ABOUT INCOME TAX
The Central Government has been empowered by Entry 82 of the Union List of Schedule VII of the Constitution of India to levy tax on all income other than agricultural income.The Income Tax Law comprises The Income Tax Act 1961, Income Tax Rules 1962, Notifications and Circulars issued by Central Board of Direct Taxes, Annual Finance Acts and Judicial pronouncements by Supreme Court and High Courts.
The government of on taxable income of all persons including individuals, Hindu Undivided Families , companies, firms, association of persons, body of individuals, local authority and any other artificial judicial person. Levy of tax is separate on each of the persons. The levy is governed by the Indian Income Tax Act, 1961. The Indian Income Tax Department is governed by CBDT and is part of the Department of Revenue under the Ministry of Finance, Govt. of India. Income tax is a key source of funds that the government uses to fund its activities and serve the public.
The Income Tax Department is the biggest revenue mobilizer for the Government. The total tax revenues of the Central Government increased from 1392.26 billion in 1997-98 to 5889.09 billion in 2007-08.
An entity whose income exceeds the maximum amount, which is not chargeable to the income tax, is an assessee, and shall be chargeable to the income tax at the rate or rates prescribed under the finance act for the relevant assessment year, shall be determined on basis of his residential status.
Income tax is a tax payable, at enacted by the Union Budget for every Assessment Year, on the Total Income earned in the Previous Year by every Person.
All income received as salary under employer-employee relationship is taxed under this head, on due or receipt basis, whichever arises earlier. Employers must withhold tax compulsorily , if income exceeds minimum exemption limit, as Tax Deducted at Source , and provide their employees with a Form 16 which shows the tax deductions and net paid income.
The Act contains list of perquisites which are always taxable in all cases and a list of perquisites which are exempt in all cases . All other perquisites are to be calculated according to specified provision and rules for each. Only two deductio0ns are allowed under Section 16, viz. Professional Tax and Entertainment Allowance.
JOB DETAILS
Recruitment In : Income Tax Department
Qualification : S.S.C/Diploma/INTER/B.Tech/Any Degree
Job location : ALL OVER INDIA
Last date to apply : 24 AUGUST 2016
Package offered : 55,050-75,050 PM
Apply Mode : Online
The Central Government has been empowered by Entry 82 of the Union List of Schedule VII of the Constitution of India to levy tax on all income other than agricultural income.The Income Tax Law comprises The Income Tax Act 1961, Income Tax Rules 1962, Notifications and Circulars issued by Central Board of Direct Taxes, Annual Finance Acts and Judicial pronouncements by Supreme Court and High Courts.
The government of on taxable income of all persons including individuals, Hindu Undivided Families , companies, firms, association of persons, body of individuals, local authority and any other artificial judicial person. Levy of tax is separate on each of the persons. The levy is governed by the Indian Income Tax Act, 1961. The Indian Income Tax Department is governed by CBDT and is part of the Department of Revenue under the Ministry of Finance, Govt. of India. Income tax is a key source of funds that the government uses to fund its activities and serve the public.
The Income Tax Department is the biggest revenue mobilizer for the Government. The total tax revenues of the Central Government increased from 1392.26 billion in 1997-98 to 5889.09 billion in 2007-08.
An entity whose income exceeds the maximum amount, which is not chargeable to the income tax, is an assessee, and shall be chargeable to the income tax at the rate or rates prescribed under the finance act for the relevant assessment year, shall be determined on basis of his residential status.
Income tax is a tax payable, at enacted by the Union Budget for every Assessment Year, on the Total Income earned in the Previous Year by every Person.
All income received as salary under employer-employee relationship is taxed under this head, on due or receipt basis, whichever arises earlier. Employers must withhold tax compulsorily , if income exceeds minimum exemption limit, as Tax Deducted at Source , and provide their employees with a Form 16 which shows the tax deductions and net paid income.
The Act contains list of perquisites which are always taxable in all cases and a list of perquisites which are exempt in all cases . All other perquisites are to be calculated according to specified provision and rules for each. Only two deductio0ns are allowed under Section 16, viz. Professional Tax and Entertainment Allowance.
JOB DETAILS
Recruitment In : Income Tax Department
Qualification : S.S.C/Diploma/INTER/B.Tech/Any Degree
Job location : ALL OVER INDIA
Last date to apply : 24 AUGUST 2016
Package offered : 55,050-75,050 PM
Apply Mode : Online
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