https://www.taxtmi.com/article/detailed?id=1005 The note identifies an internal inconsistency in s.2 of the Direct Taxes Code, 2010: liability to pay income tax is created only for a person's total income of the financial year while s.2(3) permits charging tax on income of periods other than the financial year, yet subsections addressing rates and deduction/collection at source reference only the tax charged under s.2(2). The author urges correction of these drafting gaps before enactment to clarify applicable rates and withholding obligations for non financial year periods. en-us Sun, 31 Oct 2010 00:00:00 +0530 Mon, 01 Nov 2010 11:05:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1005 The note identifies an internal inconsistency in s.2 of the Direct Taxes Code, 2010: liability to pay income tax is created only for a person's total income of the financial year while s.2(3) permits charging tax on income of periods other than the financial year, yet subsections addressing rates and deduction/collection at source reference only the tax charged under s.2(2). The author urges correction of these drafting gaps before enactment to clarify applicable rates and withholding obligations for non financial year periods. Articles Income Tax Sun, 31 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=1005