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Income tax return (India) Income tax return is the form in which assesses file information about his/her income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses.
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). The main responsibility of the Income Tax Department is to ...
A permanent account number ( PAN) is a ten-character alphanumeric identifier Foundational ID, issued in the form of a laminated "PAN card", by the Indian Income Tax Department, to any person who applies for it or to whom the department allots the number without an application. It can also be obtained in the form of a PDF file known as e-PAN from the website of the Indian Income Tax Department.
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 ...
The Indian Revenue Service (Income Tax) ( IAST: Bhāratīya Rājasva Sevā ), often abbreviated as IRS (IT), is the administrative revenue service of the Government of India. As a Central Service, it functions under the Department of Revenue of the Ministry of Finance and is under the administrative direction of the Revenue Secretary and the ministerial command of the Minister of Finance. The ...
Presently, there are different kinds of cards and means of establishing identity in India, such as electoral identity card, income-tax PAN card, passport, ration card, driving licence, birth, and education certificates, etc.
The IRS comprises two branches, Indian Revenue Service (Income Tax) and Indian Revenue Service (Custom & Indirect Taxes), controlled by two separate statutory bodies, the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC). The duties of the IRS (IT) include among others, formulation of domestic direct tax policy (through the Tax Policy and ...
Electronic tax filing, or e-filing, is a system for submitting tax documents to a revenue service electronically, often without the need to submit any paper documents. Electronic tax filing may refer to: IRS e-file, a United States system for federal income tax. NETFILE, a Canada Revenue Agency system for consumers.