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Income-tax Act, 1961. 925 Record (s) | Page [1 of 93] Compare Act/ SectionNEW. Choose Acts: as amended by Finance Act.
THE INCOME-TAX ACT, 1961 _____ ARRANGEMENT OF SECTIONS _____ CHAPTER I PRELIMINARY SECTIONS 1. Short title, extent and commencement. 2. Definitions. 3. “Previous year” defined. CHAPTER II BASIS OF CHARGE 4. Charge of income-tax. 5. Scope of total income. 5A. Apportionment of income between spouses governed by Portuguese Civil Code. 6 ...
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 ]
The Income-tax Act, 1961. Schedule 1. THE FIRST SCHEDULE. Schedule 2. THE SECOND SCHEDULE. Schedule 3. THE THIRD SCHEDULE. Schedule 4. THE FOURTH SCHEDULE.
The Income Tax Act 1961 is the set of rules and regulations upon which the Income Tax Department levies, administers, collects and recovers taxes. It contains 298 sections, 23 chapters and several important provisions which contain all the aspects of taxation in India.
This Edition of the Income Tax Act, Cap. 332, has been revised up to and including 30 th November, 2019 and is printed under the authority of section 4 of the Laws Revision Act, Chapter 4.
Table of Contents. Income Tax Act. 1 - Short Title. 2 - PART I - Income Tax. 2 - DIVISION A - Liability for Tax. 3 - DIVISION B - Computation of Income. 3 - Basic Rules. 5 - SUBDIVISION A - Income or Loss from an Office or Employment. 5 - Basic Rules.