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An assessee can be any individual who has the liability to pay taxes to the government for the income earned during an assessment year. Every individual who paid tax in the previous years is considered as an Assessee under the IT Act, 1961.

• Individuals
• Hindu Undivided Family
• Company
• Association of Persons
• Firms
• Co-operative Societies

The financial year is considered from April 01- March 31st and the Income-tax rates may vary for each assessee.

The Indian revenue authorities follow a residence-based taxation system for each category. Broadly, the taxpayers are classified as residents or non-residents. Individual taxpayers may also be classified as ‘residents but not ordinary residents’.

However, ”Domestic company” refers to a company that is registered under the Companies Act, 1956 and is liable to pay income tax to the government against the income generated during the fiscal year. And a foreign company is controlled and managed outside India.