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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. Everyone who earns or gets an income in India is subject to income tax.
Personal loans’ tax deductions depend on how you use the money. You cannot deduct payments from your annual income for tax purposes when personal loans are used for personal needs, such as ...
According to the IRS, interest paid on mortgages, student loans and business loans is tax-deductible. Personal interest, such as interest paid on a loan to purchase a car for personal use, is not ...
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. [3] [4] In 2018–19, direct tax collections reported by the CBDT were about ₹ 11.17 lakh crore (₹11.17 trillion). [5]
A personal contract purchase is a conditional sale agreement, and under UK law the purchaser is protected under the Consumer Credit Act 1974 and the Financial Services Regulations 2004. [ 2 ] Included items
The existing general sales tax laws were replaced with the Value Added Tax Act (2005) and associated VAT rules. A few states ( Gujarat , Tamil Nadu , Rajasthan , Madhya Pradesh , Chhattisgarh , Jharkhand , Uttarakhand and Uttar Pradesh ) opted to stay out of VAT taxation system during the initial introduction of VAT but adopted it later.
The Goods and Services Tax (GST) is a successor to VAT used in India on the supply of goods and service. Both VAT and GST have the same taxation slabs. Both VAT and GST have the same taxation slabs. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.
The plan on car loans - which would treat interest paid on vehicle loans like home mortgages on federal tax returns - is the latest in a long string of potential tax cuts the former U.S. president ...