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Finance Act (India)
A Finance Act is the fiscal legislation enacted by the Indian Parliament to give effect to the financial proposals of the Central Government. It is enacted once a year and contains provisions relating to income taxes, customs, excise, Central and Integrated GST and other cess, exemptions, and reliefs. It may also contain provisions to amend other acts as the Government to effect its fiscal policy. The bill is usually termed the budget and it is introduced in Parliament by the Finance Minister. Important elements of Finance Act Source: All the elements included in the Finance Act associated with a particular Financial Year are of course important. Even so, there are particular elements that take precedence over the others. The most important element is the rules laid down in the Act with respect to Income Tax Rates. Every year, the Act lays down in detail all the associated provisions related to Income Tax in the country. Since this applies to a large number of taxpayers, it is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parliament Of India
The Parliament of India (ISO 15919, ISO: ) is the supreme legislative body of the Government of India, Government of the Republic of India. It is a bicameralism, bicameral legislature composed of the Rajya Sabha (Council of States) and the Lok Sabha (House of the People). The president of India, President of the Republic of India, in their role as head of the legislature, has full powers to summon and prorogue either house of Parliament or to dissolve the Lok Sabha, but they can exercise these powers only upon the advice of the prime minister of India, Prime Minister of the Republic of India and the Union Council of Ministers. Those elected or nominated (by the president) to either house of the Parliament are referred to as member of Parliament (India), members of Parliament (MPs). The member of Parliament, Lok Sabha, members of parliament in the Lok Sabha are direct election, directly elected by the voting of Indian citizens in single-member districts and the member of Parliame ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Government
A central government is the government that is a controlling power over a unitary state. Another distinct but sovereign political entity is a federal government, which may have distinct powers at various levels of government, authorized or delegated to it by the federation and mutually agreed upon by each of the federated states. The structure of central governments varies. Many countries have created autonomous regions by delegating powers from the central government to governments on a sub-national level, such as regional, state, provincial, local and other instances. Based on a broad definition of a basic political system, there are two or more levels of government that exist within an established territory and government through common institutions with overlapping or shared powers as prescribed by a constitution or other law. Common responsibilities of this level of government which are not granted to lower levels are maintaining national security and exercising internati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Minister Of Finance (India)
The minister of finance (Vitta Mantrī ) (or simply, the finance minister, short form FM) is the head of the Ministry of Finance of the Government of India. One of the senior most offices of the Union Cabinet, the finance minister is responsible for the fiscal policy of the government. A key duty of the finance minister is to present the annual Union Budget in Parliament, detailing the government's plan for taxation and spending in the coming financial year. Through the budget, the finance minister also outlines allocations to all the ministries and departments. The minister is assisted by the minister of state for finance and the junior deputy minister of finance. There have been a number of ministers of finance that went on to become the prime minister A prime minister or chief of cabinet is the head of the cabinet and the leader of the ministers in the executive branch of government, often in a parliamentary or semi-presidential system. A prime minister ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Year
A fiscal year (also known as a financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. Laws in many jurisdictions require company financial reports to be prepared and published on an annual basis but generally with the reporting period not aligning with the calendar year (1 January to 31 December). Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to the fiscal year used for government purposes. The calculation of tax on an annual basis is especially relevant for direct taxes, such as income tax. Many annual government fees—such as council tax and license fees are also levied on a fiscal year basis, but others are charged on an anniversary basis. Some companies, such as Cisco Systems, end their fiscal year on the same day of the week each ye ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Agriculture
Agriculture encompasses crop and livestock production, aquaculture, and forestry for food and non-food products. Agriculture was a key factor in the rise of sedentary human civilization, whereby farming of domesticated species created food surpluses that enabled people to live in the cities. While humans started gathering grains at least 105,000 years ago, nascent farmers only began planting them around 11,500 years ago. Sheep, goats, pigs, and cattle were domesticated around 10,000 years ago. Plants were independently cultivated in at least 11 regions of the world. In the 20th century, industrial agriculture based on large-scale monocultures came to dominate agricultural output. , small farms produce about one-third of the world's food, but large farms are prevalent. The largest 1% of farms in the world are greater than and operate more than 70% of the world's farmland. Nearly 40% of agricultural land is found on farms larger than . However, five of every six farm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Senior Citizens
Old age is the range of ages for people nearing and surpassing life expectancy. People who are of old age are also referred to as: old people, elderly, elders, senior citizens, seniors or older adults. Old age is not a definite biological stage: the chronological age denoted as "old age" varies culturally and historically. Some disciplines and domains focus on the aging and the aged, such as the organic processes of aging (senescence), medical studies of the aging process (gerontology), diseases that afflict older adults (geriatrics), technology to support the aging society (gerontechnology), and leisure and sport activities adapted to older people (such as senior sport). Older people often have limited regenerative abilities and are more susceptible to illness and injury than younger adults. They face social problems related to retirement, loneliness, and ageism. In 2011, the United Nations proposed a human-rights convention to protect old people. History European The hist ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Finance Act
A Finance Act is the headline fiscal (budgetary) legislation enacted by the UK Parliament, containing multiple provisions as to taxes, duties, exemptions and reliefs at least once per year, and in particular setting out the principal tax rates for each fiscal year. Overview In the UK, the Chancellor of the Exchequer delivers a Budget speech on Budget Day, outlining changes in spending, as well as tax and duty. The changes to tax and duty are passed as law, and each year form the respective Finance Act. Additional Finance Acts are also common and are the result of a change in governing party due to a general election, a pressing loophole or defect in the law of taxation, or a backtrack with regard to government spending or taxation. The rules governing the various taxation methods are contained within the relevant taxation acts. Capital Gains Tax legislation, for example, is contained within Taxation of Chargeable Gains Act 1992. The Finance Act details amendments to be made t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income. The tax rate may increase as taxable income increases (referred to as graduated or progressive tax rates). The tax imposed on companies is usually known as corporate tax and is commonly levied at a flat rate. Individual income is often taxed at progressive rates where the tax rate applied to each additional unit of income increases (e.g., the first $10,000 of income taxed at 0%, the next $10,000 taxed at 1%, etc.). Most jurisdictions exempt local charitable organizations from tax. Income from investments may be taxed at different (generally lower) rates than other types of income. Credits of various sorts may be allowed that reduce tax. Some jurisdictio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Surtax
A surtax is a tax levied upon another tax, also known as tax surcharge. Canada The provincial portion of the value-added tax on goods and services in two Canadian jurisdictions, Quebec and Prince Edward Island, was formerly calculated as a surtax on the sticker price plus the federal Goods and Services Tax. On Prince Edward Island, provincial sales tax was assessed at 10% on top of the federal tax (as of 2013) of 5%, resulting in a total effective rate of 15.5% at the time of its repeal. The Quebec Sales Tax was 9.5%, also assessed on top of the federal tax of 5%, resulting in a total tax burden of 14.975; it, too, was changed in 2013 so as no longer to be a surtax. United Kingdom In 1929, the supertax (which had been introduced in the Finance Act 1909 at the rate of 6 old pence in the pound (2.5%) on incomes over £5,000 per year) was renamed to surtax. By 1934, the rate was variable from 1 shilling to 7 shillings and sixpence in the pound (5% to 37.5%). It was replaced ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Taxation Laws (Second Amendment) Act, 2016
The Income Tax Act, 1961 is the charging statute of income tax in India. It provides for the 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. New Income Tax Bill 2025 was presented by the government in the Lok Sabha (Lower house of India) on 13.02.2025, If the bill is approved and passed then it will become an act of law and will come into force with effect from 01.04.2026. Amendments The Government of India presents the finance bill (budget) every year in the month of February. The finance budget brings various amendments in the Income Tax Act, 1961 including tax slabs rates. The amendments are generally applicable to the following financial year beginning from 1 April unless otherwise specified. Such amendments become part of thIncome Tax Actafter receiving approval of the President of India. The partial ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indian Tax Legislation
Indian or Indians may refer to: Associated with India * of or related to India ** Indian people ** Indian diaspora ** Languages of India ** Indian English, a dialect of the English language ** Indian cuisine Associated with indigenous peoples of the Americas * Indigenous peoples of the Americas ** First Nations in Canada ** Native Americans in the United States ** Indigenous peoples of the Caribbean ** Indigenous languages of the Americas Places * Indian, West Virginia, U.S. * The Indians, an archipelago of islets in the British Virgin Islands Arts and entertainment Film * ''Indian'' (film series), a Tamil-language film series ** ''Indian'' (1996 film) * ''Indian'' (2001 film), a Hindi-language film Music * Indians (musician), Danish singer Søren Løkke Juul * "The Indian", an unreleased song by Basshunter * "Indian" (song), by Sturm und Drang, 2007 * "Indians" (song), by Anthrax, 1987 * Indians, a song by Gojira from the 2003 album '' The Link'' Other uses ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
