PART A
Income-tax
CHAPTER II
Basis of Charge
2. Liability to pay, and charge of, income-tax.—(1) In accordance with the provisions of this Code, every person shall be liable to pay income-tax in respect of his total income of the financial year.
(2) Subject to the provisions of this Code, income-tax, including additional income-tax, shall be charged in respect of the total income of a financial year of every person.
(3) Where the income-tax referred to in sub-section (2) is to be charged in respect of the income of a period other than the financial year, the income-tax for such period shall be charged accordingly.
(4) The income-tax referred to in sub-section (2) shall be charged at the rate specified in the First Schedule in the manner provided therein.
(5) In respect of the income chargeable under sub-section (2), income-tax shall be deducted or collected at source or paid in advance, in accordance with the provisions of this Code.
(6) The chargeability of income-tax on the income of a financial year under the foregoing provisions shall be determined in accordance with the provisions of this Code as they stand on the 1st day of April of that financial year.
Chapter II provides for basis of charge.
Clause 2 provides for liability to pay and charge of income-tax. It provides that every person shall be liable to pay income-tax in respect of his total income of the financial year in accordance with the provisions of the Code. "Total income" and "person" have been defined in clause 314 of the Code.
Clause 2 also provides that subject to the provisions of the Code, income-tax, including additional income-tax, shall be charged in respect of the total income of a financial year of every person. The clause provides that where the income-tax is to be charged in respect of the income of a period other than the financial year, the income-tax shall be charged accordingly. Such income-tax shall be charged at the rate specified in the First Schedule in the manner provided therein. The income-tax shall be deducted or collected at source or paid in advance in respect of the income chargeable to tax in accordance with the provisions of the Code. The chargeability of income–tax for any financial year shall be determined in accordance with the provisions of this Code as they stand on the 1st April of that financial year.
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