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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 and covers various heads of income, tax rates, amendments, objectives and notable cases.
Learn about the history, law, administration and collection of income tax in India, a key source of government funding. Find out how income tax is governed by the Income-tax Act, 1961 and other laws, and how it applies to different types of taxpayers and income.
GAAR is a law that denies tax benefits to transactions or arrangements with no commercial purpose other than tax avoidance. It was introduced in 2012 and became effective from 2018, after several delays and controversies.
Most income tax returns filed are processed by the Centralised Processing Center in Bengaluru [26] on the basis of the information provided by the taxpayer. Such automatic processing of returns is called as "summary assessment" and is carried out in accordance with sub-section (1) of section 143 of the Income Tax Act, 1961.
TDS stands for tax deduction at source, a means of collecting tax on income, dividends, or asset sales in India. Learn about the objectives, rates, provisions, and certificates of TDS under different sections of the Income Tax Act 1961.
ITR stands for Income Tax Return, a form that assesses file information about income and tax to the Income Tax Department of India. Learn about the different types of ITR forms, the eligibility criteria, the due dates, and the penalties for late filing.
Learn about the origin and evolution of income tax, a tax imposed on individuals or entities in respect of their income or profits. Compare different types of income tax, such as progressive, flat, and withholding, and their rates and deductions.
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. TAN is used to claim the tax deducted in the income tax return and to deposit the tax deducted at source.