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The Income-tax Act, 1961
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The Income-tax Act, 1961
An Act to consolidate and amend the law relating to income-tax and super-tax.
Citation
Act 43 of 1961
Enacted by
Parliament of India
Date commenced
1 April 1962
Status: In force
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 However the bill was later scrapped because of wealth tax act being repealed.[1]
Contents
[hide]
1 History
2 Provisions
2.1 Amendments
3 Simplification
4 Notes
5 External links
History[edit]
This section is empty. You can help by adding to it. (March 2018)
Provisions[edit]
Section 192A allows a PF withdrawal to ₹50,000 (US$770) without deduction of TDS.[2]
Political parties have deposited huge cash after demonitization. BSP (Bahujan Samajwadi Party) don't have any donation by cheque, 100% is cash.[3][4] Congress used to be the biggest party to get cash, now it is BJP.[5]
Amendments[edit]
"The Taxation Laws (Second Amendment) Act, 2016" is an amendment Act, No.48 of 2016, to Income-tax Act, 1961 and The Finance Act, 2016. It was passed during the 2016 Winter Session of Indian Parliament.[6] The Taxation Laws (Second Amendment) Bill, 2016 was passed in Lok Sabha as a money bill on 29 November 2016 enabling people to declare their undisclosed incomes after Indian 500 and 1000 rupee note demonetisation.[7][8]
The Taxation Laws (Second Amendment) Bill, 2016, was introduced in the Lok Sabha during the 2016 Winter Session of Indian Parliament.[9] The bill was introduced on 28 November 2016, by Finance Minister of India, Arun Jaitley.[10] The bill was passed by Speaker Sumitra Mahajan, with a voice vote without debate in Lok Sabha.[11][12][13] The Government, clarified that gold asset in form of jewellery of People of India, were not for taxation as per the introduced Bill.[14] The Opposition, parties, expressed anger against the passed bill in Lok Sabha, that a debate was not held.[15]
Simplification[edit]
Union Government sets up Arbind Modi-led panel to overhaul, simplify income tax laws. On 22 November 2017, the government formed a task force to draft a new direct tax law to replace the existing Income Tax Act, which has been in force since 1961. Arbind Modi, Member, Central Board of Direct Taxes (CBDT), will lead a six-member panel. Chief Economic Advisor Arvind Subramanian will be apermanent special invitee on the panel.[16]
Notes[edit]
Jump up ^ Ministry of Finance Direct Tax Code Page
Jump up ^ "Individuals' advance tax date is 3 months earlier this year: Pay by June 15 else bear heavy interest", The Economic Times, 14 June 2016
Jump up ^ [author missing] (1 January 2000). "Corruption Flows From Donations Made To Political Parties". Times Now. CS1 maint: Multiple names: authors list (link)
Jump up ^ "Deposit in bank accounts of political parties exempt from tax".
Jump up ^ http://www.rediff.com/news/slide-show/slide-show-1-tax-rebates-congress-tops-list-with-rs-300-cr-exemption/20120927.htm
Jump up ^ "Taxation Laws second amendment bill passes in Lok Sabha". Indian Express. 30 November 2016.
Jump up ^ "Parliament Winter Session: Govt keen on proper discussion on GST Bills", The Indian Express, 29 November 2016
Jump up ^ "Lok Sabha passes Bill to tax black money deposits post demonetisation", The Times of India, 29 November 2016
Jump up ^ "Lok Sabha passes IT amendment bill". Hindustan Times. 29 November 2016.
Jump up ^ "Lok Sabha passes Income Tax amendment bill". The Times of India. 29 November 2016.
Jump up ^ "Amendment Bill, will tax undisclosed money". Economic Times. 1 December 2016.
Jump up ^ "Bill to tax deposits". The Hindu. 29 November 2016.
Jump up ^ "No debate on Taxation laws bill". Indian Express. 30 December 2016.
Jump up ^ "Government clears, questions of taxation laws". Business Standard. 1 December 2016.
Jump up ^ "Opposition protest on Bill". Indian Express. 30 November 2016.
Jump up ^ "Govt sets up Arbind Modi-led panel to overhaul, simplify income tax laws", Business Standard, 23 November 2017
External links[edit]
[1]
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