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On 10 December 2018, the Government of India made NPS an entirely tax-free instrument in India where the entire corpus escapes tax at maturity; the 40% annuity also became tax-free. Any individual who is a subscriber of NPS can claim tax benefit for Tier-I account under Sec 80 CCD (1) within the overall ceiling of ₹1.5 lakhs under Sec 80 C of ...
According to global healthcare security index 2021 India ranked 66 out of 195 countries with an overall Index score of 42.8 and along with a change of -0.8 from 2019. According to Health and health systems ranking of countries worldwide in 2021, by health index score India was ranked 111 out of 167 countries.
Professional Tax. Profession tax is the tax levied and collected by the state governments in India. It is a direct tax. A person earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary,cost accoutant, lawyer, doctor etc. are required to pay this professional tax.
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.
In the 2010s, almost every year the Income Tax Department demanded the 'outstanding income tax' from the BCCI (see details - Tax payment). Frequently till 2012, the board got exemptions for tax under the IT Act 1961 (section 11) but later Income tax department declared BCCI's earnings as commercial and listed them as business incomes. [91]
Ministry of Panchayati Raj. Ministry of Chemicals and Fertilizers. Ministry of Civil Aviation. Ministry of Coal. Ministry of Commerce and Industry. Ministry of Electronics and Information Technology (India), MeitY. Ministry of Consumer Affairs, Food and Public Distribution. Ministry of Co-operation. Ministry of Corporate Affairs.
In 2019, a petition has been filed by Internet and Mobile Association of India with the Supreme Court of India challenging the legality of cryptocurrencies and seeking a direction or order restraining their transaction. In March 2020, the Supreme Court of India passed the verdict, revoking the RBI ban on cryptocurrency trade.
India has been a member of World Trade Organization since 1 January 1995. The 522-million-worker Indian labour force is the world's second-largest, as of 2017. The service sector makes up 55.6% of GDP, the industrial sector 26.3% and the agricultural sector 18.1%.