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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.
The act, which became effective on 1 April 1962, replaced the Indian Income Tax Act, 1922. Current income-tax law is governed by the 1961 act, which has 298 sections and fourteen schedules. [9] The Direct Taxes Code Bill was sponsored in Parliament on 30 August 2010 by the finance minister to replace the Income Tax Act, 1961 and the Wealth Tax ...
Tax Exemption: Withdrawals made from the National Savings Scheme by individuals on or after 29 August, 2024, will be exempt from tax. [5] Extension of Time-Limit to File Income Tax Returns: The deadline to file updated returns has increased from two to four years. [6] New Income Tax Bill: This bill seeks to simplify tax regime and reduce ...
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Form 3CE is a prescribed format for an Audit Report and is part of the process of filing Income Tax Returns for a certain section of Assessees in India. The Income Tax Department of India specifies the use of the Form and various rules and regulations are associated with it. The Income Tax Act, 1961, and the Income Tax Rules, 1962, govern the ...
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 amount of formal wage earners. [27] Even though India's income tax was instituted in 1922 by the British, their tax history explains their high degree of tax delinquency today. [27]