Income Tax

Question

Income Tax

Accepted Answer

Indian Income Tax Law is governed by the Income-tax Act, 1961 (Act) and rules made thereunder. Amongst other things, the Act chieﬂy governs the situs of taxation, tax residency, charge of tax, classification of income, incentives / tax holidays / exemptions, tax rates and withholding of taxes, transfer pricing (or base erosion of proﬁts test) and other anti-avoidance provisions. India has also entered into double taxation avoidance agreements with various countries. 

Here we answer some of the common queries relating to applicability and scope of the Act.

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