Who can make up a body of individuals for income-tax purposes?
Question and options
Who can make up a body of individuals for income-tax purposes?
Firms only
Companies only
Individuals only
Companies and individuals
Answer and explanation
Correct answer: C - Individuals only
A body of individuals, one of the persons listed in section 2(77)(e) of the Income-tax Act, 2025, is formed only by individuals. Where a company or firm joins with individuals for a common purpose of earning income, the combination is an association of persons, not a body of individuals.
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