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Income Tax is a tax imposed by the Government of India on any body who earns income in India. This tax is levied on the strength of an Act called Income tax Act which was passed by the Parliament of India. Any Individual or group of Individual or artificial bodies who/which have earned income during the previous years are required to pay Income tax on it.

The Income Tax Act recognizes the earners of income under seven categories. These are :

1. Hindu Undivided Family [HUF]

2. Association of Persons [AOP]

3. Body of individuals [BOI]

4. Firms

5. Companies

6. Local authority

7. Artificial juridical person

Income earned in the twelve months contained in the period from 1st April to 31st March (commonly called Financial Year [FY]) is taken into account for purposes of calculating Income Tax. Under the income tax Act this period is called a Previous year . It is the twelve-month period 1st April to 31st March immediately following the previous year In the Assessment year a person files his return for the income earned in the previous year.

i) The rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below) or Hindu undivided family or every association of persons or body of individuals , whether incorporated or not, or every artificial juridical person