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Glossary / Also known as

IT Act

Another name for Income Tax Act, 1961.

Other names
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What does IT Act mean?

IT Act is another name for Income Tax Act, 1961. The primary legislation governing the levy, assessment, and collection of income tax in India.

The two names mean the same thing. You will see "IT Act" in some ledgers, reports and contracts and "Income Tax Act, 1961" in others. The full entry covers how it works, with examples.

Read the full definition of Income Tax Act, 1961

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From the glossary

Related terms.

Income Tax Act 2025 Income Tax Act, 1961 The primary legislation governing the levy, assessment, and collection of income tax in India. Also called Income Tax Act 1961, IT Act, the old Income Tax Act Due dates and calendars Income Tax Return (ITR) The annual filing submitted to the Income Tax Department declaring income, deductions, and tax liability for a financial year. Also called return of income, income tax filing TDS TDS (Tax Deducted at Source) A system where the payer deducts income tax at prescribed rates before paying the payee, and deposits it with the government on the payee's behalf. Also called withholding tax, tax deduction at source, tax withheld at source TDS returns and challans Annual Information Statement (AIS) A comprehensive statement issued by the Income Tax Department showing all financial transactions reported against your PAN. Also called AIS statement Due dates and calendars Assessment Year (AY) The year immediately following the Financial Year in which income earned during the FY is evaluated and taxed. Also called tax assessment year Vendor onboarding PAN (Permanent Account Number) A unique 10-character alphanumeric identifier issued by the Income Tax Department of India to every taxpayer. Also called PAN card, PAN number
From the blog

Related posts.

TDS Section 393 of Income Tax Act 2025: TDS Rates and Old-to-New Section Mapping Section 393 of the Income Tax Act 2025 is the single TDS section for non-salary payments from 1 April 2026, replacing 193, 194 to 194T and 195. OneFinOps Editorial 4 min TDS Section 194Q: TDS on Purchase of Goods Under the New Act Section 194Q is now 393(1) Sl. No. 8(ii), code 1031: a buyer with turnover above ₹10 crore deducts 0.1% on purchases above ₹50 lakh from a seller. OneFinOps Editorial 2 min TDS Lower TDS Certificate: Form 128 (Earlier Form 13) and How to Apply A lower TDS certificate lets your payer deduct at a lower or nil rate. From 1 April 2026 you apply in Form 128 (earlier Form 13) under section 395(1). OneFinOps Editorial 3 min
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