Summary
The Income-tax Act, 1961 is the legislation that governs the collection, administration, and enforcement of income tax in India. The act provides the legal framework for determining the tax liability of individuals, companies, and other entities. It sets out the various rules and regulations governing the calculation of income, exemptions, deductions, and penalties. The act also establishes the powers of the Central Board of Direct Taxes, which is responsible for administering and enforcing the provisions of the act. The Income-tax Act, 1961 has been amended several times over the years, with the most recent amendment being made in 2021.
