The Income-tax Act, 1961
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The Income-tax Act, 1961 is the charging statute of Income Tax in India. It provides for levy, administration, collection and recovery of Income Tax. The Government of India brought a draft statute called the "Direct Taxes Code" intended to replace the Income Tax Act, 1961 and the Wealth Tax Act, 1957. However the bill was later scrapped.[1]
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Quick Facts Parliament of India, Citation ...
The Income-tax Act, 1961 | |
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Parliament of India | |
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Citation | Act 43 of 1961 |
Enacted by | Parliament of India |
Commenced | 1 April 1962 |
Status: In force |
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