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The Income Tax Department of India clearly lays down the rules associated with the use of this form. Form 3CD is a Form in accordance with Rule 6G(2) and Section 44AB of the Indian Income Tax Act, 1961. The Form is a part of the process of filing Income Tax Returns in India and is an Annexure to the Audit Report. Form 3CD contains 41 Clauses. [23]
Exemption of property of the Union from State taxation. A-286. Restrictions as to imposition of tax on the sale or purchase of goods. A-287. Exemption from taxes on electricity. A-288. Exemption from taxation by States in respect of water or electricity in certain cases. A-289. Exemption of property and income of a State from Union taxation. A-290.
In January 2019 the Indian government updated e-Visa rules for all eligible countries. The validity of Indian e-tourist and e-Business Visa was increased from 60 days with double entry to up-to 1 year with multiple entries. The validity count starts from the day of being granted the e-visa online and not from the day of physical entry as before ...
§80EE – Home-loan interest (up to 100,000 on a loan up to ₹ 2.5 million) §80G – Charitable contributions (50 or 100 percent) §80GG – Rent minus 10 percent of income, up to ₹ 5,000 per month or 25 percent of income (whatever is less) [16] §80TTA – Interest on savings, up to ₹ 10,000
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]
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On 10 December 2018, the Government of India made NPS an entirely tax-free instrument in India where the entire corpus escapes tax at maturity; the 40% annuity also became tax-free. [11] Any individual who is a subscriber of NPS can claim tax benefit for Tier-I account under Sec 80 CCD (1) within the overall ceiling of ₹1.5 lakhs under Sec 80 ...
In 2016, the idea of a Universal Basic Income in India made huge news by taking up over forty pages in the 2016–2017 India Economic Survey [3] as a serious and feasible solution to India's poverty and a hope for the economy as a whole. In India, this was an idea that has been discussed for decades in both the public and private spheres.