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Under normal income tax act, taxpayers are subject to deduction but while computing for such undisclosed foreign assets and income no such deductions will be applicable. [7] While computing, if the assets/income are movable then value computed will be used to calculate the tax but if it is taxed prior then that value would be subtracted from ...
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 .
Law portal; This article is within the scope of WikiProject Law, an attempt at providing a comprehensive, standardised, pan-jurisdictional and up-to-date resource for the legal field and the subjects encompassed by it.
The Tax Cuts and Jobs Act also affected businesses and corporations in many ways, most of which benefit high-income shareholders. Some provisions are permanent, meaning they’ll remain in effect ...
Every year, the Act lays down in detail all the associated provisions related to Income Tax in the country. Since this applies to a large number of taxpayers, it is considered one of the most important elements. The Finance Act is responsible for laying down the tax slabs that applies to taxpayers. The Act includes various details related to ...
The Central Board of Indirect Taxes and Customs has notified the Amnesty Scheme effective 1 November 2024 and has issued the clarification on interest and penalty or both in respect of demands under section 73 of the CGST Act pertaining to financial years 2017-18, 2018-19 and 2019-20.
Donald Trump's former Treasury secretary, Steven Mnuchin, said he will not seek to join the president-elect's new administration but is ready to offer advice to his successor, including on how to ...
Arizona State football will likely lean heavily on its explosive running back in the Big 12 Championship game on Saturday against Iowa State.. If the No. 13 Sun Devils (10-2, 7-2 Big 12) are able ...