Income Tax Act-
This Act may be called the Income-tax Act, 1961.It extends to the whole of India. In Income Tax Act Two Ninety Eight (298) Sections & Fourteenth (14) Schedules are explained
briefly and as per all these Acts we the People of India bound to follow the Rules and
regulations of Income Tax Act 1961.
Section 1:-The Title & commencement of The Income Tax Act
1961.
Section 2:- The following definitions are explained in
Section 2
Advance Tax ;Agricultural Income; Amalgamation;
Additional Commissioner; Additional Director; annual value; Appellate Tribunal;
approved gratuity fund; approved superannuation fund; assessee Assessing Officer
Assessment ;assessment year Assistant Commissioner; Assistant Director; average rate of income-tax; block
of assets; Board; books or books of account; business;
capital asset; agricultural
land; charitable purpose; Chief Commissioner; child;
Commissioner; Commissioner
Appeals; company; company in which the public
are substantially interested; co-
operative society; Deputy Commissioner; demerge;
demerged company; Deputy
Commissioner Appeals; Deputy Director; Director
General or Director; dividend;
domestic company; document; electoral trust; fair
market value; firm; foreign
company; fringe benefits; income; Income-tax
Officer; Indian company;
infrastructure capital company; infrastructure
capital fund; Inspector of Income-
tax; interest; interest on securities; insurer;
Joint Commissioner; Joint Director;
legal representative; long-term capital asset;
long-term capital gain; manufacture;
maximum marginal rate; National Tax Tribunal; non-resident;
person; person who
has a substantial interest in the company; prescribed;
previous year; principal
officer; profession; public sector company; public
servant; rate or rates in force;
Recognized provident fund; regular assessment;
relative; resulting company;
Resident; short-term capital assets; tax; tax
credit certificate; Tax Recovery Officer; total income; transfer; zero coupon
bond.
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