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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$17 billion) in 1997–98 to ₹ 5,889.09 billion (US$71 billion) in 2007–08.
Income tax exemption limit for senior citizens raised from ₹ 250,000 (US$3,000) to ₹ 300,000 (US$3,600) Exemption on payment of income tax on interest paid on loans for self occupied houses raised to ₹ 200,000 (US$2,400) from ₹ 150,000 (US$1,800) 10-year tax holiday to be extended to companies that start power generation by March 31, 2017
The 2018 budget was considered to be a crucial one, [9] [10] [11] as it would be the first since the rollout of the Goods and Service Tax (GST) regime in India. [12] [13] [14] It was widely expected that the budget would either increase the exemption limit, or introduce a standard deduction for salaried people to reduce the tax burden, in addition to a reduction of the tax rate for the ₹ 5 ...
6.9% (for minimum wage full-time work in 2024: includes 20% flat income tax, of which first 7848€ per year is tax exempt for low-income earners + 2% mandatory pension contribution + 1.6% unemployment insurance paid by employee); excluding social security taxes paid by the employer
The service tax exemption given to mutual fund agents was withdrawn. [17] Lottery ticket sellers and chit fund agents were brought under the ambit of service tax. [18] [19] Varishta Bima Yojana for senior citizens was exempt from service tax. [7] Pre-cooling, ripening, retail packing and labelling of vegetables and fruits were exempted from ...
Medical insurance premiums beyond the portion your employer pays and that you pay with after-tax income Long-term care and long-term care insurance premiums, up to certain limits Inpatient alcohol ...
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.
The Income Tax Department (also referred to as IT Department; abbreviated as ITD) is a government agency undertaking direct tax collection of the government of the Republic of India. It functions under the Department of Revenue of the Ministry of Finance. [5] The Income Tax Department is headed by the apex body Central Board of Direct Taxes (CBDT