Income-tax Act, 1961
🔹 Short Note
Income-tax Act, 1961 me main direct tax law India ka hai.Isme basically define hota hai ke kisko kis conditions me kitna tax dena hoga. Hetu me kahna chahta hu law to yeh sab individuals companies businesses par laga hua hai.
🔹 Detailed Explanation
English:
The Income-tax Act, 1961 is the law that provides for levy, administration, collection and recovery of income tax in India. It defines terms like income, tax liability, tax rates, exemptions, deductions and penalties among others. It also contains the rules of procedure for the payment and filing of returns and assessments. The Act is further supplemented by Rules, Notifications and Circulars released by Central Board of Direct Taxes(CBDT).
It is applicable to the person, Hindu Undivided Families (HUFs), company, firm, association of persons and any other artificial juridical person. Apart from this, the Act is a ready reference for search, reassessment, appeals, penalties and prosecution.
Hindi :
Income-tax Act, 1961 wo kanoon hai jo income tax ke sabhi aspects jaise ki tax lagana, assess karna, collect karna, aur administer karna India mein regulate karta hai. Isme bataaya gaya hai ki income kya hoti, kaun tax pay karega, kin rates par tax lagega, kis tarah ki income par tax exemption milegi, deductions kaise diye jayenge aur return filing and assessments ke processes kya hain. Rules, Notifications & Circulars issued under this Act by Central Board of Direct Taxes (CBDT) bhi hain.
This law applies to Individual, HUF, firms, companies, associations of persons and other except these. In adhi gunvatta ke sath Act me search, reassessment, appeal, penalty aur prosecution ke provisions bhi diye gai hain.
🔹 Main Conditions
- (Income) shall have been or be generated, accrue or become payable in India (or be deemed to accrue, arise or become payable).
- The party must be within the purview of the Act
- The concepts of the Previous Year and Assessment Year have their own significance.
- A return is due within the allowable time period.
- Exemptions and deductions required should be made available
🔹 Example
Rohit is a salaried employee working in a private company with an annual salary of Rs.9 lakhs. As per income-tax act 1961, He needs to file return and pay tax but while paying taxes on slab rates he can claim deductions i.e 80C etc.
🔹 Key Legal Points
- Income-tax is a direct tax.
- It had effect from 1 April 1962.
- “Income” means a long thing.
- The essence of the Act is in reality the idea of “Previous Year” and Assessment Year.
- Failure may attract interest, penalty and prosecution.
- The changes are accomplished in the Finance Act.
🔹 Nyay Neeti Advice
- Sbse pahle apne income ke sources ko clearly identify karein
- Return ko time par file karna aapki legal duty hai
- Claim exemption and deductions properly as per the law
- Do not ignore notices ko, timely reply karein
- Tax planning kijiye legally aur tax evasion se bachne ki koshish karein
Disclaimer
“The above information is provided for legal awareness purposes only and does not
constitute professional tax advice. Users are advised to consult a qualified tax
professional or advocate for specific cases.”
