Section 4 — Charge of income-tax
Old Act equivalent: Section 4 of IT Act 1961 Sub-part: Chapter II—Basis of Charge
Statutory Text
- (1) Where any Central Act enacts that income-tax shall be charged for any
tax year at any rate or rates, income-tax for such tax year shall be charged at that rate or those rates in accordance with and subject to the provisions of this Act. (2) The charge of income-tax under sub-section (1) shall be on the total income of the tax year of every person as per the provisions of this Act. (3) Income-tax shall also include any additional income-tax, by whatever name called, levied under this Act. (4) If this Act provides that income-tax is to be charged in respect of income of a period other than the tax year, it shall be charged accordingly. (5) For the income chargeable under this section, income-tax shall be deducted or collected at source or paid in advance as provided under this Act.
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: Every person whose total income exceeds the maximum amount not chargeable to tax.
- Conditions: Central Act enacts rates; income-tax charged on total income of tax year at those rates.
- Time limits: Income of tax year; deemed income as per Act.
- Monetary limits: As per applicable Finance Act rates.
- Exceptions: Income deemed under various sections; loss from exempt source against exempt source.
Cross-References
None identified.
Amendment Notes
None noted from the extracted pages.