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India has abolished multiple taxes with passage of time and imposed new ones. A few of these taxes include inheritance tax, [5] interest tax, gift tax, wealth tax, etc. Wealth Tax Act, 1957 was repealed in the year 2015. [6] Direct Taxes in India were governed by two major legislations, Income Tax Act, 1961 and Wealth Tax Act, 1957.
Income tax is a key source of government funding. The Income Tax Department is the central government's largest revenue generator; the total tax revenue increased from ₹ 1,392.26 billion (US$16 billion) in 1997–98 to ₹ 5,889.09 billion (US$70 billion) in 2007–08. [3] [4] In 2018–19, direct tax collection reported by the CBDT was about ...
The tax came into effect from 1 July 2017 through the implementation of the One Hundred and First Amendment of the Constitution of India by the Indian government. The GST replaced existing multiple taxes levied by the central and state governments. It an indirect tax (or consumption tax) used on the supply of goods and services. It is a ...
Parliament of India: Presented: 1 February 2025: Passed: 1 February 2025: Parliament: 18th : Government: Third Modi ministry: Party: Bharatiya Janata Party: Finance minister: Nirmala Sitharaman: Total revenue ₹ 34.96 trillion (US$410 billion) Total expenditures ₹ 50.65 trillion (US$600 billion) Tax cuts: Complete tax rebate on income upto ...
The tax came into effect from 1 July 2017 through the implementation of the One Hundred and First Amendment to the Constitution of India by the Government of India. 1 July is celebrated as GST Day. [4] The GST replaced existing multiple taxes levied by the central and state governments.
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 the Republic 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).
Central Board of Direct Taxes (CBDT), Department of Revenue, Ministry of Finance, Government of India. The New Tax Regime is a scheme of Income tax in India first proposed in Union Budget 2020–21. [1] Subsequent Budget of FY2021-22 did not see any major announcements in this regime. [2]
The Income Tax Act, 1961 is the charging statute of income tax in India.It provides for the 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.