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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 ...
Income tax is a key source of government funding. The Income Tax Department is the central government's largest revenue generator; total tax revenue increased from ₹ 1,392.26 billion (US$17 billion) in 1997–98 to ₹ 5,889.09 billion (US$74 billion) in 2007–08. In 2018–19, direct tax collections reported by the CBDT were about ₹ 11.17 ...
e. Tax withholding, also known as tax retention, pay-as-you-earn tax or tax deduction at source, is income tax paid to the government by the payer of the income rather than by the recipient of the income. The tax is thus withheld or deducted from the income due to the recipient. In most jurisdictions, tax withholding applies to employment ...
Form 10BA. Form 10BA is a document 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.
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 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 Income-tax Act, 1961 is the charging statute of Income Tax in India. It provides for 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. However the bill was later scrapped.
Double taxation is the levying of tax by two or more jurisdictions on the same income (in the case of income taxes ), asset (in the case of capital taxes ), or financial transaction (in the case of sales taxes ). Double liability may be mitigated in a number of ways, for example, a jurisdiction may: fully tax the foreign-source income but give ...