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The Income Tax Act, 1961, and the Income Tax Rules, 1962, govern the process of filing Income Tax Returns in India. Form 3CE is a part of this process and is an Audit Report format and is required by Section 44DA. [24] Section 44DA Sub-Section 2 of the Income Tax Act, 1961, and Rule 6GA are specifically related to the use of Form 3CE.
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.
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 ...
Customs Amendment Act, 1960: 58: Income Tax Act, 1960: 59: Marico-Bosveld Irrigation Scheme Amendment Act, 1960: 60: Tobacco and Wine Research Accounts Act, 1960: 61: Pension Laws Amendment Act, 1960: 62: University College of Fort Hare Transfer Amendment Act, 1960: 63: Unemployment Insurance Amendment Act, 1960: 64: Finance Act, 1960: 65 ...
The 1961 act came in to force with effect from 1 April 1962 by replacing the Indian Income Tax Act, 1922, which had remained in operation for 40 years. The present law of income tax is governed by the Income Tax Act, 1961 , which has 298 sections and four schedules and is applicable to whole of India, including the state of Jammu and Kashmir.
The Investigation Division of the CBDT, abbreviated as Inv-CBDT, is the revenue enforcement agency of the Central Board of Direct Taxes, Government of India.It functions under the Department of Revenue in the Union Ministry of Finance and is concerned with the collection and administration of, as well as enforcement and prosecution of cases related to, the various direct taxes accruing to the ...
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. [ 1 ] New Income Tax Bill 2025 was presented by the government in the Lok Sabha (Lower house of India) on 13.02.2025, If the bill is approved and passed then it will become an act of law and ...
The Income Tax Act, No 58 of 1962 defines a company under South African law. [10] Nearly 3.7 million companies were on the tax register in March 2017 but only 3.1 million in March 2018. Of these only 24.2% reported positive taxable income, while 48.3% reported zero taxable income and 27.4% reported negative taxable income. [2]