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What is Previous Year? What is Charge of Income tax? Section 3 and 4 of Income Tax Act 1961

 
 

Previous Year and Charge of Income Tax are defined under section 3 and 4 of Income Tax Act 1961. Provisions under these sections are:

Section 3 of Income Tax Act "Previous year defined"

 For the purposes of this Act, "previous year" means the financial year immediately preceding the assessment year :
Provided that, in the case of a business or profession newly set up, or a source of income newly coming into existence, in the 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 financial year.

 

 

 
  Section 4 of Income Tax Act "Charge of income-tax"

4. (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.

 

Income Tax Act 1961

What are the Definitions under Income Tax 1961? Section 2 of Income Tax Act 1961

What is Previous Year? What is Charge of Income tax? Section 3 and 4 of Income Tax Act 1961

What is Scope of total income? What is Apportionment of income between spouses governed by Portuguese Civil Code? Section 5 and 5A of Income Tax Act 1961

What is Residence in India? What is Income deemed to be received? Section 6 and 7 of Income Tax Act 1961

What is Dividend income? Section 8 of Income Tax Act 1961

What is Income deemed to accrue or arise in India? Section 9 of Income Tax Act 1961

What is the meaning of Certain activities not to constitute business connection in India? Section 9A of Income Tax Act 1961

What are the Incomes not included in total income? Section 10 of Income Tax Act 1961

What is the Special provision in respect of newly established undertakings in free trade zone, etc? Section 10A of Income Tax Act 1961

What is the Special provisions in respect of newly established Units in Special Economic Zones? Section 10AA of Income Tax Act 1961

What is the Special provisions in respect of newly established hundred per cent export-oriented undertakings? Section 10B of Income Tax Act 1961

What is Special provisions in respect of export of certain articles or things? Section 10BA of Income Tax Act 1961

What is Meaning of computer programmes in certain cases? Section 10BB of Income Tax Act 1961

What is Special provision in respect of certain industrial undertakings in North- Eastern Region? Section 10C of Income Tax Act 1961

 

 

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