Finance Act, 1974
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Charge to tax of income from which tax has been deducted. |
4.—Where income (in this section referred to as the relevant income)— | |
(a) from which tax is deductible by virtue of the provisions of Schedule C or Schedule D, or | ||
(b) from which tax is deductible by virtue of section 433 , 434 or 456 of the Income Tax Act, 1967 , or | ||
(c) which, by virtue of section 525 of the Income Tax Act, 1967 , is treated as if it were a net amount of an annual payment from the gross amount of which tax had been duly deducted under section 434 of the said Act, | ||
is to be taken into account in computing the total income of an individual for any year of assessment, then, for the purpose of charging the said total income to tax at the rate or rates of tax charged for that year of assessment, the following provisions shall apply— | ||
(d) the relevant income shall be regarded as income chargeable to tax under Case IV of Schedule D and shall be charged accordingly; | ||
(e) in determining the amount of tax payable on the said total income credit shall be given for the tax deducted from the relevant income and the amount of the credit shall, subject to the provisions of sections 233 and 525 of the Income Tax Act, 1967 , be the amount of tax deducted from the relevant income: | ||
Provided that where tax is deducted from a dividend at a rate as reduced by virtue of section 363 , 396 or 410 of the Income Tax Act, 1967 , or section 14 of the Finance Act, 1973 , such adjustment shall be made in the amount of the credit as may be necessary for the purpose of giving effect to the relief provided by those sections. |