Income Tax Act, 1961
| The Income-tax Act, 1961 | |
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| An Act to consolidate and amend the law relating to income-tax and super-tax. | |
| Citation | Act 43 of 1961 |
| Enacted by | Parliament of India |
| Date commenced | 1 April 1962 |
| Status: In force | |
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 However the bill was later scrapped because of wealth tax act being repealed.
Section 192A allows a PF withdrawal of ₹50,000 (US$780) without deduction of TDS.
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, such 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 be the biggest party to get cash, now it is BJP.
"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.
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