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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 Income Tax Department of India specifies the use of the Form and various rules and regulations are associated with it. The Income Tax Act, 1961, and the Income Tax Rules, 1962, govern the process of filing Income Tax Returns in India. Form 3CE is a part of this process and is an Audit Report format and is required by Section 44DA. [24]
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 ...
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The key to effective financial planning are two primary types of income: Passive and non-passive. It's important to understand both passive and non-passive income types that you may have and how ...
Here’s how passive and portfolio income are taxed and how you may be able to generate tax-free cash flow in some situations. Passive income vs. portfolio income: How they differ
The tax is collected by the Income Tax Department for the central government. Farmers - who constitute 70% of the Indian workforce - are generally excluded from paying income tax in India. Income tax returns are due in India generally on 31 July, 30 September or 30 November, depending on the category of taxpayer.
A $10,000, 12-month CD with a 5.00% APY will pay you about $42 a month in passive income. A $20,000 portfolio with a 2% dividend yield will pay you $33 a month. These might seem like tiny amounts ...