"Income Tax Finance Act" isn't standard or universally recognized. However, it seems you might be referring to legislation related to income tax within a finance act. In many countries, including India and the United Kingdom, finance acts are annual legislative measures that include provisions related to various financial matters, including changes to income tax laws. Here are some general aspects:

Annual Legislation: Finance acts are typically introduced and passed annually as part of the government's budgetary process. They serve to implement fiscal policies and changes to various financial laws Income Tax Provisions: A finance act often includes amendments, additions, or deletions to income tax laws. This can involve changes to tax rates, exemptions, deductions, and other relevant provisions.

Budgetary Measures: Finance acts are closely tied to the national budget. They reflect the government's fiscal policies, revenue-raising measures, and spending priorities.

Economic Policy Implementation: The income tax provisions in a finance act are a means by which the government translates its economic policies into actionable tax-related changes.

Parliamentary Approval: Finance acts, including any amendments to income tax laws, typically require parliamentary approval. The legislative process involves debates, reviews, and voting.

Effective Date: The provisions outlined in a finance act, including those related to income tax, often have a specified effective date. This is when the changes become applicable.

Comprehensive Legislation: Finance acts are comprehensive pieces of legislation covering various aspects of finance, including not only income tax but also customs, excise, and other financial matters.