AUBSP»Income Tax»Taxpayers»Section 1 of Income-tax Act 1961-2018 – Short title, extent and commencement

Section 1 of Income-tax Act 1961-2018 – Short title, extent and commencement

Detail analysis of the provisions of Section 1 (short title, extent and commencement) of Income-tax Act 1961 as amended by latest Finance Act 2018.

Chapter I (Sections 1-3) of Income Tax Act, 1961 deals with preliminary provisions. Section 1 of Income Tax Act 1961-2018 provides for short title, extent and commencement.

Section 1(1) of Income-tax Act:

In this subsection title of the Act prescribed and called “the Income-tax Act, 1961“. The Act has been enacted by Parliament in the Twelfth Year of the Republic of India. It has received the assent of the President on 13-9-1961 (Act No. XLIII of 1961). Recently, the Income-tax Act was amended by the latest finance act i.e. the Finance Act, 2018.

Section 1(2) of Income-tax Act:

Income-tax Act extends to the whole of India. The term “India” defined under clause (25A) of section 2 of the Income-tax Act, 1961.

Accordingly, India means the territory of India, its territorial waters, seabed and subsoil underlying such waters, continental shelf. You may refer section 2 for more details.

Section 1(3) Income-tax Act:

The Income-tax Act 1961 came into force on the 1st day of April, 1962. Amendments made by the Finance Act, 2018 coming into force from 1-4-2019. The dates from which the amendments made by the Finance Act, 2018 come into effect has also been prescribed in the respective section of the Act.

Professional Exams 2019: All amendments made by the Finance Act, 2018 shall be relevant for the coming examination in the month of May 2019, June 2019, Nov 2019 and Dec 2019. Therefore, if you are student of either of professional institute, you should go through the Finance Act 2018.

Income tax Act as amended by the Finance Act 2018 shall be relevant for the following examinations:

Please go through the study material of respective institute.

If you don't want to miss our daily Notes and Updates then you may Subscribe to AUBSP via Email | Facebook | Twitter | and Google Plus

Leave a Reply

avatar
  Subscribe  
Notify of
Top