The Income-tax Act, 1961
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|The Income-tax Act, 1961|
|Parliament of India|
|Citation||Act 43 of 1961|
|Enacted by||Parliament of India|
|Commenced||1 April 1962|
|Status: In force|
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. However the bill was later scrapped.
The Government of India presents finance bill (budget) every year in the month of February. The finance budget brings various amendments in Income-tax Act,1961 including tax slabs rates. The amendments are generally applicable to the next following financial year beginning from 1 April unless otherwise specified. Such amendments become part of the income tax act after the approval of the president of India.
"The Taxation Laws (Second Amendment) Act, 2016" is an amendment Act, No.48 of 2016, to Income-tax Act, 1961 and The Finance Act, 2016. It was passed during the 2016 Winter Session of Indian Parliament. The Taxation Laws (Second Amendment) Bill, 2016 was passed in Lok Sabha as a money bill on 29 November 2016 enabling people to declare their undisclosed incomes after Indian 500 and 1000 rupee note demonetisation.
The Taxation Laws (Second Amendment) Bill, 2016, was introduced in the Lok Sabha during the 2016 Winter Session of Indian Parliament. The bill was introduced on 28 November 2016, by Finance Minister of India, Arun Jaitley. The bill was passed by Speaker Sumitra Mahajan, with a voice vote without debate in Lok Sabha. The Government, clarified that gold asset in form of jewellery of people of India, were not for taxation as per the introduced Bill. The Opposition, parties, expressed anger against the passed bill in Lok Sabha, that a debate was not held.
The partial budget which is presented for Non Full financial year (generally in the year of General Election in India ) is called VOTE ON ACCOUNT. This is presented for the sake of continuation of those compulsory expenditures of Government which are necessary for the smooth functioning of Country and a full fledged budget is presented after a new government is formed.
Union Government sets up Arbind Modi-led panel to overhaul, simplify income tax laws. On 22 November 2017, the government formed a task force to draft a new direct tax law to replace the existing Income Tax Act, which has been in force since 1961. Arbind Modi, Member, Central Board of Direct Taxes (CBDT), will lead a six-member panel. Chief Economic Advisor Arvind Subramanian will be apermanent special invitee on the panel.
- "Archived copy". Archived from the original on 18 June 2010. Retrieved 20 May 2010.CS1 maint: archived copy as title (link)
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