Hey,
An income tax assessee is someone who pays tax or any other amount in accordance with the provisions of the Income Tax Act of 1961. The term "assessee" refers to anyone who has had their income, their capacity to be assessed for another person's income, or their personal profit or loss evaluated. I would want to clarify that to understand the representative assessee meaning, you should know that it is a certain category of income tax assessee.
Avail NoBroker’s Legal Services to verify the property documents Calculate EMI on home loan via NoBroker EMI calculator.There are four different sorts of income tax assessees;
Normal Assessee
Representative Assessee
Deemed Assessee
Assessee-in-default
In some circumstances, a person may be required to pay taxes on income or losses incurred by a third party. Those people are referred to as representative assessees.
When a non-resident, a child, or a lunatic is responsible for paying taxes, representatives are needed. Such individuals won't be able to file their taxes on their own. They may have an agent or a guardian acting on their behalf.
Consider Mr. X's situation. He has spent the last seven years living overseas. He does, however, receive rent for the two Indian homes he owns. In order to file taxes in India, he enlists the aid of a relative named Mr. Y.
Mr. Y serves as a representative assessee in this situation. Because he is the property's guardian and stands in for Mr. X, Mr. Y will be required to supply the relevant paperwork if the assessing officer intends to look into the tax filing.
I hope this helps you understand the representative assessee meaning. I hope this helps:)
Read More:
What Is Deemed Assessee? How to Claim Income Tax Refund of Deceased Assessee? Who Can File ITR 4 and Who Cannot?Your Feedback Matters! How was this Answer?
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What Is The Meaning Of Representative Assessee?
Shivangi
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2022-11-21T20:43:01+00:00 2022-11-21T20:43:09+00:00Comment
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