Ans:
The Finance Act is divided into four parts:
Part I: It establishes the rate at which income tax is levied on income chargeable to tax for various income categories during a fiscal year.
Part II: It establishes the tax rate that must be deducted at source throughout the fiscal year.
Part III: It explains how income tax rates have changed in certain circumstances, such as the rate for salary-related income and the rate for computing advance tax for a financial year.
Part IV: In this section, the rules for determining agricultural revenue are explained.