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The Employees' Provident Fund Organisation (EPFO) is one of the two main social security organization under the Government of India's Ministry of Labour and Employment and is responsible for regulation and management of provident funds in India, the other being Employees' State Insurance. The EPFO administers the retirement plan for employees ...
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 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).
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 Income Tax Act, 1961, and the Income Tax Rules, 1962, require citizens to file their tax returns with the Income Tax Department at the end of every financial year and this form is a part of the filing process as specified by the Government of India. The due date for filing return with the Income Tax Department of India is 31 July every year ...
Public Provident Fund (India) The Public Provident Fund (PPF) is a voluntary savings-cum-tax-reduction social security instrument in India, [1] introduced by the National Savings Institute of the Ministry of Finance in 1968. The scheme's main objective is to mobilize small savings for social security during uncertain times by offering an ...
The tax is collected by the Income Tax Department for the central government. Farmers - who constitute 70% of the Indian workforce - are generally excluded from paying income tax in India. Income tax returns are due in India generally on 31 July, 30 September or 30 November, depending on the category of taxpayer.
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] During the Budget 2022–23, reports emerged that New Tax Regime was getting poor response [3] and Government is considering to make it more attractive among ...
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. 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. However the bill was later scrapped.