The Income-tax Act, 1961 is the charging Statute of Income Tax in India. It provides for levy, administration, collection and recovery of Income Tax. The Government of India brought a draft statute called the "Direct Taxes Code" intended to replace the Income Tax Act,1961 and the Wealth Tax Act, 1957. However the bill was later scrapped because of wealth tax act being repealed.
Video The Income-tax Act, 1961
Provisions
Section 192A allows a PF withdrawal of INR50,000 (US$780) without deduction of TDS.
Maps The Income-tax Act, 1961
Section 13A
This is a controversial section of the Income Tax Act in India.
The act in Verbatim states that,
Special provision relating to incomes of political parties Any income of a political party which is chargeable under the head 2 ]" Income from house property" or" Income from other sources" or any income by way of voluntary contributions received by a political party from any person shall not be included in the total income of the previous year of such political party: Provided that- (a) such political party keeps and maintains such books of account and other documents as would enable the 3 Assessing] Officer to properly deduce its income therefrom;
(b) in respect of each such voluntary contribution in excess of twenty thousand rupees,
political party keeps and maintains a record of such contribution and the name and address of the person who has made such contribution; and
(c) the accounts of such political party are audited by an accountant as defined in the Explanation below sub- section (2) of section 288.
Recently, there has been lot of uproar by the civil society against this act.
Political parties have deposited huge cash after demonitization. BSP (Bahujan Samajwadi Party don;t have any donation by cheque, 100% is cash). Congress used to b
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e the biggest party to get cash, now it is BJP.
Amendments
"The Taxation Laws (Second Amendment) Act, 2016" is an amendment Act, No.48 of 2016, to Income-tax Act, 1961 and The Finance Act, 2016. It was passed during the 2016 Winter Session of Indian Parliament.
The Taxation Laws (Second Amendment) Bill, 2016 was passed in Lok Sabha as a money bill on 29 November 2016 enabling people to declare their undisclosed incomes after Indian 500 and 1000 rupee note demonetisation.
The Taxation Laws (Second Amendment) Bill, 2016, was introduced in the Lok Sabha during the 2016 Winter Session of Indian Parliament. The bill was introduced on 28 November 2016, by Finance Minister of India, Arun Jaitley.
The bill was passed by Speaker Sumitra Mahajan, with a voice vote without debate in Lok Sabha.
The Government, clarified that gold asset in form of jewellery of People of India, were not for taxation as per the introduced Bill.
The Opposition, parties, expressed anger against the passed bill in Lok Sabha, that a debate was not held.
Union Government sets up Arbind Modi-led panel to overhaul, simplify income tax laws On 22nd November 2017, the government formed a task force to draft a new direct tax law to replace the existing Income Tax Act, which has been in force since 1961. Arbind Modi, Member, Central Board of Direct Taxes (CBDT), will lead a six-member panel. Chief Economic Advisor Arvind Subramanian will be apermanent special invitee on the panel.
Notes
External links
- http://law.incometaxindia.gov.in/DIT/Income-tax-acts.aspx
Source of the article : Wikipedia
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