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The Income Tax Act, 1961, has a wide scope and empowers ITD to levy tax on the income of individuals, firms, companies, local authorities, societies, or other artificial juridical persons. [8] Thus, the Income Tax Department influences businesses, professionals, NGOs, income earning citizens, and local authorities, among others.
There are eleven administrative or revenue districts in Delhi, India, all of which fall under the Delhi division. [1] [2] Each of these district is headed by a District Magistrate (DM) also called Deputy Commissioner (DC), [3] [4] [5] who reports to the Divisional Commissioner who is ex-officio Director of Civil Defence, Inspector General of Stamps and Registration and Additional Chief ...
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.
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]
The Chief Commissioner of Income Tax Central, abbreviated as CCIT-C, is the revenue enforcement agency of the Central Board of Direct Taxes, Government of India which assesses tax evasion. It functions under the Department of Revenue in the Union Ministry of Finance and is concerned with the administration, assessment, enforcement and ...
A large number of people remain without identity documents - poor people especially. In order to include them, identity requirements for Aadhaar have been reduced, however biometric facilities have been provided to reduce or eliminated duplication, so while it may be possible to obtain the card under a false name, it is less likely to be able to obtain another Aadhaar card under a different ...
Tax deduction at source (TDS) has come into existence with the motive of collecting tax from different sources of income. As per this concept, a person (Payer) who is responsible to make payment of specified nature to any other person (Payee) shall deduct tax at source before making payment to such person (Payee) and remit the same into the account of the Central Government.
The economy of Delhi is the 12th largest among states and union territories of India. The Nominal GSDP of the NCR was estimated at 272.603 Billion [1] and the Nominal GSDP of the NCT of Delhi for 2023-24 was estimated at ₹ 11.07 lakh crore (US$130 billion) [10] [11] recording an annual growth of 9.2%. Growth rate in 2014-15 was 9.2%.