Wednesday, December 10, 2008
The levy of income tax in india is governed by the income tax act 1961 . This act came into force on the first day of April 1962 . The act contains 298 sections and X11 shedules . These undergo change every year with additions and deletions brought about by the finance act passed by parliament . In pursuance of the power given by the income tax act , many rules have been framed to faciliate proper administration of the Income tax act .