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 Income-tax Act, 2025, effective 1st April 2026. Status: Retained.
What changed for Section 2(31)
Section 2(31) of the 1961 Act sets out the rules on definition of person. Includes Individual, HUF, Company, Firm, AOP, BOI, Local Authority, and Artificial Juridical Person.
From 1st April 2026, the same subject sits at Section 2(55) of the Income-tax Act, 2025 — retained and renumbered as Section 2(55) of the Income-tax Act, 2025. Retained. Fundamental entity classification remains the same.
For Section 2(31), the practical impact is rated Low. Continuity.
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 is Section 2(31) of the Income Tax Act, 1961 about?
Section 2(31) of the Income Tax Act, 1961 covers definition of person. Includes Individual, HUF, Company, Firm, AOP, BOI, Local Authority, and Artificial Juridical Person.
Which section replaces Section 2(31) in the Income-tax Act, 2025?
Section 2(31) of the Income Tax Act, 1961 maps to Section 2(55) of the Income-tax Act, 2025, effective 1st April 2026 (status: Retained). Retained. Fundamental entity classification remains the same.
What is the impact of the change to Section 2(31) under the new tax code?
The transition impact for Section 2(31) is rated Low. Continuity.
What should I watch out for when Section 2(31) moves to the 2025 code?
Clarifications added for foreign incorporated LLPs. These points are specific to Section 2(31) (Definition of Person).
Disclaimer: This mapping of Section 2(31) (Definition of Person) to Section 2(55) of the Income-tax Act, 2025 is for educational and reference purposes only, based on publicly available drafts and circulars. As Section 2(31) is currently marked Retained, always confirm its treatment with a qualified Chartered Accountant before filing or making compliance decisions.
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