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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. [2]
Tamil Nadu General Sales Tax (Emergency Provisions) Act, 1958; Tamil Nadu General Sales Tax (Special Provisions And Validation) Act, 1998; Tamil Nadu General Sales Tax (Special Provisions) Act, 1964; Tamil Nadu General Sales Tax (Turnover and Assessment) Rules Validation Act, 1959; Tamil Nadu General Sales Tax (Validation) Act, 1987
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]
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.
These four year-end tax strategies can help trim your taxes for 2024 and beyond. ... (TCJA), a massive overhaul of the tax code, is set to expire at the end of 2025.
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.
A provision can be a liability of uncertain timing or amount. [1] A liability, in turn, is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.