Income Tax Act, 1961

Income Tax Act, 1961 is an act to levy, administrate, collect & recover Income-tax in India. It came into force from 1st April 1962. Income Tax including surcharge (if any) & cess is charged for any person at the rate as prescribed by Central Act for that assessment year.  Income-tax Act has provided separate provisions with respect to levy of tax on income received in advance as well as the income with respect of which the amount has not yet been received. A person also has to keep track of his TDS deducted while calculating his final tax liability at the end of the year.

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