Difference meaning

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 March 2011 Please Say me the meaning or Difference of ACT and Rule

Example : Income Tax Act and Income tax Rule

Thanks & Regards

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
Follow

16 March 2011 Sir,

An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate tax, corporate income tax, or profit tax. Individual income taxes often tax the total income of the individual (with some deductions permitted), while corporate income taxes often tax net income (the difference between gross receipts, expenses, and additional write-offs). Various systems define income differently, and often allow notional reductions of income (such as a reduction based on number of children supported).

This Act may be called the Income-tax Act, 1961.

(2) It extends to the whole of India.

(3) Save as otherwise provided in this Act, it shall come into force on the 1st day of April, 1962.

“Act” means the Income-tax Act, 1961 (43 of 1961);

link:-

(1)http://law.incometaxindia.gov.in/DIT/income-tax-rules.aspx

(2)http://law.incometaxindia.gov.in/DIT/Income-tax-acts.aspx

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now