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Income Tax Department. Income tax return is the form in which assesses file information about his/her income and tax thereon to Income Tax Department.Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.
Form 10BA is a declaration form that is used by a certain section of assessees while filing income tax returns in India. The form is a declaration by the assessee. The format is specified by the Income Tax Department of India.
In December 2016, over ₹4 crore in new ₹2000 notes were seized from four persons in Bangalore, [39] [40] [41] ₹33 lakh in ₹2000 notes were recovered from Manish Sharma, an expelled BJP leader in West Bengal, [42] [43] and ₹1.5 crore was seized in Goa. [44] 900 notes of the new ₹2000 denomination were seized from a BJP leader in ...
Direct tax in the form of an income tax was introduced by the British in India in 1860 to overcome the difficulties created by the Indian Rebellion of 1857. [5] The organizational history of the Income-tax Department, however, starts in the year 1922, when the Income-tax Act, 1922 gave, for the first time, a specific nomenclature to various Income-tax authorities.
The SUGAM ITR-4S Form is a Presumptive Income Tax Return Form and is part of the Income Tax Returns Filing process with the Income Tax Department of India. The Form is required to be filled out and submitted by those who are eligible to use it under the Income Tax Act, 1961, and the Income Tax Rules, 1962.
Income tax in India is governed by Entry 82 of the Union List of the Seventh Schedule to the Constitution of India, empowering the central government to tax non-agricultural income; agricultural income is defined in Section 10(1) of the Income-tax Act, 1961. [2]
Income Tax Department. The Income-tax Act, 1961 is the charging statute of Income Tax in India.It provides for 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, 19
Source: [1] All the elements included in the Finance Act associated with a particular Financial Year are of course important. Even so, there are particular elements that take precedence over the others. The most important element is the rules laid down in the Act with respect to Income Tax Rates.