Search results
Results from the WOW.Com Content Network
Income Tax Department. Income tax return is the form in which assesses file information about his/her income and tax thereon to Income Tax Department.Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.
The Income Tax Department of India specifies the use of the Form and various rules and regulations are associated with it. 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]
Huge amounts of cash in the form of new notes were seized all over the country after the demonetisation. [ 37 ] [ 38 ] In December 2016, over ₹4 crore in new ₹2000 notes were seized from four persons in Bangalore, [ 39 ] [ 40 ] [ 41 ] ₹33 lakh in ₹2000 notes were recovered from Manish Sharma, an expelled BJP leader in West Bengal, [ 42 ...
Income tax in India is governed by Entry 82 of the Union List of the Seventh Schedule to the Constitution of India, empowering the central government to tax non-agricultural income; agricultural income is defined in Section 10(1) of the Income-tax Act, 1961. [2]
Direct tax in the form of an income tax was introduced by the British in India in 1860 to overcome the difficulties created by the Indian Rebellion of 1857. [5] The organizational history of the Income-tax Department, however, starts in the year 1922, when the Income-tax Act, 1922 gave, for the first time, a specific nomenclature to various Income-tax authorities.
[b] In India on the other hand there is a slab rate system, where for income below INR 2.5 lakhs per annum the tax is zero percent, for those with their income in the slab rate of INR 2,50,001 to INR 5,00,000 the tax rate is 5%. In this way the rate goes up with each slab, reaching to 30% tax rate for those with income above INR 15,00,000.
Bill Clinton “Hillary and I mourn the passing of President Jimmy Carter and give thanks for his long, good life,” Clinton, the country's 42nd president, said in a statement on Sunday.
A tax return usually includes the following components. Income consists of the sources of a citizen's revenue, excluding items which are exempt from tax by law.Wages, salaries, income from retirement plans, dividends, interest and capital gains or losses should be considered as a source of revenue.