Liability to pay income tax: total income taxed at scheduled rates; companies subject to higher of two statutory computations.

Liability to pay income-tax lies on every person in respect of total income for the financial year, calculated at scheduled rates; for companies the liability is the higher of the standard computation and the corporate rate computation. Liability is discharged by payment of pre-paid taxes, and tax charged is collected after crediting pre-paid taxes. Chargeability and assessment are determined by the Code as it stands on the assessment date immediately following the financial year.

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