Income Tax What Is Sources Basics Important Concepts
Sources of Income – Tax Law: The Income – tax Act, 1961 – The Income – tax Act, 1961 constitutes the substantive legislation containing the law of income tax. It extends to the whole of India and come into force on 1st April, 1962. The Act comprises of 298 sections along with their respective sub – sections arranged in 23 chapters and 12 schedules. This Act is amended from time to time to implement the fiscal policies of the Government....