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The ITR-2 Form [6] is an important Income Tax Return form used by Indian citizens as well as Non Residents to file their Tax Returns with the Income Tax Department of India. The Income Tax Act, 1961, and the Income Tax Rules, 1962, require citizens to file their tax returns with the Income Tax Department at the end of every financial year and ...
The Income Tax Department (also referred to as IT Department; abbreviated as ITD) is a government agency undertaking direct tax collection of the government of India. It functions under the Department of Revenue of the Ministry of Finance. [ 5] The Income Tax Department is headed by the apex body Central Board of Direct Taxes (CBDT).
Tax deduction at source. 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 ...
Form 10BA. Form 10BA is a declaration form that is used by a certain section of assessees while filing income tax returns in India. The form is a declaration by the assessee. The format is specified by the Income Tax Department of India. Form 10BA applies to a certain section of assessees who are required to claim deductions under section 80GG.
The following are ranks of the officers working in the Income Tax Department of Ministry of Finance (India).Officers are appointed from two different recruiting agencies. Gazetted officers are appointed from Indian Revenue Service (Income Tax) of Union Public Service Commission while non-gazetted officers are recruited by Staff Selection Commissio
Direct tax in the form of an income tax was introduced by Sir James Wilson in India in 1860 to overcome the difficulties created by the Indian Rebellion of 1857. [12] The organisational history of the Income-tax Department, however, starts in the year 1922, when the Income-tax Act [ 4 ] , 1922 gave, for the first time, a specific nomenclature ...
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 ...
Personal tax depends on residential status. The CBDT administers the Income Tax Department, which is part of the Ministry of Finance's Department of Revenue. Income tax is a key source of government funding. The Income Tax Department is the central government's largest revenue generator; total tax revenue increased from ₹ 1,392.26 billion (US ...