Legal Provisions Which Govern The Payment Of Tax

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.

 

 

 
 
 
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