Ad
related to: section 31 1 a of ra 25 of income tax act
Search results
Results From The WOW.Com Content Network
Income Tax Department. The Income-tax Act, 1961 is the charging statute of Income Tax in India. It provides for levy, administration, collection and recovery of Income Tax. The Government of India brought a draft statute called the "Direct Taxes Code" intended to replace the Income Tax Act, 1961 and the Wealth Tax Act, 1957. However the bill ...
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 ...
Section 194IB of Income Tax Act, 1961 This provision is applicable in respect of transactions effected on or after June 1, 2017 It seeks deduction of tax at source on payment of rent exceeding Rs. 50,000 in a month by an individual or HUF to a resident landlord.
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.
Such automatic processing of returns is called as "summary assessment" and is carried out in accordance with sub-section (1) of section 143 of the Income Tax Act, 1961. When the Income Tax Department requires clarifications or supporting documents on a return filed by the taxpayer, the taxpayer is served a notice under sub-section (2) of ...
Flat tax of 8% on gross sales or gross revenues in lieu of percentage tax and personal income tax. [25] "TRAIN aims to clean up the VAT system to make it fairer and simpler and lower the cost of compliance for both the taxpayers and tax administrators". [25] As such, VAT exemptions are now only limited to health, education and raw agriculture food.
A second provision provides a "CFC look-through" rule exception from Subpart F for cross-border payments of dividends, interest, rents, and royalties that are funded with active income that has not been repatriated. This "CFC look-through" rule will be effective for taxable years beginning after December 31, 2005 and before January 1, 2009.
An additional 25% of the undisclosed income is invested in the scheme which can be refunded after four years, without any interest. [ 1 ] [ 2 ] [ 3 ] Valid from 16 December 2016 to 31 March 2017, the scheme can only be availed to declare income in the form of cash or bank deposits in Indian bank accounts and not in the form of jewellery, stock ...