The Income Tax Act lays down the rules for the taxation of income earned by individuals, Hindu Undivided Families (HUFs), firms, companies, and other entities. It includes provisions for tax rates, deductions, exemptions, and penalties for non-compliance. The Act is periodically updated usually by way of amendment in the Finance Act introduced on 1st February every year commonly known as Budget. The changes introduced reflects government’s vision, economic policies and changes in the financial landscape.