Search results
Results from the WOW.Com Content Network
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.
In India, a Tax Deduction and Collection Account Number (TAN) is a 10 digit alpha-numeric number issued by the Income Tax Department to the persons who are required to deduct or collect tax on payments made by them under the Indian Income Tax Act, 1961. [1]
Currently, Indian taxpayers can choose between the old tax regime and the new tax regime. [12] At the time of introduction, it had 7 different slabs. After three years from introduction, Indian Government reduced both the slab count & tax rates under New Tax Regime in Budget 2023, after reports of poor adoption to new tax regime by tax payers [13]
The CHA's duties should be discharged expeditiously, and he cannot charge more than the rates approved by the Commissioner. Conflicts of interest: If the CHA is a former officer of a department, he cannot represent any matter before a customs officer which he had considered as an officer. He cannot use facts which came to his knowledge as an ...
GST's implementation in India has been further criticized by Indian businessmen for problems including tax refund delays and too much documentation and administrative effort needed. [56] According to a partner at PwC India, when the first GST returns were filed in August 2017, the system crashed under the weight of filings. [56]
India faces more difficulties in proliferating its income tax than a country like China, who subjects 20% of its population, because there is an emphatically low amount of formal wage earners. [27] Even though India's income tax was instituted in 1922 by the British, their tax history explains their high degree of tax delinquency today. [27]
The 1961 act came in to force with effect from 1 April 1962 by replacing the Indian Income Tax Act, 1922, which had remained in operation for 40 years. The present law of income tax is governed by the Income Tax Act, 1961, which has 298 sections and four schedules and is applicable to whole of India, including the state of Jammu and Kashmir. [12]
Indian Railways' strategic initiative to containerise cargo transport put India on the intermodal freight transport map for the first time in 1966. Given India's size (almost 3,000 kilometres (1,900 mi) from North to South and East to West), rail transport is often a cheaper option for all cargo over medium and long distances, especially if the cost of inter-modal transfers can be reduced.