Tax Glossary Definition
An assessee refers to any individual, company, partnership firm, or other entity that is liable to pay income tax or is subject to assessment under the provisions of the Income Tax Act, 1961. The term also encompasses persons who are required to file an Income Tax Return (ITR), pay any tax or penalty, or comply with notices or proceedings initiated by the Income Tax Department.
Example: A person submitting an Income Tax Return (ITR) for a particular financial year is regarded as an assessee under Section 2(7) of the Income Tax Act, 1961.
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