Dear Colleagues,
Could you tell me which section of the Income-tax Act, 1961tells the rate of tax that should be applied to the Total Income of an assessee. As per which section we compute tax payable by the assessee? (Tax rates are given in Finance Act, I know. But which section of Income tax Act tell us to apply the rate of tax as specified in the Finance Act to the Total Income computed under Income tax Act, 1961, I do not know.)
To simply put, tell me as per which Section of Income-tax Act we should compute tax payable by a assessee.
CAclubindia
