BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Income Tax Act was passed in the year
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1924
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1961
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1962
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1988
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Explanation:
Detailed explanation-1: -Income-tax Act, 1961 came into existence w.e.f. 1-4-1962.
Detailed explanation-2: -The Income-tax Act, 1961 replaced the Indian Income-tax Act, 1922 which was in force until the promulgation of the current Income Tax Act, 1961. The Act received the assent of the President on September 13, 1961 and was brought into force on April 1, 1962 from assessment year 1962-1963.
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