Every person, whose total income of the previous year exceeds the maximum amount which is not chargeable to income tax, is an assessee and chargeable to income-tax at the rate or rates prescribed in the Finance Act for the relevant assessment year. However, his total income shall be determined on the basis of his residential status in India.
In the words, Income-tax is levied in India in the following manner:
1. Income earned by every person is chargeable to income-tax if it exceeds the maximum exemption limit.
2. It is charged on the total income of the previous year but it taxable in the next following assessment year at the rates applicable to such assessment year. However, there are certain exceptions to this rule.
3. Income-tax is charged at two rates, viz. normal rates and special rates.
4. Tax is charged on the total income computed in accordance with the provisions the Act.
5. Total income of a person is determined on the basis of his residential status in India.
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