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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.
The act, which became effective on 1 April 1962, replaced the Indian Income Tax Act, 1922. Current income-tax law is governed by the 1961 act, which has 298 sections and four schedules. [9] The Direct Taxes Code Bill was sponsored in Parliament on 30 August 2010 by the finance minister to replace the Income Tax Act, 1961 and the Wealth Tax Act ...
The 1961 act came in to force with effect from 1 April 1962 by replacing the Indian Income Tax Act, 1922, which had remained in operation for 40 years. The present law of income tax is governed by the Income Tax Act, 1961 , which has 298 sections and four schedules and is applicable to whole of India, including the state of Jammu and Kashmir.
Goa, Daman and Diu Reorganisation Act followed by Constitution (Fifty-sixth Amendment) Act: 1987: 18 Expenditure-tax Act: 1987: 35 National Dairy Development Board Act: 1987: 37 Legal Services Authorities Act: 1987: 39 All India Council for Technical Education Act: 1987: 52 National Housing Bank Act: 1987: 53 Railway Claims Tribunal Act: 1987: 54
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The Income Tax Act, 1961, and the Income Tax Rules, 1962, require citizens to file their tax returns with the Income Tax Department at the end of every financial year and this form is a part of the filing process as specified by the Government of India. The due date for filing return with the Income Tax Department of India is 31 July every year.
Even though India's income tax was instituted in 1922 by the British, their tax history explains their high degree of tax delinquency today. [27] With effect from 1 April 2017, the Income-tax Act, 1961 has introduced the General Anti-avoidance Rules.
The Repealing and Amending Act, 2019 is an Act of the Parliament of India that repealed 58 Acts. It also made minor amendments to the Income Tax Act, 1961 and The Indian Institutes of Management Act, 2017. The Act was the sixth such repealing act aimed at repealing obsolete laws tabled by the Narendra Modi administration, and the first tabled ...