Section 530 — Act to have effect pending legislative provision for charge of tax

Old Act equivalent: Section 294 of IT Act 1961 Sub-part: Chapter XXIII—Miscellaneous

Statutory Text

If on the 1st April in any tax year, provision has not yet been made by a Central Act for the charging of income-tax for that tax year, this Act shall neverthe less have effect until such provision is so made, as if the provision in force in the preceding tax year or the provision proposed in the Bill then before Parliament, whichever is more favourable to the assessee, were actually in force. Power to rescind exemption in relation to certain Union territories already granted under section 294A of the Income-tax Act, 1961.

None.

None.

None.

Applies to: Tax year for which Finance Act has not yet been enacted.
Conditions: Act applies as if rates in force in preceding year or proposed in Bill (whichever more favourable) were in force.
Time limits: Until Finance Act enacted for that year.
Monetary limits: Rates of preceding year or proposed rates.
Exceptions: None.