Income Tax Act was enacted in
Show Hint
- 1951
- 1961
- 1971
- None of the above
The Correct Option is B
Solution and Explanation
Step 1: Understanding the Concept:
The current law governing the levy of income tax in India is a comprehensive statute enacted after independence to consolidate and amend the law relating to income tax.
Step 2: Detailed Explanation:
The current Income Tax Act in India is the Income Tax Act, 1961. This Act was enacted by the Parliament of India in the year 1961. It came into force on the 1st of April, 1962.
It replaced the earlier Indian Income-tax Act, 1922. The 1961 Act is the primary legislation that, along with the Income Tax Rules, 1962, annual Finance Acts, and judicial pronouncements, forms the body of income tax law in India today.
Step 3: Final Answer:
The Income Tax Act was enacted in the year 1961.
Top Questions on Income Tax Law and Accounts
- \(\textbf{Match List-I with List-II:}\)
\[\begin{array}{|l|l|} \hline \textbf{List-I} & \textbf{List-II} \\ \hline \text{(A) Deposit in Sukanya Samriddhi Account} & \text{(I) 80E} \\ \hline \text{(B) Interest on loan for higher education} & \text{(II) 80D} \\ \hline \text{(C) Preventive health checkup} & \text{(III) 80GG} \\ \hline \text{(D) Rent paid for accommodation} & \text{(IV) 80C} \\ \hline \end{array}\]
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Match List-I with List-II:
\[\begin{array}{|l|l|} \hline \textbf{List-I} & \textbf{List-II} \\ \hline \text{(A) Sale of jewelry} & \text{(I) Income from Salary} \\ \hline \text{(B) Pension from former employer} & \text{(II) Capital gain/loss} \\ \hline \text{(C) Salary received from a partnership firm} & \text{(III) Income from other sources} \\ \hline \text{(D) Income from sub-letting of property} & \text{(IV) Profits and gains from business or profession} \\ \hline \end{array}\]
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(D) For partial integration, non-agricultural taxable income should exceed the exemption limit- CUET (PG) - 2025
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Match List-I with List-II:
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