Tuesday, 6 September 2011

Income tax act 1961 india

The Income tax act, 1961 become effective from the 1st day of April,1962. It contains 298 sections and numerous sub section,schedules etc. for the determination of taxable income determination of tax liabilly procedure for assessment, appeal es and prosecutions

           Since the income tax act, 1961 is the revenue law,there are bound to be amended from time to time to time in this law .These amendments are generally brought in annually along with the union budget. Traditionally every year a budget is presented before the parliament by the finance minister on the last day of Feb. each year.It contains the "finance Bill" which declares the financial prospects of the central Govt. for the next financial year. The Finance bill mentions the rate of income tax and other taxes, rebates and reliefs. The finance Bill 2011 wes placed before the parliament on 26th Feb. 2011 By Finance Minster of India Sri.Pranab Mukarjee.


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