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This net profit is not subject to Federal income tax. The DISC then distributes the profit to its shareholders, who are taxable on the income as a qualified dividend . [ 5 ] If the shareholders are U.S. resident individuals or others eligible for the reduced rate of tax (now between 0% and 20%, depending on ordinary income level) on qualified ...
The DSC troops serve throughout the country also in the areas designated as field, high altitude, or operational areas. The DSC personnel perform duties and functions of armed security staff, static guards, searchers, escorts, and mobile patrols by night and day. [4] DSC soldiers are clad in either Indian police khaki or military camouflage.
This includes detailed manuals, FAQs, and online tools to facilitate tax registration, filing, and payment. Online Services: The FTA offers a digital platform where taxpayers can register for taxes, submit returns, and make payments. This online system is designed to streamline processes and enhance accessibility.
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.
The tax is usually imposed at the national level, but it may also be imposed at state or local levels in some countries. Corporate taxes may be referred to as income tax or capital tax, depending on the nature of the tax. The purpose of corporate tax is to generate revenue for the government by taxing the profits earned by corporations.
The Income Tax Service was established in 1944 and was subsequently re-constituted as the Indian Revenue Service (Income Tax) in 1953. In 1963, given the increasingly complex roles and responsibilities of administering direct tax in India, the Central Board of Direct Taxes was constituted as a statutory body under the Central Board of Revenue ...