/tutorial\/accounting-banking-finance\/business-accountant\/residential-status-of-an-entity-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">Residential Status of an entity<\/a><\/li>\n<li><a href=\"http:\/\/vskills.in\/certification\/tutorial\/accounting-banking-finance\/business-accountant\/income-tax-liability-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">Income Tax Liability<\/a><\/li>\n<li><a href=\"http:\/\/vskills.in\/certification\/tutorial\/accounting-banking-finance\/business-accountant\/computation-of-total-income-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">Computation of Total Income<\/a><\/li>\n<li><a href=\"http:\/\/vskills.in\/certification\/tutorial\/accounting-banking-finance\/business-accountant\/heads-of-income-tax-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">Heads of Income Tax<\/a><\/li>\n<li><a href=\"http:\/\/vskills.in\/certification\/tutorial\/uncategorized\/taxability-of-income-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">Taxability of Income<\/a><\/li>\n<li><a href=\"http:\/\/vskills.in\/certification\/tutorial\/accounting-banking-finance\/business-accountant\/income-under-house-and-property-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">Income under House and Property<\/a><\/li>\n<li><a href=\"http:\/\/vskills.in\/certification\/tutorial\/accounting-banking-finance\/business-accountant\/deductions-from-gross-total-income-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">Deductions from Gross Total Income<\/a><\/li>\n<li><a href=\"http:\/\/vskills.in\/certification\/tutorial\/accounting-banking-finance\/business-accountant\/income-from-other-source-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">Income from other source<\/a><\/li>\n<li><a href=\"http:\/\/vskills.in\/certification\/tutorial\/accounting-banking-finance\/business-accountant\/advace-tax\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-rich-text-format-boundary=\"true\">Advance Tax<\/a><\/li>\n<li><a href=\"http:\/\/vskills.in\/certification\/tutorial\/accounting-banking-finance\/business-accountant\/tax-deducted-at-source\/\" target=\"_blank\" rel=\"noreferrer noopener\">Tax Deduction at Source (TDS)<\/a><\/li>\n<li><a href=\"http:\/\/vskills.in\/certification\/tutorial\/accounting-banking-finance\/business-accountant\/wealth-tax-in-india\/\" target=\"_blank\" rel=\"noreferrer noopener\">Wealth Tax in India<\/a><\/li>\n<li><a href=\"http:\/\/vskills.in\/certification\/tutorial\/accounting-banking-finance\/business-accountant\/service-tax-and-statutory-provisions\/\" target=\"_blank\" rel=\"noreferrer noopener\">Service Tax and statutory provisions<\/a><\/li>\n<li><a href=\"http:\/\/vskills.in\/certification\/tutorial\/accounting-banking-finance\/business-accountant\/vat-general-provisions\/\" target=\"_blank\" rel=\"noreferrer noopener\">VAT General Provisions<\/a><\/li>\n<li><a href=\"http:\/\/vskills.in\/certification\/tutorial\/accounting-banking-finance\/business-accountant\/cenvat\/\" target=\"_blank\" rel=\"noreferrer noopener\">CENVAT<\/a><\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.vskills.in\/practice\/business-accountant\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-92060 aligncenter\" src=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Add-a-subheading.png\" alt=\"certified business accountant free practice test\" width=\"960\" height=\"150\" srcset=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Add-a-subheading.png 960w, https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Add-a-subheading-300x47.png 300w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/h3>\n\n\n<p><a href=\"https:\/\/www.vskills.in\/certification\/tutorial\/business-accountant\/\" target=\"_blank\" rel=\"noreferrer noopener\">Go back to Tutorial<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Go back to Tutorial Taxation Let&#8217;s learn more about taxation. &#8211;&nbsp; Assesse : An Assessee means a person by whom any tax or any other sum of money is payable under Income tax Act. It includes deemed assessee [section 2(7) of Income Tax Act]. &#8211; Person: &#8216;Person&#8217; includes, Individual, HUF, Company, Partnership Firm, Association of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[3333],"tags":[6716,2882,2883,2914],"class_list":["post-7855","page","type-page","status-publish","hentry","category-business-accounting","tag-business-accountant","tag-business-accountant-certification","tag-certification-business-accountant","tag-terminologies"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Vskills Business Accounting Tutorial | Taxation<\/title>\n<meta name=\"description\" content=\"Enhance and Upgrade your taxation skills for better career opportunities. 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