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Income Tax Act 1961 is the most comprehensive law on taxes. It provides for the collection, registration, and recovery of income and net revenue, with provision for civil and criminal liability. It also provides for taxes on property, income, and capital. This Act also regulates taxes on professions, trade, business, and other forms of income.
The Act was drafted by a Joint Committee of the House of Representatives and the Senate, and was passed by the Senate on December 23, 1961, and by the House of Representatives on December 27, 1961. The Bill was signed into law on December 31, 1961.
The Act is applicable to all persons who are residents of India, regardless of their citizenship, and any person who is a citizen of India and is present in India, and any person who is a resident of India and is outside of India but is present in India, is a person who is authorized to be present in India for the purpose of carrying on trade, business, or any other activity for the purpose of carrying on any commercial activity or business, or is a person who is a partner in a firm or an entity carrying on any such activity or business.
Income Tax Act 1961 is the most important law on taxes in India. It provides a simple, easy to use, and user-friendly interface. It also provides a search option to find any of the details of the Act. This will help you to save time and find any details of the Act.
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