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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.
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.
The IRS is primarily responsible for collecting and administering indirect taxes accruing to the Government of India. It is one of the largest civil service amongst the organised civil services in the Indian government and serves the nation through discharging sovereign functions of collection of revenue for development, security and governance ...
The 19th century saw the establishment of British rule in India. Following the mutiny of 1857, the British government faced an acute financial crisis. To fill up the treasury, the first Income-tax Act was introduced in February 1860 by James Wilson, who became British-India's first finance minister. [11]
The Income Tax Department of India clearly lays down the rules associated with the use of this form. Form 3CD is a Form in accordance with Rule 6G(2) and Section 44AB of the Indian Income Tax Act, 1961. The Form is a part of the process of filing Income Tax Returns in India and is an Annexure to the Audit Report. Form 3CD contains 41 Clauses. [23]
India.gov.in links to Union, State, District and local level official websites and is the most comprehensive portal about the government of India with links to 6,700 government websites. [3] The website also has a feature that customizes the content displayed, based on a user’s individual profile and preferences.
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Income tax is a key source of government funding. The Income Tax Department is the central government's largest revenue generator; total tax revenue increased from ₹ 1,392.26 billion (US$16 billion) in 1997–98 to ₹ 5,889.09 billion (US$68 billion) in 2007–08.