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Section 194IA of Income Tax Act, 1961. This provision is applicable in respect of transactions effected on or after June 1, 2013 It seeks deduction of tax at source on the transfer of certain immovable property other than agricultural land to a resident transferor.
Income Tax Department. The Income-tax Act, 1961 is the charging statute of Income Tax in India. It provides for 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. However the bill ...
Federal income tax was first introduced under the Revenue Act of 1861 to help pay for the Civil War. It was renewed in later years and reformed in 1894 in the form of the Wilson-Gorman tariff. Legal challenges centered on whether the income tax then in force constituted a "direct tax". In the Springer v.
Income Computation and Disclosure Standards (ICDS) were issued by the Government of India in exercise of powers conferred to it under section 145(2) of The Income Tax Act, 1961. The Ministry of Finance published 14 draft ICDS, out of which 10 ICDS were notified by the government on 31 March 2015. The government specified a deferment of one year ...
Former section 114 of the United States Internal Revenue Code excluded "extraterritorial income" which constituted "qualifying foreign trade income" under former section 941 from income. [2] The effect of these provisions was a reduced tax burden in exchange for increased exports, creating an incentive for individuals and businesses within the ...
Tax Equity and Fiscal Responsibility Act of 1982; Tax Increase Prevention and Reconciliation Act of 2005; Tax Reduction Act of 1975; Tax Reduction and Simplification Act of 1977; Tax Reform Act of 1969; Tax Reform Act of 1976; Tax Reform Act of 1986; Tax Relief and Health Care Act of 2006; Tax Relief for American Families and Workers Act; Tax ...
The Income Tax (Trading and Other Income) Act 2005 (c 5) is an Act of the Parliament of the United Kingdom.. It restated certain legislation relating to income tax, with minor changes that were mainly intended "to clarify existing provisions, make them consistent or bring the law into line with well established practice."
Under current law, long-term capital gains and dividend income are taxed at a maximum rate of 15 percent through 2008. For taxpayers in the 10 and 15 percent tax brackets, the tax rate is 5 percent through 2007 and zero in 2008. The Conference Report extends the rates effective in 2008 through 2010.