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Union Government sets up Arbind Modi-led panel to overhaul, simplify income tax laws. On 22 November 2017, the government formed a task force to draft a new direct tax law to replace the existing Income Tax Act, which has been in force since 1961. Arbind Modi, Member, Central Board of Direct Taxes (CBDT), will lead a six-member panel.
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 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 four 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 Act ...
The Tax Deducted at Source (TDS) on payments made by assessees is deposited under the TAN to enable the assessees who have received the payments to claim the tax deducted in their income tax return. ApplicationTAN is applied through "Form No. 49B" (prescribed under Indian Income Tax Law). A completed form can be submitted online at the NSDL ...
There is no requirement to apply or obtain Tax Deduction or Collection Account Number (TAN) for deducting tax under this section. Hence, a deductor can use his PAN in place of TAN. 3. Section 194C of Income Tax Act, 1961. Tax need to be deducted 1% (for individual, HUF)/ 2% (for others) of payment where payment is made for carrying out any work ...
Delhi (Urban Areas) Tenants' Relief Act: 1961: 30 Union Territories (Stamp and Court-fees Laws) Act: 1961: 33 Dadra and Nagar Haveli Act: 1961: 35 Income-tax Act: 1961: 43 Voluntary Surrender of Salaries (Exemption from Taxation) Act: 1961: 46 Deposit Insurance and Credit Guarantee Corporation Act: 1961: 47 Apprentices Act: 1961: 52 Maternity ...
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 main responsibility of the Income Tax Department is to enforce various direct tax laws, most important among these being the Income-tax Act, 1961, to collect revenue for the government of India. It also enforces other economic laws such as the Benami Transactions (Prohibition) Act, 1988 , [ 6 ] and the Black Money Act, 2015 .
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related to: general form no 30 a of income tax act 1961 bare act