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of <h1>Finance Act 1962 Updates Tax Provisions for 1962-63, Revising Key Sections and Definitions from 1961 Act</h1> The Finance Act, 1962, modifies the application of income-tax and super-tax provisions from the Finance Act, 1961, for the assessment year 1962-63. Key changes include updating references to years, substituting specific sections and clauses from the Indian Income-tax Act, 1922, with those from the Income-tax Act, 1961, and defining terms like 'assessment year,' 'total income,' and 'earned income.' Modifications also address how income from various sources is categorized and taxed, including salaries, business profits, and other personal income. The First Schedule is updated to reflect these changes, including amendments to terminology and cross-references within the tax code.
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