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Union Budget 2012-13 - Income tax Department by danish malik
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Union Budget 2012-13 - Income tax Department |
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Tax
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India’s income tax department works under governance of Central Board for Direct Taxes. Income tax department is a single stop destination for finding information regarding every aspect of income tax in India be it procedure of filing income tax in India, what are various deductions in income tax in India, what are taxable income according to income tax India act, which income tax department follows. This department also provides detail information about ways of getting refund in case of payment of extra money by you as income tax in India. According to India’s income tax department, any citizen who earns above one certain amount is liable for paying income tax in India. This department levy tax is up to a decision by income tax India Act, which came into effect after clearance by Indian Parliament. This department applies income tax laws of India on income you earn not just in India, but also on income you earn outside. It is this department, who is responsible of monitoring income tax collection in India. Income tax department lays under wings of Indian Government’s, Ministry of Finance’s Revenue Department. This department, take into account income you earn from first of April to thirty-first of March. Citizens of India also call it as income tax levy by income tax department on their income of previous year. This department calls this time-frame by an assessment year. This department of this country expects people, who lay under seven categories to settle or pay their income tax. IT department call each category as status and define them as individuals, body of individuals, Hindu undivided family, association of persons, companies, firms, local authorities and artificial juridical person. Acts of IT department are applicable on residents along with non residents of India. As per Indian IT department, an individual who is staying in India for above 182 days is a resident of India. Income Tax of India levy on NRIs for income they earn only within India. In same fashion, IT department consider one company to be a resident, if it make use of companies act of India for its incorporation. However, IT department will treat one foreign company as resident if that company was under management in previous year in India entirely. As one law abiding Indian citizen, you should be keen in progress and development of country and must pay income tax. Income tax government or office decides laws for income tax primarily on basis of recommendations of Income Tax Act 1961. There are websites attempting to provide all information you need on various sections of this Act. This act covers information, such as what are various IT laws, where you can find help regarding income tax, best places to find IT information, which is an official government site for IT and where you can find information regarding IT office and other IT related queries. In simplest of terms, income tax is an amount, which an individual or corporation and other entities pay on net income of themselves and their other assets.
Related Articles -
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