PrepComm Solutions

:- 𝐖𝐡𝐚𝐭 𝐢𝐬 𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱 𝐀𝐜𝐭, 𝟏𝟗𝟔𝟏?

1. Enacted in the year 1961.

2. Came into force w.e.f 1st Apr. 1962.

3. It extends to the whole of India( including J&K).

4. It is the charging statute of Income Tax in India. It provides for levy, administration, collection and recovery of Income Tax.

5. The government uses the money of Income Tax to improve infrastructure, provide public health care services and for the development of rural areas etc.