Search results
Results from the WOW.Com Content Network
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 ...
Increase of personal income tax exemption limit from ₹ 2.25 lakh to ₹ 2.40 lakh for senior citizens, from ₹ 1.80 lakh to ₹ 1.90 lakh for women tax payers and from ₹ 1.50 lakh to ₹ 1.60 lakh for all other categories of individual taxpayers. Increase of the deduction under section 80-DD to ₹ 1 lakh from ₹ 75,000.
The Income Tax Act, 1961 is the charging statute of income tax in India. It provides for the 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. The cabinet has approved the Direct Tax ...
With each new year comes a new batch of tax rules and miscellaneous changes to the laws that taxpayers need to be aware of. There's no denying that the tax code in the United States is incredibly ...
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.
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.
For premium support please call: 800-290-4726 more ways to reach us
The tax is collected by the Income Tax Department for the central government. Farmers - who constitute 70% of the Indian workforce - are generally excluded from paying income tax in India. Income tax returns are due in India generally on 31 July, 30 September or 30 November, depending on the category of taxpayer.