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In 1956, Mr. Nicholas Kaldor was given the responsibility of investigating the Indian tax system in light of the revenue requirement of the second five-year plan (1956–1961). He submitted an exhaustive report for a coordinated tax system and therefore, the result was the enactment of several taxation acts, viz., the wealth-tax Act 1957 , the ...
In 1956, Nicholas Kaldor was appointed to investigate the Indian tax system in light of the Second Five-Year Plan's revenue requirement. He submitted an extensive report for a coordinated tax system, and several taxation acts were enacted: the wealth-tax Act 1957 , the Expenditure Tax Act, 1957 , and the Gift Tax Act, 1958 .
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. When you file a belated return, you are not allowed to carry forward certain losses. [1]
A certificate in Form No. 16C shall be issued by the deductor within 15 days from the due date of furnishing challan-cum-statement in Form No. 26QC. There is no requirement to apply or obtain Tax Deduction or Collection Account Number (TAN) for deducting tax under this section. Hence, a deductor can use his PAN in place of TAN. 3.
Payers who file 250 or more Form 1099 reports must file all of them electronically with the IRS. [6] If the fewer than 250 requirement is met, and paper copies are filed, the IRS also requires the payer to submit a copy of Form 1096 , which is a summary of information forms being sent to the IRS.
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The Quarterly Return Filing and Monthly Payment (QRMP) Scheme is a simplified compliance regime under the Goods and Services Tax (GST) in India. It is available to registered taxpayers whose aggregate annual turnover (PAN based) is up to ₹ 5 Crore in the current financial year and the preceding financial year (if applicable) and have already ...
A money bill is only required to pass in the lower house Lok Sabha. [7] Jyotiraditya Scindia of INC asked why a new bill was introduced when the National Identification Authority of India Bill, 2010 was still pending in the Rajya Sabha. [8] The bill was passed on 11 March 2016 by the Lok Sabha by a voice vote after a brief debate. [1]