The Income-tax Act, 1961 is the changing Statute of Income Tax in India. It provides for levy, administration, collection and recovery of Income Tax. The Government of India presents finance bill (budget) every year in the month of February. The finance budget brings various amendments in Income-tax Act, 1961 including tax slabs rates. The amendments are generally applicable to the next following financial year beginning from 1 April unless otherwise specified. Such amendments become part of the income tax act after the approval of the president of India.