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Tax deduction at source (TDS) has come into existence with the motive of collecting tax from different sources of income. As per this concept, a person (Payer) who is responsible to make payment of specified nature to any other person (Payee) shall deduct tax at source before making payment to such person (Payee) and remit the same into the account of the Central Government.
In India, a Tax Deduction and Collection Account Number (TAN) is a 10 digit alpha-numeric number issued by the Income Tax Department to the persons who are required to deduct or collect tax on payments made by them under the Indian Income Tax Act, 1961. [1]
Currently, Indian taxpayers can choose between the old tax regime and the new tax regime. [12] At the time of introduction, it had 7 different slabs. After three years from introduction, Indian Government reduced both the slab count & tax rates under New Tax Regime in Budget 2023, after reports of poor adoption to new tax regime by tax payers [13]
The Indian passport is a passport issued by the Ministry of External Affairs of the Republic of India to Indian citizens for the purpose of international travel. It enables the bearer to travel internationally and serves as proof of the Republic of India citizenship as per the Passports Act (1967).
The 1961 act came in to force with effect from 1 April 1962 by replacing the Indian Income Tax Act, 1922, which had remained in operation for 40 years. The present law of income tax is governed by the Income Tax Act, 1961, which has 298 sections and four schedules and is applicable to whole of India, including the state of Jammu and Kashmir. [12]
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Donald Trump mocked Canadian Prime Minister Justin Trudeau after his top minister’s surprise resignation following a clash on how to handle the president-elect’s looming tariffs.
GST's implementation in India has been further criticized by Indian businessmen for problems including tax refund delays and too much documentation and administrative effort needed. [56] According to a partner at PwC India, when the first GST returns were filed in August 2017, the system crashed under the weight of filings. [56]