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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).
Surcharges. Non-corporate taxpayers pay a 10-percent surcharge on income between ₹ 5 million and ₹ 10 million. There is a 15-percent surcharge on income over ₹ 10 million. Domestic companies pay seven percent on taxable income between ₹ 10 million and ₹ 100 million, and 12 percent on income over ₹ 100 million.
Official website. The National Academy of Direct Taxes (NADT) is the apex civil service training institution of the Indian Revenue Service and the Income Tax Department of the Government of India. Over the years, it has enhanced and embellished national interest by moulding human capital fortunes and functioning as a ‘best-interests’ think ...
PhonePe introduced tax-saving funds aimed at assisting customers in minimizing their tax burden through investments in equity-linked saving schemes. In the same year, according to Economic Times report PhonePe became the first payment app to enable customers to place bids for initial public offerings through the UPI platform. 2020
The FDIC insures the full joint amount of $500,000 for a six-month grace period after the death of a joint account holder. After the grace period, the amount insured drops down to the sole owner ...
Headquartered in Mumbai, the mandate of the IFTAS is to provide IT-related services to the RBI, banks and other financial institutions. [2] Services like Indian Financial Network (INFINET), [3] Structured Financial Messaging System (SFMS) [4] and the Indian Banking Community Cloud (IBCC) [5] have been handed over to IFTAS with effect from April ...
National Financial Switch (NFS) is the largest network of shared automated teller machines (ATMs) in India. [1] It was designed, developed and deployed by the Institute for Development and Research in Banking Technology (IDRBT) in 2004, with the goal of inter-connecting the ATMs in the country and facilitating convenience banking.
The tax benefits under the Income Tax Act Section 10A applicable to STP units has expired since March 2011. While the Government has chosen not to extend the Sec 10A benefits against the demand by the IT units, most of the STP registered SME units will be affected, and now will have to pay income tax on profits earned from exports.