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Strictly, the term Non-resident Indian refers only to the tax status of an Indian citizen who, as per section 6 of The Income-tax Act, 1961, has not resided in India for a specified period for the purposes of the Income Tax Act. [29] The rates of income tax are different for persons who are "resident in India" and for NRIs. For the purposes of ...
The Income Tax Act, 1961 is the charging statute of income tax in India. It provides for the 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. The Direct Tax Code 2025 is scheduled ...
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 ...
There are also Telugus from other Indian states such as Karnataka, Tamil Nadu, Odisha and Maharashtra, who live outside India. Telugus of Andhra Pradesh origin, living outside India are often referred as Non-resident Andhras (NRA). After the bifurcation of the United Andhra Pradesh, these are popularly referred as Non-resident Telugus. [18]
Over 48 per cent of the Indian rural population is female. [66] 44.72 crore Indians are non-literate, more than a third of its 121.08 crore population. [67] Transgender people comprise 0.1% of India's rural population. The Andaman and Nicobar islands, West Bengal, Gujarat, Odisha and Mizoram have the highest proportions of transgender people.
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 ...
The population of India as per 2011 census was 1,210,854,977. [31] India added 181.5 million to its population since 2001, slightly lower than the population of Brazil. India, with 2.4% of the world's surface area, accounts for 17.5% of its population. Uttar Pradesh is the most populous state with roughly 200 million people.
The tax came into effect from 1 July 2017 through the implementation of the One Hundred and First Amendment of the Constitution of India by the Indian government. The GST replaced existing multiple taxes levied by the central and state governments. It an indirect tax (or consumption tax) used on the supply of goods and services. It is a ...