Income Tax is levied by the Government of India on the income of every person. The provisions governing the Income-tax are covered in the Income-tax Act, 1961. Income-tax is levied on the annual income of a person. The year considered under the Income-tax Law is the period starting from 1st April and ending on 31stMarch of next calendar year. Income-tax is to be paid by every person. For the purpose of charging Income-tax, the term 'person' includes Individual, Hindu Undivided Families [HUFs], Association of Persons [AOPs], Body of individuals [BOIs], Firms, LLPs, Companies, Local authority and any artificial juridical person not covered under any of the above.