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Tax deduction at source (TDS) has come into existence with the motive of collecting tax from different sources of income. As per this concept, a person (Payer) who is responsible to make payment of specified nature to any other person (Payee) shall deduct tax at source before making payment to such person (Payee) and remit the same into the account of the Central Government.
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In Australia, a fiscal year is commonly called a "financial year" (FY) and starts on 1 July and ends on the next 30 June. Financial years are designated by the calendar year of the second half of the period. For example, financial year 2025 is the 12-month period ending on 30 June 2025 and can be referred to as FY2024/25.
The United States federal budget for fiscal year 2023 ran from October 1, 2022, to September 30, 2023. The government was initially funded through a series of three temporary continuing resolutions. The final funding package was passed as an omnibus spending bill, the Consolidated Appropriations Act, 2023.
The House passed their version on July 14, 2023 by a vote of 219–210. Led by Chuck Schumer and Mike Rounds, the Senate passed theirs on July 27, 2023 by a vote of 86–11. The Senate then replaced H.R. 2670 with the text of S. 2226 and passed it by unanimous consent, and indefinitely postponed S. 2226.
Dearness Allowance (DA) is a cost-of-living adjustment, an increase made to the basic pay of government officials and public sector workers’ employees. Public sector unit employees are also government employees, but not civil servants.
The CBO forecast in April 2020 that the budget deficit in fiscal year 2020 would be $3.7 trillion (17.9% GDP), versus the January estimate of $1 trillion (4.6% GDP). CBO also forecast the unemployment rate would rise to 16% by Q3 2020 and remain above 10% in both 2020 and 2021. [93]
The unemployment rate reached an all-time high of 14.7% in April 2020 before falling back to 11.1% in June 2020. Due to the effects of the COVID-19 pandemic , Q2 GDP in the US fell 32.9% in 2020. [ 194 ] [ 195 ] [ 196 ] The unemployment rate continued its rapid decline falling to 3.9% in 2021. [ 197 ]