AUBSP»Income Tax»Taxpayers»Section 4 of Income-tax Act 1961-2017 – Charge of income-tax

Section 4 of Income-tax Act 1961-2017 – Charge of income-tax

Detail analysis of the provisions of Section 4 (Charge of income-tax) of Income-tax Act 1961 as amended by latest Finance Act 2017.

Chapter II (Sections 4-9A) of Income Tax Act, 1961 deals with provisions related to Basis of Charge. Section 4 of Income Tax Act 1961-2017 provides for charge of income-tax.

(1) Where any Central Act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be charged for that year in accordance with, and subject to the provisions (including provisions for the levy of additional income-tax) of, this Act in respect of the total income of the previous year of every person:

Provided that where by virtue of any provision of this Act income-tax is to be charged in respect of the income of a period other than the previous year, income-tax shall be charged accordingly.

(2) In respect of income chargeable under sub-section (1), income-tax shall be deducted at the source or paid in advance, where it is so deductible or payable under any provision of this Act.

If you don't want to miss our daily Notes and Updates then you may Subscribe to AUBSP via Email | Facebook | Twitter | and Google Plus

Leave a Reply

avatar
  Subscribe  
Notify of
Top