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Tax deduction at source. Tax deduction at source (TDS) is an Indian withholding tax that is a means of collecting tax on income, dividends, or asset sales by requiring the payer (or legal intermediary) to deduct tax due before paying the balance to the payee (and the tax to the revenue authority). Under the Indian Income Tax Act of 1961, income ...
However, where the application is online, the acknowledgment (a PDF file) which is generated after filling up the form must be forwarded to NSDL. Detailed guidelines for the procedure are available at NSDL website. A TAN application should accompany a 'proof of identity' and a 'proof of address' (photocopies) of the deductor.
The free online tax filing program piloted this year by the IRS will be made permanent and its scope will be expanded, Treasury Secretary Janet Yellen announced Thursday. Known as “Direct File ...
Form 10BA is a declaration form that is used by a certain section of assessees while filing income tax returns in India. The form is a declaration by the assessee. The format is specified by the Income Tax Department of India. Form 10BA applies to a certain section of assessees who are required to claim deductions under section 80GG.
After weeks of testing, an electronic system for filing returns directly to the IRS is now available to taxpayers from 12 selected states. The new system, called Direct File, is a free online tool.
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).
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