Income tax act/ Income tax rules/ Income tax laws/ Income tac/ Income tax in India/ income tax act in India/ Best law firm in Coimbatore/ Best advocates in Coimbatore/Best law service in Coimbatore/ Best legal consultation in Coimbatore/ Best legal services in Coimbatore/ Best lawyers in Coimbatore/ Online legal consultation. The Income Tax Act of India was enacted in 1961, is the primary legislation governing the taxation of income in the country. This comprehensive legal framework covers individuals, businesses, and entities. The Act classifies income into five heads: salary, house property, business/profession, capital gains, and other sources. Each head has specific rules for computing taxable income, allowing for various deductions, exemptions, and allowances. The Act establishes progressive tax rates, where higher income levels are subject to higher tax rates. It defines tax slabs and rates for different income ranges, ensuring a graduated taxation system. It also considers the residential status of individuals, determining tax liability based on the duration of residency in India. Procedures for tax compliance, such as filing tax returns, are defined in the Act. It outlines the assessment process by tax authorities, including provisions for scrutiny and audit. In case of disputes, the Act provides mechanisms for appeals and resolution. Amendments to the Act are periodically introduced to adapt to evolving economic and regulatory environments. The Act also addresses issues related to tax evasion, non-compliance, and penalties.The Income Tax Act serves as a crucial revenue source for the government, funding public services and developmental initiatives. It ensures a fair and transparent taxation system, while also encouraging voluntary compliance through incentives and provisions that promote legitimate tax-saving strategies. We at Saanvika Legal Associates offer various legal services such as Trust deeds, Financial law, Insurance law, and other laws including Environment, Consumer, Property, Banking, Tax, Cyber Constitutions, Labor, Civil, Criminal, Family, Property, registration, Getting docs, and so on. Also, you can consult all aspects related to Legal notice, documentation, Legal registration, Property organization, forming companies, Family legal consultation, Civil and Criminal legal consultants, and Litigation of finance and property.