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The New Tax Regime is a scheme of Income tax in India first proposed in Union Budget 2020–21. [1] Subsequent Budget of FY2021-22 did not see any major announcements in this regime. [2] During the Budget 2022–23, reports emerged that New Tax Regime was getting poor response [3] and Government is considering to make it more attractive among ...
Personal income tax (17.43%) Corporate taxes (33.99%) Other taxes (2.83%) Excise taxes (20.84%) Customs duties (17.46%) Other taxes (8.68%) other taxes (11.96%) Income tax in India is governed by Entry 82 of the Union List of the Seventh Schedule to the Constitution of India, empowering the central government to tax non-agricultural income ...
2023(2023) Union Budget of India. The 2023 Union Budget of India was presented by the Minister of Finance of India on February 1, 2023. This was the fourth budget of Narendra Modi -led NDA government's second term, starting from 2020. The Economic Survey for 2022–2023 was released on January 31, 2023 before the budget.
t. e. The Income Tax Department (also referred to as IT Department; abbreviated as ITD) is a government agency undertaking direct tax collection of the government of India. It functions under the Department of Revenue of the Ministry of Finance. [5] The Income Tax Department is headed by the apex body Central Board of Direct Taxes (CBDT).
The identification of a fiscal year is the calendar year in which it ends; the current fiscal year is often written as "FY24" or "FY2023-24", which began on 1 October and will end on 30 September. In 1843, the federal government changed the fiscal year from a calendar year to one starting on 1 July, [ 68 ] which lasted until 1976.
The Indian Revenue Service (Income Tax) (IAST: Bhāratīya Rājasva Sevā), often abbreviated as IRS (IT), is the administrative revenue service of the Government of India. As a Central Service, it functions under the Department of Revenue of the Ministry of Finance and is under the administrative direction of the Revenue Secretary and the ...
The ITR-2 Form [6] is an important Income Tax Return form used by Indian citizens as well as Non Residents to file their Tax Returns with the Income Tax Department of India. The Income Tax Act, 1961, and the Income Tax Rules, 1962, require citizens to file their tax returns with the Income Tax Department at the end of every financial year and ...
Direct tax in the form of an income tax was introduced by Sir James Wilson in India in 1860 to overcome the difficulties created by the Indian Rebellion of 1857. [12] The organisational history of the Income-tax Department, however, starts in the year 1922, when the Income-tax Act [4], 1922 gave, for the first time, a specific nomenclature to various Income-tax authorities.