Question

Law of income tax, please help.

Answer 1

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.

Answer 2

This is a tax that levies the income of any legal entity for those revenues of:
Rentals,
investments,
Income generated by commercial activities or services,
By independent and dependent work.
Whether these are of national, foreign source, durable or temporary.