Understanding Legal Persons, Assessees, and Export Marketing
Classified in Economy
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Defining "Person"
A "person" can refer to various legal entities:
- Individual: A natural human being.
- Hindu Undivided Family (HUF): A family unit with common ancestors, treated as a single entity for tax purposes (India).
- Company: A corporate entity registered under the Companies Act or similar law.
- Firm: Partnership firms and limited liability partnerships (LLPs).
- Association of Persons (AOP) or Body of Individuals (BOI): A group with a common purpose, with or without a formal partnership.
- Local Authority: Municipal corporations, panchayats, and other local governance bodies.
- Artificial Juridical Person: Entities like trusts, universities, or temples, recognized by law.
Defining "Assessee"
An "assessee" is a person liable to pay taxes:
- Ordinary Assessee: