Charge of Income Tax

 Charge of Income Tax: (Section-18)

1. Income tax shall be levied, imposed, paid, or collected on the basis of total income of any person in any income year.
2. Subject to the provision of this act, Income Tax shall be levied, impose, paid or collected at the assessment year wise prescribed rate provided by any act passed by the parliament.
3. However, income tax to be charged in repect of income of a period other than the income year, income tax shall be charged, levied, paid, and collected accordingly.
4. Under the provision of this act, following taxes may may be levy, impose, paid or collected, namely :-

a) Tax deducted at source

b) Advance income tax or AIT

c) Minimum Tax

d) Any other Tax 

5. Subject to the provision of this act, a surcharge  or any other charge shall be levied, imposed or collected at such rate and in such manner as may be prescribed by act past by the parliament .  

6. Notwithstanding anything contained in the section, tax shall be charged at the rates specified in the part 7 and senventh schedule in respect of-

i) Any income computed as 'Capital Gain'

ii) Any income computed as 'Dividend Incone'

iii) Any receipt by winning of lottery, crossword puzzles, card games, online games or such nature games.