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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.
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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.
[9] [57] FairTax supporters argue that replacing the regressive payroll tax (a 15.3% total tax not included in the Tax Panel study; [9] payroll taxes include a 12.4% Social Security tax on wages up to $97,500 and a 2.9% Medicare tax, a 15.3% total tax that is often split between employee and employer) greatly changes the tax distribution, and ...
TAN is applied through "Form No. 49B" (prescribed under Indian Income Tax Law). A completed form can be submitted online at the NSDL website or at the "Tax Information Network Facilitation Center" (TIN-FC). These centers are established by NSDL, an appointed intermediary by the Central Government, across India.
Direct tax in the form of an income tax was introduced by the British in India in 1860 to overcome the difficulties created by the Indian Rebellion of 1857. [5] The organizational history of the Income-tax Department, however, starts in the year 1922, when the Income-tax Act, 1922 gave, for the first time, a specific nomenclature to various Income-tax authorities.
For the tax year 2013, some taxpayers experienced the first year-to-year income-tax rate increase since 1993, although the rate increase came about not as a result of the 2012 Act, but as a result of the expiration of the Bush tax cuts. The new rates for income, capital gains, estates, and the alternative minimum tax would be made permanent. [3 ...
Personal Income Tax Sales Tax Property Tax Corporate Tax total revenue total revenue total revenue total revenue The averages of each tax base can be used in comparison to other states or communities, that is, the average of other states or communities, to determine whether or not a government compares favorably regionally or nationally.