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This section of the Income Tax Act explains the meaning of various important terms used in the law. It defines who is considered an assessee, which includes both residents and certain non-residents of India. It clarifies what is meant by assessment, assessment year, previous year, and resident. It also explains what the Appellate Tribunal is, what the Central Board of Direct Taxes (CBDT) refers to, and the meaning of terms like participant, prescribed, and unincorporated body. The section defines undisclosed assets located outside India and undisclosed foreign income, which are assets or income held abroad that have not been declared or explained properly. It also mentions that if a word is not defined here but is defined in the Income Tax Act, 1961, it will have the same meaning as given in that Act. This part of the law ensures clarity and consistency in understanding tax-related term.For more information, visit our website.
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