The Income Tax Act, 1961 is the primary legislation governing the taxation of income in India. The Act consolidates and amends the various income tax laws that existed before its introduction, and provides the legal framework for the levy, assessment, and collection of income tax in the country.
It is important to note that the Income Tax Act, 1961 has undergone various amendments over the years to keep up with changing economic conditions and tax regulations. It plays a crucial role in mobilising revenue for the government and funding various developmental initiatives while ensuring a fair and equitable tax system for taxpayers across the country.
