Section 2(31) → Section 2(55)
Definition of Person
Quick Answer
Section 2(31) of the Income Tax Act, 1961 (Definition of Person) corresponds to Section 2(55) of the Direct Tax Code 2025 (Income-tax Act, 2025), effective 1st April 2026. Status: Retained.
Sec 2(31)
Provision Summary
Includes Individual, HUF, Company, Firm, AOP, BOI, Local Authority, and Artificial Juridical Person.
Sec 2(55)
Provision Summary
Retained. Fundamental entity classification remains the same.
Key Changes & Highlights
- Clarifications added for foreign incorporated LLPs.
Frequently Asked Questions
What does Section 2(31) of the Income Tax Act 1961 deal with?
Section 2(31) (Definition of Person) Includes Individual, HUF, Company, Firm, AOP, BOI, Local Authority, and Artificial Juridical Person.
What is the new section number for Section 2(31) under the Direct Tax Code 2025?
Section 2(31) of the ITA 1961 maps to Section 2(55) of the Direct Tax Code 2025 (Income-tax Act, 2025), effective from 1st April 2026.
What is the status of Section 2(31) under the new tax code?
Section 2(31) is marked as "Retained" with status "Active". Impact: Low - Continuity.
What are the key changes to Section 2(31) under DTC 2025?
Clarifications added for foreign incorporated LLPs.
Disclaimer: This page is for educational and reference purposes only. Section mappings are based on publicly available drafts and circulars. Always consult a qualified Chartered Accountant before filing or making compliance decisions under the Direct Tax Code 2025.
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