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The department generates the highest tax revenue for the state government. [1] The core function of the department is two pronged: implementation of taxes on various commodities and services as laid out by various tax laws enacted by Government of India and the state government and to maximize the collection of taxes.
Profession tax is the tax levied and collected by the state governments in India. It is a direct tax. A person earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary, cost accountant, Software Engineer, lawyer, doctor etc. are required to pay this professional tax.
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.
The Tamil Nadu Sales Tax (Settlement of Arrears) Act, 2008 60 of 2008 Finance [29] [30] 8 The Tamil Nadu Laws (Special Provisions) Act, 2008 56 of 2008 Housing and Urban Development [31] 9 The Tamil Nadu Sales Tax (Settlement of Arrears) Act, 2008 60 of 2008 Finance [29] [30] 10 The Tamil Nadu Laws (Special Provisions) Act, 2008 56 of 2008
The department was reconstituted by the Tamil Nadu Board of Revenue Act, 1894. [2] It was adopted by the Madras State post Indian Independence as a part of the Merged States (Laws) Act, 1949. [3] It was renamed in 1980 by the Tamil Nadu Board of Revenue Abolition Act, 1980. [4]
As of 2022, Tamil Nadu's GSDP was ₹ 23.65 lakh crore (US$280 billion), second highest amongst Indian states. [3] For the financial year 2023–24, the projected expenditure is ₹ 3.65 lakh crore (US$43 billion) against a projected revenue of ₹ 2.73 lakh crore (US$32 billion) with the fiscal deficit at ₹ 0.92 lakh crore (US$11 billion). [4]
In financial accounting under International Financial Reporting Standards (IFRS), a provision is an account that records a present liability of an entity. The recording of the liability in the entity's balance sheet is matched to an appropriate expense account on the entity's income statement .
The tax is imposed based on the Entry 52 of the State List from the Schedule VII of the Constitution of India which reads; "Taxes on the entry of goods into a local area for consumption, use or sale therein." [24] The tax is to be paid by the trader to the civic bodies and the rules and regulations of these vary amongst different States in ...