Amended and updated notes on section 167A of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Charge of tax in the case of a firm.
Chapter XV (Sections 159 to 180A) of the Income Tax Act 1961 deals with the provisions related to liability in special cases. Section 167A of IT Act 1961 provides for Charge of tax in the case of a firm.
Recently, we have discussed in detail section 167 (Remedies against property in cases of representative assessees) of IT Act 1961. Today, we learn the provisions of section 167A of Income-tax Act 1961. The amended provision of section 167A is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 167A of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-167A: Charge of tax in the case of a firm
In the case of a firm which is assessable as a firm, tax shall be charged on its total income at the rate as specified in the Finance Act of the relevant year.