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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.
India enforces withholding tax also on payments between companies and not just from companies to individuals, under the Tax Deducted at Source (TDS) system. (Since April 2016, the United Kingdom has discontinued withholding tax on interest and dividends, though in some cases this income will become liable for taxation through other means). [8]
The decision in Springer went further in declaring that all income taxes were indirect taxes—or more specifically, "within the category of an excise or duty." [42] However, in 1895 income taxes derived from property such as interest, dividends, and rent (imposed under an 1894 Act) were treated as direct taxes by the Supreme Court in Pollock
The full text of the IRS regulation defining constructive receipt states as follows: [2] Income although not actually reduced to a taxpayer's possession is constructively received by him in the taxable year during which it is credited to his account, set apart for him, or otherwise made available so that he may draw upon it at any time, or so that he could have drawn upon it during the taxable ...
Section 92A was added to the Constitution Act, 1867 at the insistence of the provinces of Saskatchewan and Alberta, as part of the Patriation agreement in 1982. [8] The provision was in response to two decisions of the Supreme Court of Canada in the 1970s, which limited the ability of the provinces to regulate the use of their natural resources.
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]
WASHINGTON (Reuters) -U.S. President Donald Trump has officially announced the creation of an advisory group aimed at carrying out dramatic cuts to the U.S. government, attracting immediate ...
In the United States tax law, an above-the-line deduction is a deduction that the Internal Revenue Service allows a taxpayer to subtract from his or her gross income in arriving at "adjusted gross income" for the taxable year. These deductions are set forth in Internal Revenue Code Section 62.