Search results
Results from the WOW.Com Content Network
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 ...
Corporate taxes (33.99%) Other taxes (2.83%) Excise taxes (20.84%) Customs duties (17.46%) Other taxes (8.68%) other taxes (11.96%) Income tax in India is governed by Entry 82 of the Union List of the Seventh Schedule to the Constitution of India, empowering the central government to tax non-agricultural income; agricultural income is defined ...
The Constitution spells out governmental powers with so much detail that many matters addressed by statute in other democracies must be addressed via constitutional amendment in India. As a result, the Constitution is amended roughly twice a year. The main purpose of the amendments is to become more relevant.
The 1961 act came in to force with effect from 1 April 1962 by replacing the Indian Income Tax Act, 1922, which had remained in operation for 40 years. The present law of income tax is governed by the Income Tax Act, 1961 , which has 298 sections and four schedules and is applicable to whole of India, including the state of Jammu and Kashmir.
The Indian constitution is the world's longest for a sovereign nation. [4] [5] [6] At its enactment, it had 395 articles in 22 parts and 8 schedules. [a] [16] At about 145,000 words, it is the second-longest active constitution—after the Constitution of Alabama —in the world.
The Constitution (One Hundred and First Amendment) Act, 2017. An Act further to amend the Constitution of India. Officially known as The Constitution (One Hundred and First Amendment) Act, 2016, this amendment introduced a national Goods and Services Tax (GST) in India from 1 July 2017. [1] It was introduced as the One Hundred and Twenty Second ...
The Constitution (One Hundred and Fourth Amendment) Bill, 2019 was introduced in the Lok Sabha on 9 December 2019 by Ravi Shankar Prasad, Minister of Law and Justice. The bill sought to amend Article 334 of the constitution. The bill was unanimously passed by the Lok Sabha on 10 December 2019 with 355 votes in favour and 0 votes against.
t. e. The Sixty-first Amendment of the Constitution of India, officially known as The Constitution (Sixty-first Amendment) Act, 1988, lowered the voting age of elections to the Lok Sabha and to the Legislative Assemblies of States from 21 years to 18 years. This was done by amending Article 326 of the Constitution, which concerns elections to ...