The Income-tax Act of 1961 is a cornerstone of India's fiscal framework, governing the levying and collection of income tax in the country. Enacted to replace the archaic Income-tax Act of 1922, this legislation has undergone numerous amendments and revisions to adapt to the evolving economic landscape. In this article, we will delve into the key aspects of the Income-tax Act 1961, exploring its historical context, structure, and the implications it holds for individuals and businesses across the nation.