Govt relaxed provisions of Income-tax Act

The government has relaxed the provisions of the Income-tax Act in view of COVID-19. Now, all hospitals, nursing units, dispensaries and COVID care centers will be able to accept cash over two lakh rupees from the patients.

Daily Current Affairs Quiz 2021

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 presents finance bill (budget) every year in the month of February. The finance budget brings various amendments in Income-tax Act, 1961 including tax slabs rates.

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.

Union Government sets up Arbind Modi-led panel to overhaul, simplify income tax laws. On 22 November 2017, the government formed a task force to draft a new direct tax law to replace the existing Income Tax Act, which has been in force since 1961.