Person Sec. 2(31)

Understanding the Definition of 'Person' in Indian Income Tax Law

1. Individuals: Any natural person, including residents and non-residents, is considered a "Person" for the purposes of income tax.

2. Hindu Undivided Families (HUF): HUF is recognized as a separate entity for tax purposes and is considered a "Person" under the definition.

3. Companies: This includes domestic companies, foreign companies, private limited companies, public limited companies, and other corporate entities incorporated under the Companies Act, 2013.

4. Firms: Partnership firms, limited liability partnerships (LLPs), and other forms of registered partnerships are considered "Persons" under the definition.

5. Association of Persons (AOP): AOP refers to any group of individuals, companies, or other entities that come together for a common purpose or business activity and are taxed collectively as a separate entity.

6. Body of Individuals (BOI): BOI refers to a group of individuals who are assessed together for tax purposes if they do not constitute a partnership or HUF but are engaged in a common venture or activity.

7. Artificial Juridical Persons: This category includes entities such as trusts, estates, local authorities, statutory corporations, and other entities recognized as separate legal entities under law.