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The act, which became effective on 1 April 1962, replaced the Indian Income Tax Act, 1922. Current income-tax law is governed by the 1961 act, which has 298 sections and four schedules. [9] The Direct Taxes Code Bill was sponsored in Parliament on 30 August 2010 by the finance minister to replace the Income Tax Act, 1961 and the Wealth Tax Act ...
In the year 2020, HelpAge India received the UN Population Award for the care of elderly disadvantaged persons and senior citizens, a first for an NGO institution in India, in recognition of its work on population issues and efforts in the realization of rights of older persons in India since its inception.
FY2021-22 was an uneventful year for the New Tax Regime as no new changes were announced except the relaxation of Income Tax filing for senior citizens over 75 years. [26] The government's tax policy for the near future was clearly outlined which indicated that all tax breaks will be gradually eliminated while maintaining a low tax rate.
Every year about this time, I receive a lot of mail from seniors who are confused about whether they should file a tax return. The confusion stems from the fact that many seniors receive income ...
Tax law is constantly changing, and even retirees are not immune from annual updates. In fact, seniors in particular have their own set of laws and rules to follow that may not even apply to ...
While Texas has not only high property taxes but a hefty sales and use tax. New Hampshire doesn’t tax personal income, but it does have a 4% tax on dividends and interest with a total gross from ...
Income Tax Department. The Income-tax Act, 1961 is the charging statute of Income Tax in India. It provides for 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. However the bill ...
Many medical expenses can be tax-deductible, but the rules have always been complicated: To qualify for this tax break, you need to itemize your deductions, and then you can only deduct the ...
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