{"id":8952,"date":"2013-04-13T09:40:22","date_gmt":"2013-04-13T09:40:22","guid":{"rendered":"http:\/\/vskills.in\/certification\/tutorial\/?p=8952"},"modified":"2024-04-12T14:14:32","modified_gmt":"2024-04-12T08:44:32","slug":"taxation-terminologies","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/taxation-terminologies\/","title":{"rendered":"Business Accounting Tutorials | Taxation Terminologies"},"content":{"rendered":"\n<div class=\"wp-block-image\"><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-30.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-30.png\" alt=\"Taxation Terminologies topic details\" class=\"wp-image-92330\" srcset=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/MEANING-AND-SCOPE-OF-ACCOUNTING-30.png 750w, https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/MEANING-AND-SCOPE-OF-ACCOUNTING-30-300x160.png 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/a><\/figure><\/div>\n\n\n\n<p><\/p>\n\n\n<h3><strong>Taxation Terminologies<\/strong><\/h3>\n<p>Let&#8217;s learn more about Taxation Terminologies:<\/p>\n<ul>\n<li><b>Assess: <\/b>An assessee means a person by whom any tax or any other sum of money is payable under income tax Act. It include deemed assessee [section(2(7) of income Tax Act].<\/li>\n<li><b>Person: \u2018<\/b>Person\u2019 includes, individual, HUF, Company Partnership Firm. Association of Person (AOP) or body of individuals whether incorporated or not, Local Authority like Municipality etc. Article judicial person not falling in any of the aforesaid categories e.g.<\/li>\n<li><b>Assessment Year:\u00a0<\/b>Assessment year means the period of 12 months commencing on the 1st day of April every year<\/li>\n<li><b>Previous Year: <\/b>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.<\/li>\n<li><b>Hindu Undivided Family (H.U.F): <\/b>A HinduUndivided Family consist of all person lineally descended from a common male ancestor. It assessable in respect of income derived from the joint family corpus. However, income earned by individual\u2019s members of HUF in their individuals and personal capacities is taxed as their personal income. Such income is not treated as income of HUF.<\/li>\n<li class=\"apply\">\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<\/li>\n<\/ul>\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>Taxation Terminologies Let&#8217;s learn more about Taxation Terminologies: Assess: An assessee means a person by whom any tax or any other sum of money is payable under income tax Act. It include deemed assessee [section(2(7) of income Tax Act]. Person: \u2018Person\u2019 includes, individual, HUF, Company Partnership Firm. Association of Person (AOP) or body of individuals&#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":[3318],"class_list":["post-8952","page","type-page","status-publish","hentry","category-business-accounting","tag-taxation-terminologies"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Business Accounting Tutorials | Taxation Terminologies<\/title>\n<meta name=\"description\" content=\"Want to learn more about Taxation Terminologies. 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