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    nvpatel2671988
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    The document summarizes key aspects of income tax charges in India. It states that tax is charged at annual rates prescribed in the Finance Act and is applicable to all persons defined in section 2(31) of the Act. The tax is charged on total income earned in the previous year, not the assessment year, with some exceptions. The tax is levied according to the various provisions of the Income Tax Act. Certain types of income like agricultural income and payments from HUFs or firms are exempted from tax charges.

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    The document summarizes key aspects of income tax charges in India. It states that tax is charged at annual rates prescribed in the Finance Act and is applicable to all persons defined in section 2(31) of the Act. The tax is charged on total income earned in the previous year, not the assessment year, with some exceptions. The tax is levied according to the various provisions of the Income Tax Act. Certain types of income like agricultural income and payments from HUFs or firms are exempted from tax charges.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
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    7 views2 pages

    Income Tax

    Uploaded by

    nvpatel2671988
    The document summarizes key aspects of income tax charges in India. It states that tax is charged at annual rates prescribed in the Finance Act and is applicable to all persons defined in section 2(31) of the Act. The tax is charged on total income earned in the previous year, not the assessment year, with some exceptions. The tax is levied according to the various provisions of the Income Tax Act. Certain types of income like agricultural income and payments from HUFs or firms are exempted from tax charges.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 2

    Section 4

    Particular Charge of Income Tax

    1.

    2. 3.

    4.

    Explanation Tax shall be charged at the rates prescribed for the year by the Annual Finance Act. The charge is on every person specified U/S 2(31). The tax is chargeable on the total income earned during the previous year and not the assessment year. (There are certain exceptions provided by sections 172, 174, 174A, 175 and 176.) The tax shall be levied in accordance with and subject to the various provisions contained in the Act.

    Agriculture Income Payments Received from Family income by a member of HUF 10(2A) Share of profit of a firm 10(4) Interest received by a nonresident from prescribed securities 10(4) Interest received by a person who is resident outside India on amounts credited in the Nonresident (External) Account 10(5) Leave travel concession provided by employer to his Indian Citizen employees 10(6) Remuneration received by foreign diplomats of all categories 10(6)(vi) Salary received by a foreign citizen as an employee of a foreign enterprise provided

    10(1) 10(2)

    his stay in India not exceed 90 days

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