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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.
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.
Main article: Income tax in India. Income Tax is a tax imposed on individuals or entities (taxpayers) that varies with respective income or profits (taxable income). Income tax generally is computed as the product of a tax rate times taxable income. However, for individuals, tax is payable at slab rates.
The Income Tax Department is headed by the apex body Central Board of Direct Taxes (CBDT). The main responsibility of the Income Tax Department is to enforce various direct tax laws, most important among these being the Income-tax Act, 1961, to collect revenue for the government of India.
Income tax return is the form in which assesses file information about his/her income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3 , ITR 4, ITR 5, ITR 6 and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses.
A permanent account number ( PAN) is a ten-character alphanumeric identifier Foundational ID, issued in the form of a laminated "PAN card", by the Indian Income Tax Department, to any person who applies for it or to whom the department allots the number without an application. It can also be obtained in the form of a PDF file known as e-PAN ...
Foreign relations. India portal. Other countries. v. t. e. The Indian Revenue Service ( IAST: Bhāratīya Rājasva Sevā ), often abbreviated as IRS, is a civil service that is primarily responsible for collecting and administering direct and indirect taxes.
The Income-tax Act, 1961. An Act to consolidate and amend the law relating to income-tax and super-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.
India's Income Tax Appellate Tribunal (ITAT) was the first experiment in tribunalization in the history of India. It was set up on 25 January 1941 by virtue of section 5A of the Income Tax Act, 1922. It is second appellate authority under the direct taxes and first independent forum in its appellate hierarchy.
New Delhi, India. Agency executive. Mr Sushil Chandra, IRS, Member. Parent agency. Ministry of Finance , Department of Revenue. The Investigation Division of the CBDT, abbreviated as Inv-CBDT, is the revenue enforcement agency of the Central Board of Direct Taxes, Government of India.