Like Legal Law

Q.8 Write short notes on any two of the following: (i) Define the term ‘Person’ — [Section 2(31) of the Income Tax Act, 1961] 📘 Meaning: The word ‘Person’ under the Income Tax Act has a very wide meaning . It does not mean only a living human being — it includes every entity capable of earning income and paying tax . Under Section 2(31) , the term “Person” includes the following seven categories: An Individual — Example: Any person like Mr. A or Ms. B. A Hindu Undivided Family (HUF) — Example: Joint Hindu family with Karta and members. A Company — Example: Infosys Ltd., TCS, etc. A Firm — Example: Partnership firms. An Association of Persons (AOP) or Body of Individuals (BOI) — Example: Group of people earning jointly, such as lottery groups. A Local Authority — Example: Municipal Corporation, Gram Panchayat. Every Artificial Juridical Person — Example: Temple Trust, University, or Idol of a Deity (legal personality but not human). ⚖️ Case Law:...