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What is Income Tax Act 1961 in India?

0 3 Views | Posted a month ago
Asked by Gunjan Dhawan

  • 1 Answer

  • The Income Tax Act 1961 in India regulates taxation and includes provisions like,

    • Tax Slabs, to specify income brackets, and corresponding tax rates. 
    • Deductions, to allow amounts deducted for investments (80C), insurance premiums (80D), and donations (80G).
    • TDS, to deduct tax at the source by payers.
    • Capital Gains, to put taxes on profits and the sale of assets, and so on.

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