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Income tax in India is governed by Entry 82 of the Union List of the Seventh Schedule to the Constitution of India, empowering the central government to tax non-agricultural income; agricultural income is defined in Section 10(1) of the Income-tax Act, 1961. [2] Income-tax law consists of the 1961 act, Income Tax Rules 1962, Notifications and ...
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 Income Tax Act, 1961 is the charging statute of income tax in India. It provides for the levy, administration, collection, and recovery of income tax. The Government of India brought a draft statute called the Direct Taxes Code intended to replace the Income Tax Act, 1961 and the Wealth Tax Act, 1957. [1]
It aims to curb black money, or undisclosed foreign assets and income and imposes tax and penalty on such income. The Act has been passed by both the Houses of the Parliament. The Act has received the assent of the President of India on 26 May 2015. [1] [2] It came into effect from 1 July 2015.
India's Income Tax Appellate Tribunal (ITAT) was the first experiment in tribunalization in the history of India. It was set up on 25 January 1941 by virtue of section 5A of the Income Tax Act, 1922. It is second appellate authority under the direct taxes and first independent forum in its appellate hierarchy.
The Chief Commissioner of Income Tax Central, abbreviated as CCIT-C, is the revenue enforcement agency of the Central Board of Direct Taxes, Government of India which assesses tax evasion. It functions under the Department of Revenue in the Union Ministry of Finance and is concerned with the administration, assessment, enforcement and ...
The major tax enactment is the Income Tax Act of 1961 passed by the Parliament, which establishes and governs the taxation of the incomes of individuals and corporations. [47] This Act imposes a tax on income under the following five heads: [48] Income from house and property, [49] Income from business and profession, Income from salaries,
Union of India [38] Struck down the 99th Amendment of the Constitution of India and the proposal of the National Judicial Appointments Commission. 1998 In re Special reference 1 [39] Reply by the Chief Justice of India to the questions raised by President of India K. R. Narayanan regarding the Collegium system. M. C. Mehta v. Kamal Nath [40] 1996