Section 173 of Income Tax Act for AY 2023-24

Section 173 of Income Tax Act 1961 amended by Finance Act 2022 and IT Rules 1962. Recovery of tax in respect of non-resident from his assets.

Amended and updated notes on section 173 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Recovery of tax in respect of non-resident from his assets.

Chapter XV (Sections 159 to 180A) of the Income Tax Act 1961 deals with the provisions related to liability in special cases. Section 173 of IT Act 1961 provides for Recovery of tax in respect of non-resident from his assets.

Recently, we have discussed in detail section 172 (Shipping business of non-residents) of IT Act 1961. Today, we learn the provisions of section 173 of Income-tax Act 1961. The amended provision of section 173 is effective for financial year 2022-23 relevant to the assessment year 2023-24.

In this article, you will learn detail of the provisions of section 173 of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.

Section-173: Recovery of tax in respect of non-resident from his assets

Without prejudice to the provisions of sub-section (1) of section 161 or of section 167, where the person entitled to the income referred to in clause (i) of sub-section (1) of section 9 is a non-resident, the tax chargeable thereon, whether in his name or in the name of his agent who is liable as a representative assessee, may be recovered by deduction under any of the provisions of Chapter XVII-B and any arrears of tax may be recovered also in accordance with the provisions of this Act from any assets of the non-resident which are, or may at any time come, within India.

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