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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 ...
The holder gets the tax benefit under Section 80C of Income Tax Act, 1961. [ 1 ] [ 2 ] Other similar government savings schemes in India include: Public Provident Fund (PPF), Post Office Fixed Deposit, Post Office Recurring Deposit, etc. [ 3 ] The certificates were heavily promoted by the Indian government in the 1950s after India's ...
Pages in category "Tax-advantaged savings plans in India" The following 8 pages are in this category, out of 8 total. ... Public Provident Fund (India) R.
7. Tax-Managed Mutual Funds. Tax-managed mutual funds are designed to minimize tax liability for their investors. These funds employ strategies such as minimizing turnover, harvesting losses to ...
The Public Provident Fund (PPF) is a voluntary savings-tax-reduction social security instrument in India, [1] introduced by the National Savings Institute of the Ministry of Finance in 1968. The scheme's main objective is to mobilize small savings for social security during uncertain times by offering an investment with reasonable returns ...
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 ...