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The tax is collected by the Income Tax Department for the central government. Farmers - who constitute 70% of the Indian workforce - are generally excluded from paying income tax in India. Income tax returns are due in India generally on 31 July, 30 September or 30 November, depending on the category of taxpayer. Everyone who earns or gets an ...
Analysis of political parties' "Audited Accounts Contribution Statements" for the fiscal year 2017-18 ending on 31 March, which were duly submitted to both the Income Tax Department and the Election Commission of India reveals that BJP obtained electoral bonds amounting to ₹215 crore, whereas the Congress party received only ₹5 crore. It is ...
The Enforcement Directorate (ED) is a law enforcement and economic intelligence agency of the Government of India. Established on May 1, 1956, it is responsible for enforcing economic laws and combating financial crimes. [1] The ED operates under the Department of Revenue, Ministry of Finance, with its headquarters in New Delhi. [2]
"Goods and Services Tax Network" (GSTN) is a nonprofit organization formed for creating a sophisticated network, accessible to stakeholders, government, and taxpayers, to access information from a single source (portal). The portal is accessible to the tax authorities for tracking down every transaction, while taxpayers have the ability to ...
When taxpayers dispute the income tax demands raised on them, a structured appeal process has to be followed. The first level of appeals lies with the CIT (A). [1] The Central Board of Direct Taxes (CBDT) has on 19 June 2015, issued internal instructions directing that all Commissioner of Income Tax (Appeals) should issue appellate orders ...
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.
Kamal Haasan has been a recipient of Padma Shri and Padma Bhushan, the fourth and third highest civilian honours awarded by the Government of India respectively. [11]The President, Shri Pranab Mukherjee presenting the Padma Bhushan Award to Shri Kamal Haasan, at a Civil Investiture Ceremony, at Rahstrapati Bhavan, in New Delhi on 31 March 2014
Any individual who is a subscriber of NPS can claim tax benefit for Tier-I account under Sec 80 CCD (1) within the overall ceiling of ₹1.5 lakhs under Sec 80 C of Income Tax Act. 1961. [12] An additional deduction for investment up to ₹50,000 in NPS (Tier I account) is available exclusively to NPS subscribers under subsection 80CCD (1B).