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The Income Tax Act 1967 ( Malay: Akta Cukai Pendapatan 1967 ), is a Malaysian law establishing the imposition of income tax . Structure The Income Tax Act 1967, in its current form (1 January 2006), consists of 10 Parts containing 156 sections and 9 schedules (including 77 amendments).
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 was later scrapped.
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income ). Income tax generally is computed as the product of a tax rate times the taxable income.
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 Circulars issued by the Central Board of Direct ...
Double taxation is the levying of tax by two or more jurisdictions on the same income (in the case of income taxes ), asset (in the case of capital taxes ), or financial transaction (in the case of sales taxes ). Double liability may be mitigated in a number of ways, for example, a jurisdiction may: fully tax the foreign-source income but give ...
This is a list of acts of the Parliament of Malaysia. The list includes all principal acts enacted after 1969 and pre-1969 statutes that were revised by the Commissioner of Law Revision under the authority of the Revision of Laws Act 1968.
Revenue Act of 1861 The Revenue Act of 1861, formally cited as Act of August 5, 1861, Chap. XLV, 12 Stat. 292, included the first U.S. Federal income tax statute (see Sec. 49 ). The Act, motivated by the need to fund the Civil War, [1] imposed an income tax to be "levied, collected, and paid, upon the annual income of every person residing in the United States, whether such income is derived ...
Tax deduction at source (TDS) is an Indian withholding tax that is a means of collecting tax on income, dividends, or asset sales by requiring the payer (or legal intermediary) to deduct tax due before paying the balance to the payee (and the tax to the revenue authority). Under the Indian Income Tax Act of 1961, income tax must be deducted at ...