INCOME TAX ACT 1961
The levy of income-tax in India is governed by the Income-tax Act, 1961. In this book we shall
briefly refer to this as the Act.
• It came into force on 1st April, 1962.
• It contains 298 sections and XIV schedules.
• It undergoes change every year with additions and deletions brought out by the annual
Finance Act passed by Parliament.
• In pursuance of the power given by the Income-tax Act, 1961 rules have been framed to
facilitate proper administration of the Income-tax Act, 1961.
The levy of income-tax in India is governed by the Income-tax Act, 1961. In this book we shall
briefly refer to this as the Act.
• It came into force on 1st April, 1962.
• It contains 298 sections and XIV schedules.
• It undergoes change every year with additions and deletions brought out by the annual
Finance Act passed by Parliament.
• In pursuance of the power given by the Income-tax Act, 1961 rules have been framed to
facilitate proper administration of the Income-tax Act, 1961.
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