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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 .....

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Rates of Tax] Thus, the income tax is levied on the total income earned during the previous year. Exception to the Rule that Income of the Previous Year is Taxable: However, in specified circumstances / situations, income tax may be charged in respe .....

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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 shal .....

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evied on every person. However, in accordance with the provision of this section the definition of person is inclusive in nature and includes: an Individual, a Hindu Undivided Family (HUF), a Company, a Firm, an Association of Persons (AOP) or a Body .....

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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 1 .....

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said financial year, the previous year shall be the period beginning with the date of setting up of the business or profession or, as the case may be, the date on which the source of income newly comes into existence and ending with the said financia .....

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(FY) Assessment Year (AY) 1st April 2014 - 31st March 2015 FY 2014-15 AY 2015-16 1st April 2015 - 31st March 2016 FY 2015-16 AY 2016-17 1st September 2013 - 31st March 2014 FY 2013-14 AY 2014-15 15th May 2014 - 28th February 2015 FY 2014-15 AY 2015- .....

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f any other person in respect of which he is assessable, or For the assessment of the loss sustained by him or by such other person, or For the assessment of the amount of refund due to him or to such other person (Note: A single enquiry letter issue .....

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