Question

what is the indian income tax act​

Answer 1

Answer:

Indian Income tax Act 1961 is applicable in India. It charges tax on income of an Individual.

every year in the union budget tax Scheme is determined by the govt to charge tax.

Some people are out of this scheme while some have to pay the tax who comes under the scheme.

Answer 2

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.