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India is a federal constitutional republic governed under a parliamentary system consisting of 28 states and 8 union territories. [1] All states, as well as the union territories of Jammu and Kashmir, Puducherry and the National Capital Territory of Delhi, have elected legislatures and governments, both patterned on the Westminster model.
Farmers - who constitute 70% of the Indian workforce - are generally excluded from paying income tax in India. Income tax returns are due in India generally on 31 July, 30 September or 30 November, depending on the category of taxpayer. Everyone who earns or gets an income in India is subject to income tax.
The tax policy is not limited to raising of revenue. As a part of the overall policy of the Government of India, the tax policy also serves as a tool to address several other objectives in the process of development of the country. These objectives may include providing for incentives and disincentives in the target areas/segments of the economy.
1975 – IRS was established and registered under section 25 (erstwhile section 8) of the Companies Act 1956 as not for profit public limited company. In the same year dual class agreements for mutual cooperation were signed with the American Bureau of Shipping , Lloyd's Register of Shipping and Det Norske Veritas , the first register of ships ...
The duties of the IRS (IT) include providing tax assistance to taxpayers, pursuing and resolving instances of erroneous or fraudulent tax filings, and formulating and enforcing policy concerning income tax in India. In the 2015 fiscal year, the IRS (IT) processed 3,91,28,247 returns [2] and collected ₹ 6.95797 lakh crore (equivalent to ₹ 11 ...
The Income Tax Department Karnataka & Goa is the revenue enforcement and collection agency for the state of Karnataka and Goa, India. It has its headquarters in Bangalore , the state capital. The Direct Taxes Regional Training Institute was built in Bangalore at Jalahalli.
The Goods and Services Tax (GST) is a successor to VAT used in India on the supply of goods and service. Both VAT and GST have the same taxation slabs. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.
Additional Director or additional Commissioner of Income Tax is a rank in the Indian Revenue Service (IRS). The officer holding this rank is above a Joint Commissioner or deputy commissioner of police and under a Commissioner of Income Tax.