Individual Taxpayer

Tax Glossary Definition

Individual Taxpayer

Individual Taxpayer – An individual taxpayer is a natural person who is liable to pay income tax on earnings such as salaries, professional fees, business income, or other sources of income. The income earned during a Financial Year (FY) is assessed and taxed in the corresponding Assessment Year (AY). Individual taxpayers may include salaried professionals, consultants, or self-employed individuals whose income exceeds the basic exemption limit under the income tax law.

Example: A software engineer earning a salary of ₹12 lakh in FY 2022–23 must report this income and pay the applicable tax in AY 2023–24

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