▁is ▁the ▁changing ▁Stat ute ▁of ▁In come ▁Tax ▁in ▁India . ▁It ▁provides ▁for ▁le vy , ▁administration , ▁collection ▁and ▁recovery ▁of ▁In come ▁Tax . ▁The ▁Government ▁of ▁India ▁brought ▁a ▁draft ▁stat ute ▁called ▁the ▁" Direct ▁Tax es ▁Code " ▁intended ▁to ▁replace ▁the ▁In come ▁Tax ▁Act , 1 9 6 1 ▁ ▁and ▁the ▁We alth ▁Tax ▁Act , ▁ 1 9 5 7 . ▁However ▁the ▁bill ▁was ▁later ▁scra pped . ▁ ▁Am end ments ▁ ▁The ▁Government ▁of ▁India ▁presents ▁fin ance ▁budget ▁every ▁year ▁in ▁the ▁month ▁of ▁February . ▁The ▁fin ance ▁budget ▁brings ▁various ▁am end ments ▁in ▁income ▁tax ▁act , 1 9 6 1 ▁including ▁tax ▁sl abs ▁rates . ▁The ▁am end ments ▁are ▁generally ▁applicable ▁to ▁the ▁next ▁following ▁financial ▁year ▁beginning ▁from ▁ 1 ▁April ▁unless ▁otherwise ▁specified . ▁Such ▁am end ments ▁become ▁part ▁of ▁the ▁income ▁tax ▁act ▁after ▁the ▁appro val ▁of ▁the ▁president ▁of ▁India . ▁ ▁" The ▁Tax ation ▁La ws ▁( Second ▁ ▁Am end ment ) ▁Act , ▁ 2 0 1 6 " ▁is ▁an ▁am end ment ▁Act , ▁No . 4 8 ▁of ▁ 2 0 1 6 , ▁to ▁In come - tax ▁Act , ▁ 1 9 6 1 ▁and ▁The ▁Fin ance ▁Act , ▁ 2 0 1 6 . ▁It ▁was ▁passed ▁during ▁the ▁ 2 0 1 6 ▁Winter ▁Session ▁of ▁Indian ▁Parliament . ▁The ▁Tax ation ▁La ws