70-558: Income tax return is the form in which assesses file information about his/her income and tax thereon to Income Tax Department . Various forms are ITR 1, ITR 2, ITR 3 , ITR 4, ITR 5, ITR 6 and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses. The Income Tax Act, 1961 , and the Income Tax Rules, 1962, obligates citizens to file returns with the Income Tax Department at
140-512: A "Decimal series". The rupee was now divided into 100 'Paisa' instead of 16 Annas or 64 Pice. The "Naye Paise" coins were minted in the denominations of 1, 2, 5, 10, 20 and 50 Naye Paise. Both the Anna series and the Naye Paise coins were valid for some time. From 1968 onwards, the new coins were called just Paise instead of Naye Paise because they were no longer naye(new). With high inflation in
210-677: A coordinated tax system and therefore, the result was the enactment of several taxation acts, viz., the wealth-tax Act 1957 , the Expenditure-tax Act, 1957 and the Gift-tax Act, 1958 . The Direct Taxes Administration Enquiry Committee, under the chairmanship of Shri Mahavir Tyagi, submitted its report on 30 November 1959, and the recommendations made therein took shape of the Income Tax Act, 1961. The 1961 act came in to force with effect from 1 April 1962 by replacing
280-547: A directive to this effect is issued by the Income Tax Department or the Ministry of Finance , India. The Financial Year ends on 31 March every year so Assessees have a period of four months to prepare their Income Tax Returns. The use of the ITR-2 Form is applicable to the following means of income only. This form is available for both Individuals as well as Hindu Undivided Families. Individuals earning an income only through
350-495: A half Rupees. The silver coins of smaller denominations were issued in cupro-nickel. The compulsion of the Second World War led to experiments in coinage where the standard rupee was replaced by the "Quaternary Silver Alloy". The Quaternary Silver coins were issued from 1940. In 1947 these were replaced by pure Nickel coins. The Monetary System remained unchanged at One Rupee consisting of 64 pice, or 192 pies. In India,
420-533: A new Gulf rupee (also known as the "external rupee") to hinder the smuggling of gold. The Gulf rupee was legal tender until 1966, when India significantly devalued the Indian rupee and a new Qatar-Dubai riyal was established to provide economic stability. The Straits Settlements were originally an outlier of the British East India Company . The Spanish dollar had already taken hold in
490-566: A new florin coin, hence bringing the currency into line with sterling. Shortly after that, the florin was split into two East African shillings . This assimilation to sterling did not, however, happen in British India itself. In Somalia, the Italian colonial authority minted 'rupia' to exactly the same standard and called the pice 'besa'. The Indian rupee was the official currency of Dubai and Qatar until 1959, when India created
560-585: A quarter of a rupee), and eight annas (an athanni , or half a rupee) were widely in use until decimalization in 1961. (The numbers adha , do , chār , ātha mean respectively half, two, four, eight in Hindi and Urdu. ) Two paisa was also called a taka , see below. Decimalisation occurred in India in 1957 and in Pakistan in 1961. Since 1957 an Indian rupee is divided into 100 paise. The decimalised paisa
630-436: A set of rules and conditions. The ITR-3 Form is applicable only to those Individuals and Hindu Undivided Families that can be placed under the following categories If the partner of a firm only earns income from the firm as a share in the profits and not by any other means such as interest, bonus, salary, remuneration, or commission etc. then such an Individual or Hindu Undivided Family should file Income Tax Returns using only
700-651: Is also responsible for the administration of direct tax laws through the IT Department. The CBDT is a statutory authority functioning under the Central Board of Revenue Act, 1963. The officials of the Board in their ex officio capacity also function as a division of the ministry dealing with matters relating to the levy and collection of direct taxes. The CBDT is headed by a chairman and also comprises six members, all of whom are ex officio special secretaries to
770-425: Is applicable to those individual and Hindu Undivided Families who want to declare their income from Business or Profession under Presumptive Income Scheme of Income Tax under Section 44AD, Sec 44ADA and Section 44AE of the Income Tax Act. Income Tax Department The Income Tax Department (also referred to as IT Department ; abbreviated as ITD ) is a government agency undertaking direct tax collection of
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#1732779959280840-524: Is available at almost all Income Tax Department offices across the country. Launched in 2006 by the Income Tax Department, the Tax Return Preparer Scheme assists small and marginal taxpayers in preparing and filing their tax returns by creating a company of ‘Tax Return Preparers’. Tax Return Preparers are experts in income tax law and in filing of income tax returns. They can charge a maximum fee of Rs. 250, or sometimes nothing. Over
910-526: Is being implemented by the Income Tax Department. The Income Tax Department is a leader in implementing Sevottam, which is certification of quality of public service delivery in India. The term Sevottam comes from the Hindi words Seva and Uttam and supposedly means excellence in service delivery. It involves the identification of the services delivered to the citizens, quality of service, its objective, improvement of quality, by using innovative methods for developing business process and more informative with
980-480: Is derived from the Sanskrit word rūpya ( रूप्य ), which means "wrought silver, a coin of silver", in origin an adjective meaning "shapely", with a more specific meaning of "stamped, impressed", whence "coin". It is derived from the noun rūpa ( रूप ) "shape, likeness, image". The history of the rupee traces back to Ancient India circa 3rd century BC. Ancient India was one of the earliest issuers of coins in
1050-534: Is less than INR 500,000) or via Net Banking. After online verification Income Tax Assesses is not required to send ITRV to Bangalore CPC. The ITR-2 is a Form used by Income Tax Assesses in India. The process of filing Tax Returns in India involves the use of various forms for different categories of Assesses and the ITR-2 is one such form. The ITR-2 Form is an important Income Tax Return form used by Indian citizens as well as Non Residents to file their Tax Returns with
1120-470: Is limited to the specifications laid down above. Individuals who are not eligible to fill the ITR-1 SAHAJ form are those who have earned Income through the following means: The form can be submitted physically at any Income Tax Returns Office. An Acknowledgment Receipt can be obtained upon submission. In case of Electronic Filing of the form there are two alternatives. Firstly, if a Digital Signature
1190-414: Is mentioned that the king received 1/6th of income from his subjects, which was legally termed as tax. In lieu of this tax, the king had a duty to protect his subjects. According to Kautilya 's Arthashastra – an ancient treatise on the study of economics, the art of governance and foreign policy – artha had a much wider significance than wealth. According to him, the power of the government depended upon
1260-546: Is obtained, the Form is uploaded online. Secondly, the Form is downloaded, printed, signed, and a copy of the acknowledgement is sent by post to the Income Tax Department's office in Bengaluru . ITRV can now be verified online using Unique Identification Authority of India Aadhaar Card or Electronic Verification Code (EVC). The EVC can be generated either via One Time Password sent to email and registered mobile number (if income
1330-420: Is often abbreviated with the grapheme for the first syllable, optionally followed by a circular abbreviation mark or a Latin abbreviation point: रु૰ (Devanagari ru. ), રૂ૰ (Gujarati ru. ), රු ( Sinhala ru ), రూ ( Telugu rū ). Punjabi The history of the rupees can be traced back to Ancient India around the 6th century BC . Ancient India had some of the earliest coins in the world, along with
1400-555: Is received after the lapse of the time period provided by the assessing officer, assessment is made under section 144. Such assessments are called "scrutiny assessments." The department can survey any business premises during the time such place is open for business for physical verification of records and other valuables. Section 133A of the Income Tax Act 1961 provides the department to conduct surveys. The department can search residential and business premises of any taxpayer to check records and valuables to ensure that no evasion of tax
1470-801: Is taking place. Section 132 of the Income Tax Act, 1961 provides the department the power to conduct search and seizure. Both the survey action and the search and seizure action are known in the general parlance as "raids." The finance ministry instructed all revenue intelligence agencies to join the crackdown on forex traders, hawala operators and jewellers besides tracking movement of demonetised currency notes. Income Tax departments raided various illegal tax-evasive businesses in Delhi, Mumbai, Chandigarh, Ludhiana and other cities that traded with demonetised currency. The Enforcement Directorate issued several FEMA notices to forex and gold traders. Large sum of cash in defunct notes were seized in different parts of
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#17327799592801540-493: Is the general anti avoidance rule (GAAR) . Taxation has been one of the key function of the sovereign state since ancient times. In Manusmriti , the Manu stated that the king has the sovereign power to levy and collect tax according to sastras. लोके च करादिग्रहणो शास्त्रनिष्ठः स्यात् । — Sandeep Baldi, Shyam Nagar 128, Manusmriti (It is in consonance with sastras to collect taxes from citizen.) In Bodhayana Dharmasutras, it
1610-578: The Benami Transactions (Prohibition) Act, 1988 , and the Black Money Act, 2015 . The Income Tax Act, 1961, has a wide scope and empowers ITD to levy tax on the income of individuals , firms , companies , local authorities , societies , or other artificial juridical persons . Thus, the Income Tax Department influences businesses, professionals, NGOs, income earning citizens, and local authorities, among others. The act empowers
1680-468: The Chinese wen and Lydian staters . The rupee coin has been used since then, even during British India , when it contained 11.66 g (1 tola ) of 91.7% silver with an ASW of 0.3437 of a troy ounce (that is, silver worth about US$ 10 at modern prices). Valuation of the rupee based on its silver content had severe consequences in the 19th century, when the strongest economies in the world were on
1750-688: The Gulf rupee ), British East Africa , Burma , German East Africa (as Rupie/Rupien ), and Tibet . In Indonesia and the Maldives , the unit of currency is known as rupiah and rufiyaa respectively, cognates of the word rupee. The Indian rupee and Pakistani rupee are subdivided into one hundred paise (singular paisa ) or pice. The Nepalese rupee (रू) subdivides into one hundred paisa (singular and plural) or four sukaas . The Mauritian , Seychellois , and Sri Lankan rupees subdivide into 100 cents. The Hindustani word rupayā ( रुपया )
1820-724: The Latin character sequence "Rs" or "Rs.". The symbol रू represents the Nepalese rupee . Currency signs exist for other countries that use the rupee but not this sign: their usage is also described at the main article . The codepoints for these symbols are: U+3353 ㍓ SQUARE RUPII is a square version of ルピー rupī , the Japanese word for "rupee". It is intended for CJK Compatibility with earlier character sets. No other rupee symbols or abbreviations have dedicated code points. Most are written as ligatures using
1890-826: The Mughal style and those of Madras mostly in a South Indian style. The English coins of Western India developed along Mughal as well as English patterns. It was only in AD 1717 that the British obtained permission from the Emperor Farrukh Siyar to coin Mughal money at the Bombay mint. By early 1830, the British had become the dominant power in India and started minting coinage independently. The Coinage Act of 1835 provided for uniform coinage throughout India. The new coins had
1960-676: The combining diacritic technique: For example, the Nepalese rupee रू is written using U+0930 र DEVANAGARI LETTER RA with U+0942 ू DEVANAGARI VOWEL SIGN UU . In Latin script , "rupee" (singular) is abbreviated as 'Re'. and "rupees" (plural) as '₨'. The Indonesian rupiah is abbreviated 'Rp'. In 19th century typography, abbreviations were often superscripted: R ⋅ s {\displaystyle R_{\cdot }^{s}} or R s _ {\displaystyle R^{\underline {s}}} . In Brahmic scripts, rupee
2030-565: The government of India . It functions under the Department of Revenue of the Ministry of Finance . The Income Tax Department is headed by the apex body Central Board of Direct Taxes (CBDT). The main responsibility of the Income Tax Department is to enforce various direct tax laws, most important among these being the Income-tax Act, 1961 , to collect revenue for the government of India. It also enforces other economic laws such as
2100-560: The "Anna Series" was introduced on 15 August 1950. This was the first coinage of the Republic of India . The King's Portrait was replaced by the Ashoka's Lion Capital. A corn sheaf replaced the Tiger on the one Rupee coin. The monetary system was retained with one Rupee consisting of 16 Annas. The 1955 Indian Coinage (Amendment) Act, that came into force with effect from 1 April 1957, introduced
2170-493: The 1970s. Stainless steel coinage of 10, 25 and 50 paise, was introduced in 1988 and of one rupee in 1992. The very considerable costs of managing note issues of Rs 1, Rs 2, and Rs 5 led to the gradual coinisation of these denominations in the 1990s. In East Africa, Arabia , and Mesopotamia , the rupee and its subsidiary coinage was current at various times. The usage of the rupee in East Africa extended from Somaliland in
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2240-405: The 50 paise coin (half a rupee) is the lowest valued legal tender coin. Coins of 1, 2, 5, and 10 rupees and banknotes of 5, 10, 20, 50, 100, 200, 500, and 2000 rupees are commonly in use for cash transaction. Large denominations of rupees are traditionally counted in lakhs , crores , arabs , kharabs , nils , padmas , shankhs , udpadhas, and anks. Terms beyond crore are not generally used in
2310-570: The Centralised Processing Center in Bengaluru on the basis of the information provided by the taxpayer. Such automatic processing of returns is called as "summary assessment" and is carried out in accordance with sub-section (1) of section 143 of the Income Tax Act, 1961. After the notices mentioned in points (1) and (2) above are complied with, assessment is made under sub-section (3) of section 143. When no compliance
2380-648: The E-Filing Process. The manual filing of returns is no more an option for Assessees who come under this category. Electronic Filing of their Tax Returns is the only way to file the income tax return for the Individual and HUFs The ITR-3 Form particularly applies to Individuals and Hindu Undivided Families (HUF) having income under the head profits or gains of business or profession and who is not eligible for filling ITR-1, ITR-2 or ITR-4. The eligibility criteria of every Income Tax Return form are governed by
2450-558: The FY 2018-19 ITR-1 form is an essential Income Tax Return form for Indian citizens filing their tax returns with the Income Tax Department . Individuals who have earned their Income for a Financial Year only through the following means are eligible to fill the ITR-1 SAHAJ form. In case of clubbed Income Tax Returns, where a spouse or a minor . is included in the tax returns, this can be done only if their income too
2520-497: The IT Department has a very low conviction rate. The Income Tax Department has been alleged to have been used to target people and organizations critical of the government. Rupees Rupee is the common name for the currencies of India , Mauritius , Nepal , Pakistan , Seychelles , and Sri Lanka , and of former currencies of Afghanistan , Bahrain , Kuwait , Oman , the United Arab Emirates (as
2590-523: The ITR-3 Form, and not the ITR-2 Form. Individuals and Hindu Undivided Families who are not eligible to fill the ITR-3 Form are those who have earned Income through a Business or Profession operated as a Proprietorship firm. Assessees, who apart from being a partner in a firm, also have sources of income from a business or profession, including the speculation market, are also not eligible to file their Income Tax Returns through this form. The ITR-4 Form
2660-480: The Income Tax Department of India. 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. This is subject to change only if
2730-415: The Income Tax Department to tax international businesses and professionals and therefore ITD deals in all matters of double taxation avoidance agreements and various other aspects of international taxation such as transfer pricing . Combating tax evasion and tax avoidance practices is a key duty of ITD to ensure constitutionally guided political economy . One measure to combat aggressive tax avoidance
2800-415: The Income Tax Department, most extensive and famous among these being Directorate of Investigation. The Income Tax Department of the government of India is a leader in good governance. Since large portion of population interacts with department on a yearly basis hence good governance by ITD has improved citizen satisfaction with government functioning. A very well known model of good governance, Sevottam ,
2870-484: The Income-tax Act of 1922. This act of 1922 marked an important change from the act of 1918 by shifting the administration of the income tax from the hands of the provincial government to the central government . Another remarkable feature of this act was that the rates were to be enunciated by the annual finance acts instead of in the basic enactment. Again, the new Income-tax Act came in 1939. The 1922 act
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2940-540: The Indian Income Tax Act, 1922, which had remained in operation for 40 years. The present law of income tax is governed by the Income Tax Act, 1961 , which has 298 sections and four schedules and is applicable to whole of India, including the state of Jammu and Kashmir. Administration in the Income Tax Department (ITD) is run through a statutory body, the Central Board of Direct Taxes (CBDT) , at
3010-678: The Indian subcontinent well till 20th century. In the intermediate times there was no fixed monetary system as reported by the Da Tang Xi Yu Ji . During his reign from 1538/1540 to 1545, Sher Shah Suri of the Sur Empire set up a new civic and military administration and issued a coin of silver, weighing 178 grains , which was also termed the Rupiya . Suri also introduced copper coins called dam and gold coins called mohur that weighed 169 grains (10.95 g). The use of
3080-571: The Straits Settlements by the time the British arrived in the 19th century. The East India Company tried to introduce the rupee in its place. These attempts were resisted by the locals, and by 1867 when the British government took over direct control of the Straits Settlements from the East India Company, attempts to introduce the rupee were finally abandoned. Until the middle of the 20th century, Tibet 's official currency
3150-495: The apex level and 18 territory-based regional headquarters at the field offices level. Besides these are 10 specialised directorates within the Income Tax Department, most extensive and famous among these being the Directorate of Investigation. The Central Board of Direct Taxes (CBDT) is a part of the Department of Revenue, Ministry of Finance . The CBDT provides inputs for the policy and planning of direct taxes in India and
3220-752: The chairman and six members, with only fundamental issues reserved for collective decision by the CBDT. The areas for collective decision by the CBDT include policy regarding discharge of statutory functions of the CBDT and of the union government under the various direct tax laws. At present Income Tax Department (ITD) field offices are divided into 18 regions with territorial jurisdiction and one region for international taxation. As required for efficient and effective administration, these regions have some administrative autonomy to carry out duties assigned by CBDT. Directorates are meant to take responsibility of specialised functions. There are 10 specialised directorates within
3290-565: The context of money; for example, an amount would be called ₨ 1 lakh crore (equivalent to 1 trillion) instead of ₨ 10 kharab. The symbol ₹ is the Indian rupee sign . The precomposed character ₨ is a currency sign used to represent the monetary unit of account in Pakistan , Sri Lanka , Nepal , Mauritius , Seychelles , and formerly in India . It resembles, and is often written as,
3360-817: The country. In Chhattisgarh liquid cash worth of ₹ 4.4 million (US$ 53,000) was seized. In December 2016, the Income Tax department received more than 4000 emails, on black money holders, in India, within 3 days, when Income Tax Department, issued in public notice an email to report black money. Huge amounts of cash in the form of new notes were seized all over the country after the demonetisation. In December 2016, over ₹4 crore in new ₹2000 notes were seized from four persons in Bangalore, ₹33 lakh in ₹2000 notes were recovered from Manish Sharma, an expelled BJP leader in West Bengal, and ₹1.5 crore
3430-478: The criteria of the source of income of the Assessee and the category of the Assessee. Individuals who fulfil any one of the following conditions should by law file their Income Tax Returns during a financial year: Due dates of filing income tax return for FY 2023-24 (AY 2024-25) are as under: As per the new law from this year, Individuals will have to pay late fee after last date to file income tax return for
3500-492: The directive of the Income Tax Department of India. This rule however is only applicable to those who earn less than Rupees Ten Thousand as Income by way of Interest earned through their Savings Bank Accounts. Those who earn Rupees Ten Thousand or more are required to file their Tax Returns. The Central Board of Direct Taxes (CBDT) has made it compulsory for Individual and Hindu Undivided Families earning an income in excess of Rupees Five Lakh to file their Tax Returns only through
3570-516: The effigy of William IV on the obverse and the value on the reverse in English and Persian . The coins issued after 1840 bore the portrait of Queen Victoria . The first coinage under the crown was issued in 1862 and in 1877 Queen Victoria assumed the title the Empress of India. The gold silver ratio expanded during 1870–1910. Unlike India, Britain was on the gold standard. The 1911 accession to
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#17327799592803640-474: The end of every financial year . These returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of the Assessees. Only those Forms which are filed by the eligible Assessees are processed by the Income Tax Department of India. It is therefore imperative to know which particular form is appropriate in each case. Income Tax Return Forms vary depending on
3710-522: The establishment of British rule in India. Following the mutiny of 1857 , the British government faced an acute financial crisis. To fill up the treasury, the first Income-tax Act was introduced in February 1860 by James Wilson, who became British-India's first finance minister . The act received the assent of the governor general on 24 July 1860, and came into effect immediately. It was divided into 21 parts consisting of no less than 259 sections. Income
3780-548: The following means are eligible to fill and submit the form to the Income Tax Department. The Income Tax Returns, if clubbed together with that of a spouse, minor child etc. needs to ensure that their sources of income are similar to those stated above. Only then can their returns be filed together. A difference of earnings in even one category makes the Assessee liable to fill a separate and applicable Income Tax Returns Form. Salaried personnel who earn an income of Rupees Five Lakh or less are exempted from filing Tax Returns as per
3850-499: The government of India. The chairman and members of the CBDT are selected from the Indian Revenue Service (IRS), whose members constitute the top management of the IT Department. The chairman and every member of CBDT are responsible for exercising supervisory control over specialised functional categories at field offices of the IT Department. Various functions and responsibilities of the CBDT are distributed amongst
3920-413: The help of information technology. The citizen-centric approach includes the following three components: Ayakar Seva Kendra (ASK; translated as Income Tax Help Centre ) is an integrated model that provides single window system for registration of all applications including those or redressal of grievances as well as receipt of paper return. The assesses can approach ASK and pose all kinds of queries. ASK
3990-740: The north to as far south as Natal . In Mozambique, the British India rupees were overstamped, and in Kenya, the British East Africa Company minted the rupee and its fractions, as well as pice. The rise in the price of silver immediately after the First World War caused the rupee to rise in value to two shillings sterling . In 1920 in British East Africa , the opportunity was then taken to introduce
4060-500: The rupee coin continued under the Mughal Empire with the same standard and weight, though some rulers after Mughal Emperor Akbar occasionally issued heavier rupees. The European powers started minting coinage as early as mid-17th century, under patronage of Mughal Empire. The British gold coins were termed Carolina, the silver coins Anglina, the copper coins Cupperoon and tin coins Tinny. The coins of Bengal were developed in
4130-476: The rupee is known as a taka , and is written as such on Indian banknotes. In Odisha it is known as tanka . After its independence, Bangladesh started to officially call its currency " taka " (BDT) in 1971. The issuance of the Indian currency is controlled by the Reserve Bank of India , and issuance of Pakistani currency is controlled by State Bank of Pakistan . Currently in India (from 2010 onwards),
4200-701: The rupee is known as rupaya, rupaye, or one of several other terms derived from the Sanskrit rūpya , meaning silver. Ṭaṅka is an ancient Sanskrit word for money. While the two-paise coin was called a taka in West Pakistan , the word taka was commonly used in East Pakistan (now Bangladesh ), alternatively for rupee. In the Bengali and Assamese languages, spoken in Assam, Tripura , and West Bengal,
4270-420: The sixties, small denomination coins which were made of bronze, nickel-brass, cupro-nickel, and aluminium - bronze were gradually minted in aluminium only. This change commenced with the introduction of the new hexagonal 3 paise coin. A twenty paise coin was introduced in 1968 but did not gain much popularity. Over a period, cost-benefit considerations led to the gradual discontinuance of 1, 2 and 3 paise coins in
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#17327799592804340-426: The strength of its treasury. He stated: "From the treasury comes the power of the government, and the earth, whose ornament is the treasury, is acquired by means of the treasury and army." In Raghuvamsh , Kalidas , eulogising King Dalip, said, "it was only for the good of his subjects that he collected taxes from them just as the sun draws moisture from the earth to give it back a thousand time." The 19th century saw
4410-522: The throne of the King-Emperor George V led to the famous "pig rupee". On the coin, the King appeared wearing a robe with the imprint of an elephant. Through poor engraving, the elephant looked like a pig. The population was enraged and the image had to be quickly redesigned. Acute shortage of silver during the First World War , led to the introduction of paper currency of One Rupee and Two and
4480-700: The world, along with the Lydian staters , several other Middle Eastern coinages and the Chinese wen . The term is from rūpya , a Sanskrit term for silver coin , from Sanskrit rūpa , beautiful form. Arthashastra , written by Chanakya , chief adviser to the first Maurya emperor Chandragupta Maurya (c. 340–290 BCE), mentions silver coins as rūpyarūpa , other types including gold coins ( rūpya-suvarṇa ), copper coins ( tāmrarūpa ) and lead coins ( sīsarūpa ) are mentioned. Rūpa means form or shape, example, rūpyarūpa , rūpya – wrought silver, rūpa – form. This coinage system continued more or less across
4550-569: The years income tax return filing has been made more simple, convenient, and smart through use of technology. This includes following: Taxation law is not only very complex as it requires specialised knowledge and expertise to implement, but also it necessitates various kinds of deterrent actions to ensure compliance by taxpayers. Assessment is done to ensure correct estimation of total taxable income of an assessee (i.e. taxpayer) and it determines amount of tax to be payable by (or to be refunded to) assessee. Most income tax returns filed are processed by
4620-528: Was also known as the Tibetan rupee. The original silver rupee, .917 fine silver, 11.66 grams (179.9 grains; 0.375 troy ounces), was divided into 16 annas , 64 paise , or 192 pies . Each circulating coin of British India , until the rupee was decimalised, had a different name in practice. A paisa was equal to two dhelas , three pies , or six damaris . Other coins for half anna ( adhanni , or two paisas), two annas ( duanni ), four annas (a chawanni , or
4690-434: Was amended not less than twenty nine times between 1939 and 1956. A tax on capital gains was imposed for the first time in 1946, although the concept of ‘capital gains’ has been amended many times by later amendments. In 1956, Mr. Nicholas Kaldor was given the responsibility of investigating the Indian tax system in light of the revenue requirement of the second five-year plan (1956–1961) . He submitted an exhaustive report for
4760-522: Was classified under four schedules: i) income from landed property; ii) income from professions and trade; iii) income from securities, annuities and dividends; and iv) income from salaries and pensions. Agricultural income was subject to tax. Subsequently, many laws were brought to streamline income tax laws. For example, the Super-Rich Tax was introduced in 1918, and the new Income-tax Act was passed in 1918. But most important among all these were
4830-411: Was originally officially named naya paisa meaning the "new paisa" to distinguish it from the erstwhile paisa which had a higher value of 1 ⁄ 64 rupee. The word naya was dropped in 1964 and since then it is simply known as paisa (plural paise ). The most commonly used symbol for the rupee is "₨". India adopted a new symbol ( ₹ ) for the Indian rupee on 15 July 2010. In most parts of India,
4900-679: Was seized in Goa. 900 notes of the new ₹2000 denomination were seized from a BJP leader in Tamil Nadu. Around ₹10 crore in new ₹2000 notes were seized in Chennai. As of 10 December 2016, new notes worth ₹242 crore were seized by the Income Tax Department. The Income Tax department conducted raids and surveys in various states in separate cases related to alleged tax evasion, violation of FCRA violation and illicit funding of registered unrecognised political parties. The government data reveals that
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