Liability in Special Cases - Sections 160 to 163 | Income Tax India | Chartered Accountant | Uplatz

Описание: https://uplatz.com/course-details/inc... | In this video session by Uplatz, we will learn about Sections 160 to 163 of Income Tax Act of India. As per the Sections 160 to 163 on Liability in Special Cases, a person is liable for his own wrongful acts and one does not incur any liability for the acts done by others.

In certain cases, like vicarious liability, the liability of one person for the act done by another person may arise. Liability can further be classified as strict and absolute liability. a person may not be liable only for his own income or loss but he may also be liable for the income or loss of other persons e.g. agent of a non-resident, guardian of minor or lunatic etc. In such cases, the person responsible for the assessment of income of such a person is called representative.

This video Liability in Special Cases - Sections 160 to 163 | Income Tax India | Chartered Accountant covers the liability of representatives under Sections 160 to 163 of the Income Tax Act. It explains that if a trust is not declared through a written instrument, it may be considered an oral trust. Such details affect the tax obligations of legal representatives, who must fulfill duties similar to those of the income recipient. If a person’s income is assessed in the hands of another, the representative is liable for taxes and dues as if the income were their own.
Additionally, the video Liability in Special Cases - Sections 160 to 163 | Income Tax India |

Chartered Accountant highlights that all representative assessees, including managers, trustees, and agents, share the same tax responsibilities and liabilities. The assessment process remains consistent, with the representative being treated as if the income were directly accruing to them. Understanding these sections is crucial for accurate tax compliance and fulfilling the duties of a legal representative.

#IncomeTaxIndia #LegalRepresentative #TrustLiability #IncomeTaxAct #TaxResponsibilities #TrustAssessment #RepresentativeAssessee #TaxCompliance #Section160 #CharteredAccountant

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