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231AB. Advance tax on cash withdrawal.: (1) Every banking company shall deduct advance adjustable tax at the rate of 0.6% of the cash withdrawal from a person whose name is not appearing in the active taxpayers’ list on the sum total of the payments for cash withdrawal in a day, exceeding fifty thousand rupees.
The Department of Finance also controls Kerala Financial Corporation, an important agency in leading finance and credit for industrial and agricultural projects for private and public. The Finance Department controls the major functions like Stores & Purchase, Commercial Taxes, Agricultural Income Tax, Treasuries, Lotteries, Local Fund Audit ...
And that threshold amount is slated to drop even more, with even more people likely to receive 1099-Ks next year: The $5,000 reporting threshold for tax year 2024 drops to $2,500 for 2025 and then ...
The existing general sales tax laws were replaced with the Value Added Tax Act (2005) and associated VAT rules. A few states ( Gujarat , Tamil Nadu , Rajasthan , Madhya Pradesh , Chhattisgarh , Jharkhand , Uttarakhand and Uttar Pradesh ) opted to stay out of VAT taxation system during the initial introduction of VAT but adopted it later.
Rank District Per capita income in Rs. GDP 1 Ernakulam [4]: 463,000 $18,531,266,973 2 Alappuzha: 456,000 $11,829,919,045.7 3 Kollam: 417,000 [5]: $13,398,356,581.7
In 2000, it had 77% of the capital volume of the chit fund business in Kerala, though just 37.5% of the number of chit funds. [ 4 ] Types of KSFE chitty schemes
The economy of Kerala is the 11th largest ... The tax growth rate, which was 23.24% in 2010–11, fell to 10.68% in 2015–16. ... Other cash crops that constitute ...
The cash deposited into hundis (cash collection boxes in temples and gurudwaras) are exempted from inquiry by the tax department; this is sometimes to launder money. [77] [78] After the demonetisation, there was a spike in donations in the form of the demonetised banknotes in temples.