Liability in Special Cases - Section 164 | Income Tax India | Become a Chartered Accountant | Uplatz

preview_player
Показать описание

Section 164 of the Income Tax Act, 1961, deals with the liability in special cases where a person is assessable as representative assessee. The section applies to situations where a person is assessed as a representative assessee on behalf of another person or entity. The representative assessee may be liable to pay tax in certain situations, as explained below:

1. Liability of a legal representative: If a person dies, and his/her legal representative is assessed as a representative assessee, then the legal representative shall be personally liable for any tax payable by the deceased person.
2. Liability of a trustee: If a trust is assessed as a representative assessee, then the trustee shall be liable to pay tax on behalf of the trust. However, if the trust is a specific type of trust, such as a charitable or religious trust, then the trustee may claim exemption from tax on the income of the trust.
3. Liability of an agent: If a non-resident person carries on any business in India through an agent, and the agent is assessed as a representative assessee, then the agent shall be liable to pay tax on behalf of the non-resident person.
4. Liability of a receiver or manager: If a person is appointed as a receiver or manager of any property, and is assessed as a representative assessee, then the receiver or manager shall be liable to pay tax on behalf of the person who owns the property.

In summary, Section 164 provides that the representative assessee shall be liable to pay tax on behalf of the person/entity for whom he/she is acting as a representative, subject to certain exemptions and conditions as per the Income Tax Act of India.

#IncomeTaxIndia #CharitableTrusts #ReligiousTrusts #Section164 #TaxLiability #TrustIncome #Exemptions #IncomeTaxAct #TaxCompliance #CharteredAccountant

---------------------------------------------------------------------------------------------

Welcome to Uplatz!
Uplatz is a leading organization providing Management Consulting, IT Training, Virtual employees, and Analytics services.

Uplatz is well known for providing instructor-led training and video-based courses on SAP, Oracle, Salesforce, Cloud Computing, AWS, Microsoft Azure, Big Data, Machine Learning, Python, R, SQL, Google Cloud Platform, Microsoft, IBM, Cisco, Adobe Technologies, DevOps, Project Management, Digital Marketing.

To buy full course, simply contact us at -

----------------------------------------------------------------------------------------------------------
Рекомендации по теме