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There was no change in the timeline for tax payment; however, if the deposit of Advance Tax is delayed, a reduced interest rate of 9 percent per annum, or 0.75 percent per month, [18] will be applicable instead of the current rate of 12 percent per annum, or 1 percent, for payment of all taxes falling between 20 March 2020 and 30 June 2020.
Most states and UTs have notified the commencement date, except Himachal Pradesh and Jammu and Kashmir. Himachal Pradesh has its own law on the subject. The Act was originally not applicable to Jammu and Kashmir, vide section 1(2) of the Act; this inapplicability has been removed by the Jammu and Kashmir Reorganisation Act, 2019. [23]
Income Tax Department. 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 ...
Relative to other developing countries, the fact that India's income tax comprises 5% of its GDP is due to the fact nearly 2-3% of the population is exposed to income taxation. [27] India faces more difficulties in proliferating its income tax than a country like China, who subjects 20% of its population, because there is an emphatically low ...
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 this form is a part of the filing process as specified by the Government of India. The due date for filing return with the Income Tax Department of India is 31 July every year ...
The 2001 census of India demonstrated that aged people in India have crossed over 100 million. [citation needed] Many older people in India are not alert about the human rights of older persons, due to high occurrence of illiteracy and lack of alertness. Elder illiteracy directly contributes to a lack of knowledge regarding the human rights for ...
Housing, Rural: Original form 1985. [66] Provides financial assistance to rural poor for constructing their houses themselves. This generates income and employment as well. [67] Sample housing designs have been proposed through UNDP, MoRD and IIT, Delhi collaboration. [68] [69] PM Awaas Yojana - (Urban) (PMAY-R, PM Housing Scheme Urban) CSS ...
The New Tax Regime is a scheme of Income tax in India first proposed in Union Budget 2020–21. [1] Subsequent Budget of FY2021-22 did not see any major announcements in this regime. [ 2 ] During the Budget 2022–23, reports emerged that New Tax Regime was getting poor response [ 3 ] and Government is considering to make it more attractive ...