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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 ...
The scope of Total Income depends on the category of a taxpayer and his residential status in India. For example, a person resident in India is liable to pay income tax in India on his total world income. On the other hand, a person non-resident in India is liable to pay tax in India only on his Indian income. Under Income-tax Act, there are ...
However, an amendment was made in 2019 in the Act retrospectively, to cover even persons who are non-residents but were resident when the asset was acquired or income was earned outside India. [4] The government gives a time frame when someone can disclose assets. If the resident holding undisclosed assets declare the assets in the given time ...
The income tax PAN and its linked card are issued under Section 139A of the Income Tax Act. It is issued by the Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT) and it also serves as an important proof of identification. It is also issued to foreign nationals (such as investors) subject to a valid ...
Income tax is a key source of government funding. The Income Tax Department is the central government's largest revenue generator; total tax revenue increased from ₹ 1,392.26 billion (US$16 billion) in 1997–98 to ₹ 5,889.09 billion (US$69 billion) in 2007–08.
Strictly, the term Non-resident Indian refers only to the tax status of an Indian citizen who, as per section 6 of The Income-tax Act, 1961, has not resided in India for a specified period for the purposes of the Income Tax Act. [34] The rates of income tax are different for persons who are "resident in India" and for NRIs.
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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 the Republic 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
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related to: non resident income tax india gov in e filing aadhar link status