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Members of Parliament have a base salary of ₹100,000 (US$1,200) plus other allowances. The Chief Ministers of Indian states have varying salaries, with Telangana's Chief Minister earning the highest at ₹400,000 (US$4,800) per month. Other states like Delhi, Uttar Pradesh, and Maharashtra follow with salaries of ₹390,000 (US$4,700 ...
The Punjab Legislative Assembly or the Punjab Vidhan Sabha is the unicameral legislature of the state of Punjab in India. The Sixteenth Punjab Legislative Assembly was constituted in March 2022. At present, it consists of 117 members, directly elected from 117 single-seat constituencies. The tenure of the Legislative Assembly is five years ...
A Finance Act is the fiscal legislation enacted by the Indian Parliament to give effect to the financial proposals of the Central Government.It is enacted once a year and contains provisions relating to income taxes, customs, excise, Central and Integrated GST and other cess, exemptions, and reliefs.
The first urea subsidy scheme was in 1977 in the form of Retention Price cum Subsidy scheme (RPS). From ₹ 4,389 crore (US$2.51 billion) in 1990 to ₹ 75,849 crore (US$17.43 billion) in 2008. As %ofGDP this is an increase from 0.8% to 1.5%. In 2022-23 financial outlay is ₹ 63,222 crore (equivalent to ₹ 710 billion or US$8.3 billion in 2023).
Direct tax in the form of an income tax was introduced by Sir James Wilson in India in 1860 to overcome the difficulties created by the Indian Rebellion of 1857. [12] The organisational history of the Income-tax Department, however, starts in the year 1922, when the Income-tax Act [4], 1922 gave, for the first time, a specific nomenclature to various Income-tax authorities.
The tax is collected by the Income Tax Department for the central government. 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 ...
The Provincial Assembly of the Punjab is a unicameral legislature of elected representatives of the Pakistani province of Punjab, which is located in Lahore, the provincial capital. It was established under Article 106 of the Constitution of Pakistan , [ 2 ] having a total of 371 seats, with 297 general seats, 66 seats reserved for women and 8 ...
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.