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What is SEC 2(31) PERSON ?

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  1. (a) An individual- means a single natural person i.e. human being and includes a male, female, minor, or a lunatic. However, sometimes income of a minor is included in income of a parent. (b) A Hindu undivided family-(HUF) -As per Hindu law HUF means a family having all persons, lineally descended fRead more

    (a) An individual– means a single natural person i.e. human being and includes a male, female, minor,
    or a lunatic. However, sometimes income of a minor is included in income of a parent.
    (b) A Hindu undivided family-(HUF) -As per Hindu law HUF means a family having all persons,
    lineally descended from a common ancestor including their wives and
    daughters. W.e.f. 9.9.05, due to the amendment of the Hindu
    Succession Act, even after marriage, daughter can continue to remain a
    member of HUF. For tax purposes such a family should have a common
    source of income for all persons. HUF always remains HUF unless HUF is partitioned.
    For E.g., a joint family consisting of Mr. J Kapoor, Mrs. Kapoor, Son T. Kapoor and
    unmarried daughter E. Kapoor.
    (c) A Company– As per clause (17) to Section 2. “Company” means

    a. Any Indian company, or
    b. Any Body corporate incorporated by or under the laws of a country outside
    India, or
    c. Any institution, association or body, whether incorporated or not and
    whether Indian or Non-Indian, which is declared by general or special order of the Board to be
    a company.
    (d) A firm means a partnership firm i.e. “relationship between persons
    who have agreed to share the profits of a business carried on by all or any of
    them acting for all”. Persons who have entered into partnership with one
    another are called partners, and the name under which the firm is run is called the
    firm’s name. It includes Limited Liability Partnership (LLP)
    (e) An Association of Persons (AOP) or a Body of Individuals (BOI), whether incorporated or
    not;
    Association of Persons: means when two or more persons join for a common purpose
    with a view to earn income.
    Body of Individuals: When two or more individuals carry on
    certain activity with the purpose with a view to earn income it is
    called Body of Individuals (BOI).

     

     

     

    (f) A Local Authority: It means any Government body formed with the
    purpose of controlling and managing a local fund. It can be a municipal
    corporation, district board, Public works department, or other authority
    legally entitled to or entrusted by Govt. to handle public funds.
    (g) Every Artificial juridical person (AJP): not falling within any of the preceding sub- clauses:
    These are not natural persons but are separate entities in the eyes of law. They can be sued
    directly or through its management.
    For e.g. religious deities, Universities, research centers, etc. which earn a certain
    income, fall under this category.

     

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