Search results
Results from the WOW.Com Content Network
The ITR-3 Form is applicable only to those Individuals and Hindu Undivided Families that can be placed under the following categories Is a Partner in a firm; Gains Income through ‘Profits or gains of business or profession’ Gains Income by means of interest, salary, bonus, commission, remuneration, as a partner
The proposed budget entails an extension of the limit of tax exemption on leave encashment to ₹25 lakh for non-government salaried employees upon retirement, aligning it with the government salaried class. In the Old Tax Regime, the maximum amount eligible for exemption stood at ₹3 lakh. [20]
SAHAJ and SUGAM: [25] ITR-1 (SAHAJ) is simplified version of earlier lengthy and complex ITR-1, which is applicable to salaried employees, similarly ITR-4 (SUGAM) is simplified version of ITR-4, which is applicable to small businesses and professionals.
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.
For example, a person resident in India is liable to pay income tax in India on his total world income. On the other hand, a person non-resident in India is liable to pay tax in India only on his Indian income. Under Income-tax Act, there are five heads of income - Salary, House Property, Business or Profession, Capital Gains and Other Sources.
It is applicable to salaried personnel; It is a Tax Deduction at Source (TDS) Certificate issued by the employer; It acts as proof that the employer has deducted TDS while paying the employee; It is proof of the salary that the employee receives; It reflects the amount of income tax paid by the employer on behalf of the employee
Tax deduction at source (TDS) has come into existence with the motive of collecting tax from different sources of income. As per this concept, a person (Payer) who is responsible to make payment of specified nature to any other person (Payee) shall deduct tax at source before making payment to such person (Payee) and remit the same into the account of the Central Government.
[1]: 97 People were obligated to report their taxes to the government and officials would audit these reports. [1]: 97 The penalty for evading this tax was one year of hard labor and confiscation of the entirety of a person's property. [1]: 97 Because it caused popular discontent, this income tax was abolished in 22 CE. [1]: 97