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Introduction to Income Tax Act 1961

In India, Income tax is a tax you pay to the government based on your income. The government uses this tax money for various purposes including public services, infrastructure development, defence spending and subsidies among other options. It is compulsory that one has to pay income tax if the income he or she earns crosses beyond a certain limit.   The Income Tax Act,enacted in 1961, is a statute that focuses on the different rules and regulations that govern taxation in the country. It provides for collecting, levying, administering and recovering income tax for the Indian government. The Income Tax Act,1961 contains a total of 23 chapters and 298 sections. These deal with various aspects of taxation in India.   During the month of February, every year, the Indian government presents a finance budget. There are various amendments to the Income Tax Act in the finance budget. This includes changes in tax slabs wherever applicable. For example, the Finance Minister announced tha

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