Corporate Assessee

corporate is an assessee who are incorporated under the companies act and non corporate assessee are other than corporate assessee........

i am agree with mr. rakesh

@ Rakesh : but the income of firms, aop etc are also taxable as companies..ok If corporate assessee is company only..then wat will be tds deduction under sec 194 for firms/aop ??

Yes, what Amit says is right. Every assessee except Individual and HUF are taxable as companies. 

So my problem (for my research) is that when I am looking at the CAG reports I have tax revenues from corporate assessee and non-corporate assessee I am not what corresponds to the no. and types of assessees for the evolution of tax revenues. 

Dear Mr Rakesh & Mr Amit,

Income Tax Act 1961 dose not contained the terms like "Corporate" or "Non Corporate Assessee", these are used only in the context of payment of tax. for eg. while filing the challan in form 281 / 280 etc.

Further, the CAG report is the Union Report which understand the Income tax as Direct Tax . The Direct Tax is further classified into Company and non company from revenue collection point of  view.

Hence, in the income tax, Corporate assessee must be understood as Company assessee as defined in sectioin 2 of Income Tax Act.

Dear Sir / Madam (PANJ & Associates),

Thanks for the reply. That helps in sorting out who the company assessee is when I look at the tax revenue details in the govt reports.

I have another question: What do they mean by non-corporate assessee? Do they include wealth tax, gift tax, interest tax assessees? (Of course this concerns only Direct tax)

Best regards

as per finance bill 2012 only for wealth tax purpose. individual and huf are liabile to wealth tax. in case of partnership firm, association of person, local authority, only the partnerof firm or member of association of person are liable to wealth tax. means (individual and HUF)

@ Rakesh

In Income Tax Act, 1961, there are 7 category of Person Sec 2(31) 

1) Individual 2) HUF 3) Partnership Firm 4) Company 5) AOP/BOI 6) Local Authority 7) Artificial Judicial Person

So Corporate assessee means ONLY company and non corporate assessee means all assessees other than company.

Definition of assessee is stated in sec 2(7) of the act

Which briefly states that every person (sec.2(31)) by whom any tax under the IT act is payable, representing any other person or who is in default in the act.

This is all in regard to Income Tax Act.

Wealth tax is dealt separately in this regard

Gift Tax no more exist.

Regards

What is the meaning of Corporate Assessee in Income Tax. Can any private cbse affiliated school under Trust (using trust PAN) under Corporate Assessee ?

Regards,

Pulak Datta

Originally posted by : PULAK DATTA
	What is the meaning of Corporate Assessee in Income Tax. Can any private cbse affiliated school under Trust (using trust PAN) under Corporate Assessee ? Regards, Pulak Datta

Trust shall be considered as AOP/BOI, as the case may be. There are separate provisions and rules for assessment of such assessee as Trust.