Forex

Assessee

ncome Tax Act 1961 (Act no. 43) defines 'assessee' as a person by whom any tax or any other sum of money is payable under this Act, and includes -

* Every person in respect of whom any proceeding under this Act has been taken for the assessment of his income or of the income of any other person in respect of which he is assessable, or of the loss sustained by him or by such other person, or the amount of refund due to him or to such other person;
* Every person who is deemed to be an assessee under any provision of this Act;
* Every person who is deemed to be an assessee in default under any provision of this Act;
Company

Section 2(17) of the act defines company. The term company includes:

1. any Indian company
2. any corporate incorporated by or under the laws of country outside India
3. any institution, association or body which is or was assessable or was assessed as a company for any assessment year under the 1922 Act or under the 1961 act any institution, association or body, whether incorporated or not and whether Indian or non Indian, which is declared by general or special order of the board to be a company only for such assessment year or assessment years


Foreign Exchange Asset

This mean any specified asset which the assessee has acquired, purchased with or subscribed to, in convertible foreign exchange.