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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 main responsibility of the Income Tax Department is to enforce various direct tax laws, most important among these being the Income-tax Act, 1961, to collect revenue for the government of India. It also enforces other economic laws such as the Benami Transactions (Prohibition) Act, 1988 , [ 6 ] and the Black Money Act, 2015 .
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, 1957. However the bill ...
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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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A permanent account number (PAN) is a ten-character alphanumeric identifier, issued in the form of a polycarbonate card, by the Indian Income Tax Department, to any person who applies for it or to whom the department allots the number without an application. It can also be obtained in the form of a PDF file known as an e-PAN from the website of ...
Friday, Oct. 11, screenshot of a Jerrod Sessler for Congress webpage showing support for the 2023 FairTax Act, which aims to simplify the U.S. tax system by ending federal taxes on income and ...