Question

What are the sources of Income Tax Law.? also state what is the difference between Law and Act. ​

Answer 1

Explanation:

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Answer 2

Answer:

There are 5 sources stipulated under the Income Tax Act, 1961, like salary, business or profession, house property, capital gains and other sources. While the nature of income is quite evident for the four sources of income, income under other sources consists of income from residual sources.

☆☆Law☆☆

1.A law is defined as an assemblage of rules and Law holds its single purview over the larger pictureregulations that are indispensable and must be followed..

2.Law holds its single purview over the larger picture

☆☆ACT☆☆

1. An Act is a decree that is approved by the respective legislature i.e. in India’s case State Legislative Assembly or Parliament of India
2. An Act is a sub-set of Law.