Question

What is meant by Income Tax Act 1961? Who are the authorities of Income Tax in India? Define Assessment Year, Previous Year with example.

Answer 1

Answer:

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Step-by-step explanation:

The Income Tax Act is a comprehensive statute that focuses on the different rules and regulations that govern taxation in the country. It provides for levying, administering, collecting and recovering income tax for the Indian government. It was enacted in 1961.