It is a very well-known fact that a person deriving income from various sources is required to make payment of income tax. The legal legislation under which this income tax is payable is known as Income Tax Act, 1961.
Similarly, for various procedural aspects connected with the smooth operation of the Income Tax Act, the government has also notified Income Tax Rules, 1962. Various provisions of the Income Tax Law find their place in the form of rules and forms in the Income Tax Rules, 1962.
While presenting the general Union Budget, the Finance Minister makes certain amendments to the Income Tax Act, 1961. The yearly amendments which are made to the main Income Tax Act are contained in the Finance Bill which is a part of Union Budget presented in the Parliament by the Finance Minister. Through this Finance Bill, various sections of the Income Tax Act, 1961 are either amended or deleted as also new sections are introduced. The Central Board of Direct Taxes has also the power to issue clarificatory circulars from time to time. These circulars are binding on the Income Tax Department and serve as a guide to the assessees.
All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.
The visitors may click here to visit the web site of Income Tax Department for resolving their doubts or for clarifications