Section BC 6 — Income Tax Act 2007: Income tax liability of filing taxpayer

BC 6 Income tax liability of filing taxpayer Calculation of amount (1) The income tax liability of a filing taxpayer for a tax year is the amount calculated by multiplying their taxable income for the tax year by the basic tax rate. The income tax liability of a filing taxpayer with schedular income is determined under section BC 7 . When liability zero or negative (2) If the income tax liability calculated under subsection (1) is zero or negative, the filing taxpayer's income tax liability for the tax year is zero. Defined in this Act: amount , basic tax rate , filing taxpayer , income tax liability , schedular income , tax year , taxable income , Compare: 2004 No 35 s BC 6