CHAPTER III
Computation of total income
I.— General
12. Computation of total income.—(1) The total income of a person shall be computed in accordance with the provisions of this Chapter.
(2) Unless otherwise provided in this Code, reference to any accrual, receipt, expenditure, withdrawal, asset or liability shall be construed to be in relation to the financial year in respect of which, and the person in respect of whom, the income is computed.
Chapter III deals with computation of total income. Sub-chapter I relates to general provisions.
Clause 12 provides that the total income shall be computed in accordance with the provisions of the Chapter. It also clarifies that unless otherwise provided in the Code, reference to any accrual, receipt, expenditure, withdrawal, asset or liability shall be construed to be in relation to the financial year in respect of which, and the person in respect of whom, the income is computed.
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