![]() ![]() The Income Tax Act provides several provisions for levying the tax on the income earned in advance along with the income with respect to the amount which has not been received to date.Īs a taxpayer, not only should you pay your income tax on time but keep track of the TDS deducted while calculating the final tax liability at the end of the financial year. The income tax amount including, surcharges (if any) and cess, are charged at a rate prescribed by the Central Act for a particular assessment year. The act ensures that taxes are timely and judiciously levied, administered, collected, and recovered for the Indian Government. The Income Tax Act 1961 is an all-inclusive statute governing the different tax regulations in India.
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