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BASIS OF CHARGE

Income Tax - Basics - 01 - The provision of Section 4 of the Income Tax Act, 1961 is the brain of the law of Income Tax in India. This is because section 4 gives the authority for charging as well as collection of income tax in India. Section 4(1) of Income Tax Act, 1961 provides that income tax shall be charged on every person specified under section 2(31) for any assessment year in respect of the total income of the previous year at the rates prescribed by the relevant Finance Act. - [Also see .....

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or a particular event or purpose; 175 Assessment of persons likely to transfer property to avoid tax; 176 Discontinued business Section 4(2) of Income Tax Act, 1961 provides that in respect of income chargeable under section 4(1), the 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. Now let us understand some important terms used frequently in Income Tax Act Person [Section 2(31)]: As we know that income tax is l .....

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, whether or not such person or body or authority or juridical person was formed or established or incorporated with the object of deriving income, profits or gains. Assessment Year [Section 2(9)]: It means the period of 12 months commencing on the 1st day of April every year. Previous Year [Section 2(34)] It means the financial year immediately preceding the assessment year. However, in the case of a business or profession newly set up, or a source of income newly coming into existence, in the .....

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