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Interest Tax
The Interest Tax Act, 1974 was an Act that imposed a special tax on interest accrued in specified cases. The Act applied to the whole of India, including all the States and Union Territories with no exceptions. The Act is no longer applicable with regard to chargeable interest accruing after 31 March 2000. Interest Tax Act The Interest Tax Act of 1974 governs the tax process associated with the imposition and collection of Interest Tax in situations specified under its various sections. The Act applies to all Scheduled Banks that are required to pay tax on the chargeable interest amounts they have on their deposits. This Interest Tax is required to be charged at the rate of 7% (Seven percent) of the amount of chargeable interest. This was modified to 3.5% (Three and a half percent) for Interest accrued since 31 March 1983, 3% (Three percent) subject to certain conditions since 31 March 1992, 2% (Two percent) since 31 March 1997, and no Interest Tax accruing or arising after ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parliament Of India
The Parliament of India (International Alphabet of Sanskrit Transliteration, IAST: ) is the supreme legislative body of the Republic of India. It is a bicameralism, bicameral legislature composed of the president of India and two houses: the Rajya Sabha (Council of States) and the Lok Sabha (House of the People). The president in his role as head of the legislature has full powers to summon and prorogue either house of Parliament or to dissolve the Lok Sabha. The president can exercise these powers only upon the advice of the prime minister of India, prime minister and his Union Council of Ministers. Those elected or nominated (by the president) to either house of Parliament are referred to as member of Parliament (India), members of Parliament (MPs). The member of Parliament, Lok Sabha, members of parliament of the Lok Sabha are direct election, directly elected by the Indian public voting in single-member districts and the member of Parliament, Rajya Sabha, members of parliam ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sanctions (law)
Sanctions, in law and legal definition, are penalties or other means of enforcement used to provide incentives for obedience with the law, or with rules and regulations. Criminal sanctions can take the form of serious punishment, such as corporal or capital punishment, incarceration, or severe fines. Within the context of civil law, sanctions are usually monetary fines, levied against a party to a lawsuit or their attorney, for violating rules of procedure, or for abusing the judicial process. The most severe sanction in a civil lawsuit is the involuntary dismissal, with prejudice, of a complaining party's cause of action, or of the responding party's answer. This has the effect of deciding the entire action against the sanctioned party without recourse, except to the degree that an appeal or trial ''de novo'' may be allowed because of reversible error. As a noun, the term is usually used in the plural form, even if it only refers to a single event: if a judge fines a party, it ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Interest
In finance and economics, interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate. It is distinct from a fee which the borrower may pay the lender or some third party. It is also distinct from dividend which is paid by a company to its shareholders (owners) from its profit or reserve, but not at a particular rate decided beforehand, rather on a pro rata basis as a share in the reward gained by risk taking entrepreneurs when the revenue earned exceeds the total costs. For example, a customer would usually pay interest to borrow from a bank, so they pay the bank an amount which is more than the amount they borrowed; or a customer may earn interest on their savings, and so they may withdraw more than they originally deposited. In the case of savings, the customer is the lender, and the bank plays the role of the borrower. Interest diff ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In India
Taxes in India are levied by the Central Government and the State Governments by virtue of powers conferred to them from the Constitution of India. Some minor taxes are also levied by the local authorities such as the Municipality. The authority to levy a tax is derived from the Constitution of India which allocates the power to levy various taxes between the Union Government and the State Governments. An important restriction on this power is Article 265 of the Constitution which states that "No tax shall be levied or collected except by the authority of law". Therefore, each tax levied or collected has to be backed by an accompanying law, passed either by the Parliament or the State Legislature. Nonetheless, tax evasion is a massive problem in India, ultimately catalyzing various negative effects on the country. In 2019–20, the Direct tax collections reported by CBDT were approximately INR 12.33 trillion. History India has abolished multiple taxes with passage of time and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indian Tax Legislation
Indian or Indians may refer to: Peoples South Asia * Indian people, people of Indian nationality, or people who have an Indian ancestor ** Non-resident Indian, a citizen of India who has temporarily emigrated to another country * South Asian ethnic groups, referring to people of the Indian subcontinent, as well as the greater South Asia region prior to the 1947 partition of India * Anglo-Indians, people with mixed Indian and British ancestry, or people of British descent born or living in the Indian subcontinent * East Indians, a Christian community in India Europe * British Indians, British people of Indian origin The Americas * Indo-Canadians, Canadian people of Indian origin * Indian Americans, American people of Indian origin * Indigenous peoples of the Americas, the pre-Columbian inhabitants of the Americas and their descendants ** Plains Indians, the common name for the Native Americans who lived on the Great Plains of North America ** Native Americans in the U ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1974 In India
Events in the year 1974 in the Republic of India. Incumbents * President of India – V. V. Giri (until 24 August), Fakhruddin Ali Ahmed (after 24 August) * Prime Minister of India – Indira Gandhi * Vice President of India – Gopal Swarup Pathak until 30 August; B.D. Jatti * Chief Justice of India – Ajit Nath Ray Governors * Andhra Pradesh – Khandubhai Kasanji Desai * Assam – L. P. Singh * Bihar – Ramchandra Dhondiba Bhandare * Gujarat – Kambanthodath Kunhan Vishwanatham * Haryana – Birendra Narayan Chakraborty * Himachal Pradesh – S. Chakravarti * Jammu and Kashmir – L. K. Jha * Karnataka – Mohanlal Sukhadia * Kerala – N. N. Wanchoo * Madhya Pradesh – Satya Narayan Sinha * Maharashtra – Ali Yavar Jung * Manipur – L.P. Singh * Meghalaya – L.P. Singh * Nagaland – L.P. Singh * Odisha – ** until 20 August: Basappa Danappa Jatti ** 21 August-25 October: Gati Krushna Misra ** starting 25 October: Akbar Ali Khan * Punjab – Mahendra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
