State any two exceptions to the rule that income of the previous year is charged to income tax in the assessment year.
Understand the Problem
The question is asking for specific exceptions to the general rule regarding the taxation of income from the previous year in the assessment year. It seeks a concise identification of two such exceptions.
Answer
Income from non-resident shipping business and income of a person leaving India permanently.
The final answer is: Income of a non-resident assessee from shipping business, and income of a person leaving India permanently or for a long period.
Answer for screen readers
The final answer is: Income of a non-resident assessee from shipping business, and income of a person leaving India permanently or for a long period.
More Information
These exceptions are important as they allow for immediate taxation instead of waiting for the subsequent assessment year. This ensures taxes are collected promptly in scenarios where the taxpayer may not be present in the future.
Tips
A common mistake is not recognizing these exceptions correctly, leading to a misunderstanding of when to apply these rules. Familiarity with relevant sections of the income tax law can help avoid such errors.
Sources
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