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Unsourced material may be challenged and removed. An Act to consolidate and amend the law relating to income-tax and super-tax. The Income-tax Act, 1961 is the charging Statute of Income Tax in India.
It provides for levy, administration, collection and recovery of Income Tax. The Government of India brought a draft statute called the “Direct Taxes Code” intended to replace the Income Tax Act,1961 and the Wealth Tax Act, 1957.