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Q: Which of the following is amended by the Taxation Laws (Amendment Bill, 2021?
  • A. Finance Act, 2014
  • B. Income Tax Act, 1963
  • C. Income Tax Act, 1962
  • D. Income Tax Act, 1961
Correct Answer: Option C - The Taxation Laws (Amendment) Act, 2021 was approved by the president on August 13, 2021, and it makes changes to the Finance Act of 2012 and the Income Tax Act, of 1961. • The Income Tax Act of 1961 governs income tax collection in India. It specifies how income tax will be levied, administered, collected, and recovered. • In order to replace the Income Tax Act of 1961 and the Wealth Tax Act of 1957, the Government of India introduced a draught bill known as the “Direct Taxes Code.”
C. The Taxation Laws (Amendment) Act, 2021 was approved by the president on August 13, 2021, and it makes changes to the Finance Act of 2012 and the Income Tax Act, of 1961. • The Income Tax Act of 1961 governs income tax collection in India. It specifies how income tax will be levied, administered, collected, and recovered. • In order to replace the Income Tax Act of 1961 and the Wealth Tax Act of 1957, the Government of India introduced a draught bill known as the “Direct Taxes Code.”

Explanations:

The Taxation Laws (Amendment) Act, 2021 was approved by the president on August 13, 2021, and it makes changes to the Finance Act of 2012 and the Income Tax Act, of 1961. • The Income Tax Act of 1961 governs income tax collection in India. It specifies how income tax will be levied, administered, collected, and recovered. • In order to replace the Income Tax Act of 1961 and the Wealth Tax Act of 1957, the Government of India introduced a draught bill known as the “Direct Taxes Code.”