Search results
Results from the WOW.Com Content Network
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.
The Income Tax Act, 1961 is the charging statute of income tax in India. It provides for the levy, administration, collection, and recovery of income tax. The Government of India brought a draft statute called the Direct Taxes Code intended to replace the Income Tax Act, 1961 and the Wealth Tax Act, 1957. The bill, however, was later scrapped. [1]
The act, which became effective on 1 April 1962, replaced the Indian Income Tax Act, 1922. Current income-tax law is governed by the 1961 act, which has 298 sections and fourteen schedules. [9] The Direct Taxes Code Bill was sponsored in Parliament on 30 August 2010 by the finance minister to replace the Income Tax Act, 1961 and the Wealth Tax ...
Under the Old Tax Regime, individuals earning up to ₹5 lakh were exempt from paying income tax. There is an increase in the rebate limit by ₹2 lakh within the framework of the New Tax Regime. This would effectively exempt individuals with incomes up to ₹7 lakh from any tax obligations under the new system.
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 this form is a part of the filing process as specified by the Government of India. The due date for filing return with the Income Tax Department of India is 31 July every year.
Under normal income tax act, taxpayers are subject to deduction but while computing for such undisclosed foreign assets and income no such deductions will be applicable. [7] While computing, if the assets/income are movable then value computed will be used to calculate the tax but if it is taxed prior then that value would be subtracted from ...
Under current law, long-term capital gains and dividend income are taxed at a maximum rate of 15 percent through 2008. For taxpayers in the 10 and 15 percent tax brackets, the tax rate is 5 percent through 2007 and zero in 2008. The Conference Report extends the rates effective in 2008 through 2010.
The Income Tax (Trading and Other Income) Act 2005 (c 5) is an Act of the Parliament of the United Kingdom. It restated certain legislation relating to income tax , with minor changes that were mainly intended "to clarify existing provisions, make them consistent or bring the law into line with well established practice."