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Income tax return (India) Income Tax Department. Income tax return is the form in which assesses file information about his/her income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses.
The Income Tax Department (also referred to as IT Department; abbreviated as ITD) is a government agency undertaking direct tax collection of the government of India. It functions under the Department of Revenue of the Ministry of Finance. [5] The Income Tax Department is headed by the apex body Central Board of Direct Taxes (CBDT). The main responsibility of the Income Tax Department is to ...
The Indian Revenue Service (Income Tax) ( IAST: Bhāratīya Rājasva Sevā ), often abbreviated as IRS (IT), is the administrative revenue service of the Government of India. As a Central Service, it functions under the Department of Revenue of the Ministry of Finance and is under the administrative direction of the Revenue Secretary and the ministerial command of the Minister of Finance. The ...
Income tax in India is governed by Entry 82 of the Union List of the Seventh Schedule to the Constitution of India, empowering the central government to tax non-agricultural income; agricultural income is defined in Section 10 (1) of the Income-tax Act, 1961. [2] Income-tax law consists of the 1961 act, Income Tax Rules 1962, Notifications and Circulars issued by the Central Board of Direct ...
The Indian Revenue Service ( IAST: Bhāratīya Rājasva Sevā ), often abbreviated as IRS, is a civil service that is primarily responsible for collecting and administering direct and indirect taxes. As a central civil service under Group A [4] of the executive branch of the Government of India, it functions under the Department of Revenue [5] of the Ministry of Finance and is under the ...
The Indian Revenue Service (Customs & Central Excise) ( IAST: Bhāratīya Rājasva Sevā ), often abbreviated to IRS (Customs&CentralExcise) or IRS (Customs&IndirectTaxes), now called IRS (Customs&GST) is a part of central civil service of the Government of India. It functions under the Department of Revenue of the Ministry of Finance and is ...
India has abolished multiple taxes with passage of time and imposed new ones. A few of these taxes include inheritance tax, [5] interest tax, gift tax, wealth tax, etc. Wealth Tax Act, 1957 was repealed in the year 2015. [6] Direct Taxes in India were governed by two major legislations, Income Tax Act, 1961 and Wealth Tax Act, 1957. A new legislation, Direct Taxes Code (DTC), was proposed to ...
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income ). Income tax generally is computed as the product of a tax rate times the taxable income.