06 November,2023
The Income Tax Act of 1961 (ITA) is a comprehensive legal structure that covers all elements related to income tax. It includes defining what counts as income, setting tax rates, and outlining how taxes are calculated. As an Indian taxpayer, you frequently engage with this Act, though it can be a bit complex to comprehend. In this blog, we'll explain how the Income Tax Act works for individuals, the rules it has, its connection with the Finance Act, and the impact of government notifications and circulars. We'll also explore the Finance Act in detail, discussing recent changes to income tax slabs. If you wish to know about the differences between the new and old tax rules, this guide is here to offer support.