Income Tax Act

Tax Glossary Definition

Income Tax Act

Income Tax Act – The Income Tax Act is the principal legislation governing the assessment, collection, and administration of income tax in India. It outlines the rules, procedures, and rates for taxing individuals, firms, companies, and other entities. The Act specifies how income earned during a Financial Year (FY) is to be reported, assessed, and taxed in the subsequent Assessment Year (AY). It also provides provisions for deductions, exemptions, penalties, and dispute resolution mechanisms.

Example: Income earned by an individual during FY 2022–23 is assessed and taxed according to the provisions of the Income Tax Act in AY 2023–24

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