Search results
Results From The WOW.Com Content Network
The 2003 amendment further states that the local officials would then decide if the person's name will be added to the NRC or not, thereby deciding their citizenship status. No new rules or laws are needed to conduct this exercise in the whole of India. [12]
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 National Register of Citizens for Assam is a registry (NRC) meant to be maintained by the Government of India for the state of Assam.It is expected to contain the names and certain relevant information for the identification of genuine Indian citizens in the state.
Self-assessment is done on a taxpayer's return. The department assesses tax under section 143(3) (scrutiny), 144 (best judgement), 147 (income escaping assessment) and 153A (search and seizure). Notices for such assessments are issued under sections 143(2), 148 and 153A, respectively. Time limits are prescribed in section 153. [22]
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 to various Income-tax authorities.
Assessment is done to ensure correct estimation of total taxable income of an assessee (i.e. taxpayer) and it determines amount of tax to be payable by (or to be refunded to) assessee. Most income tax returns filed are processed by the Centralised Processing Center in Bengaluru [26] on the basis of the information provided by the taxpayer. Such ...
If you had to submit an amended tax return this year, you may be wondering how come you haven't received your tax refund yet. Due to IRS staffing shortages and an influx of amended returns, the IRS...
The tax policy is not limited to raising of revenue. As a part of the overall policy of the Government of India, the tax policy also serves as a tool to address several other objectives in the process of development of the country. These objectives may include providing for incentives and disincentives in the target areas/segments of the economy.