In India the tax structure is divided amongst the central government and state government. The central government levies taxes on income, custom duties, central excise and service tax. While the state government levies tax like state excise, stamp duty, VAT (Value Added Tax), land revenue and ...
The Direct Tax Code (DTC) 2025 will replace the Income Tax Act of 1961 and the Wealth Tax Act of 1957, bringing India streamlined and modernised tax systems that clarify regulations, widen income tax brackets, reduce deductions, and aim to increase compliance. The new tax code will consolidate...
DIRECT TAX CODE IN INDIA: A MAJOR TAX REFORM FOR THE EMERGING ECONOMYRakesh, C Manjunatha, K
The Central Board of Direct Taxes (CBDT), a division of the Department of Revenue under the Ministry of Finance, oversees the collection of direct taxes in India. The categories listed below are liable to a direct tax on their real earned income. A person as defined under the Income-tax...
Post demonetisation, the income tax department made a list of millions of new taxpayers and searched across this data for common addresses, common directors, promoters and other such parameters. In many cases they found 40-50 companies registered from a one-room address in Kolkatta or Jaipur or...
IndiaThe Government of India submitted the 'Direct Taxes Code' Bill, 2010 the Parliament in August, 2010. The Code, expected to come into force from the next financial year i.e. 1st April 2012, is not just a regular amendment but replaces all the existing direct tax laws in India. The...
First included in: Miscellaneous/DirectTaxTotal_IN (this entity) Properties 展開表格 NameValue displayName Field name dataFormat string isNullable true Traits List of traits for the FieldName attribute are listed below. is.dataFormat.character is.dataFormat.big is.dataFormat.arr...
Invoicing information: It will be used for tax payment only. Ensure details are correct. Legal entity name: It will automatically be filled in with your company name and cannot be changed. Use address from company info: If you use the address from the company information, select Yes. If you...
Tax evasion and illicit financial flows out of the South (which total more than $1 trillion per year) drain resources that might otherwise be reinvested domestically, or which governments might otherwise use to build national industries. This problem is compounded by external debt service obligations...
Still, their power to tax is governed by state-level legislation and varies regionally. Moreover, mayors of municipalities are appointed by the chief minister of each state and the city’s economic growth plays little role in their promotion. Nonetheless, some states and municipalities have been...