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General anti-avoidance rule (GAAR) is an anti-tax avoidance law under Chapter X-A of the Income Tax Act, 1961 of India. [1] It is framed by the Department of Revenue under the Ministry of Finance. GAAR was originally proposed in the Direct Tax Code 2009 and was targeted at arrangements or transactions made specifically to avoid taxes.
The Income Tax Department is the central government's largest revenue generator; total tax revenue increased from ₹ 1,392.26 billion (US$16 billion) in 1997–98 to ₹ 5,889.09 billion (US$68 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]
After rebates, zero tax liability for people with income of 3 lakhs. [18] All other categories will also get uniform benefit of Rs 12,500. Surcharge of 10% of tax payable on categories of individuals whose annual taxable income is between 50 lakhs and 1 crore [19] More than 1 crore: 15 percent surcharge [20]
As per an analysis by the Revenue Department, 91.7% of tax filers (about 5.3 crore out of 5.78 crore tax filers) claimed a cumulative deduction (Sec 80 (C) + Sec 80 (D) + NPS + Loan Interest Repayment + Standard Deduction + others) of less than ₹2 lakh and less than 1 per cent of all tax filers (nearly 3.7 lakh) claimed deductions of over Rs ...
The C&AG report on the 2G spectrum case stated a loss of ₹1.76 trillion (US$25 billion). The initial estimate of loss was 57,000 crores but was revised upward of 1.76 lakh crores. [9] The committee, on 4 April 2011, summoned Ratan Tata, chairman of the Tata group; and Niira Radia, a corporate lobbyist, regarding the case. [10]
‘IRS’s most wanted’: Middle-class earners remain the most targeted group for audits, says WSJ report — 4 ways to prepare if an auditor comes knocking Lou Carlozo April 14, 2024 at 6:10 AM
Tax Audit Horror Stories: When the IRS Attacks. Ross Kenneth Urken. Updated July 14, 2016 at 9:28 PM. Audit. Joan Smith, 52, a Philadelphia-based artist, was preparing to go in for spinal surgery ...
A full time Company Secretary in India is needed for a company with a capital of 10 crores or more to perform the following activities: [7] [4] [8] [9] Planning and facilitating Board of Director meetings. Acting as Registrar for a Company. Guiding the formation of new companies, mergers of companies, and liquidations of companies.
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