law, rule, regulation, precept, statute, ordinance, canon mean a principle governing action or procedure. law implies imposition by a sovereign authority and the obligation of obedience on the part of all subject to that authority. obey the law rule applies to more restricted or specific situations.

“Income tax is a tax on yearly taxable income of a person levied by the Central Government at prescribed rates.” Tax payers include individual, firm, company, Hindu undivided family, association of persons, trust etc. Taxable income means income calculated under the provisions of the Income Tax Act.