Collection and recovery mechanisms of the IT Act deal with recovery and payment of taxes. Various methods have been prescribed for recovery and collection of taxes..
All income for purpose of computation and charge of income tax is classified under the following heads:
For the AY 2008-09 (FY 2007-08) for an individual, HUF (other than woman or senior citizen)
The tax returns filed with the income tax department are processed to determine the sum (including interest) recoverable from the taxpayer or amount to be refunded (after adjustment of advance tax, TDS and self assessment tax paid).
PAN is an income tax registration number. Following persons are required to apply to the Income Tax department for obtaining PAN
Some of the terms used in the IT Act have been defined as under
Under the IT Act, every company, firm and other persons (whose Gross total income exceeds Rs. 110,000) are required to file their returns in prescribed forms by 31 July/31 October of the year next following the end of the previous year
As an incentive for making savings and enhancing the public investment, the IT Act provides various options of investment to save taxes.
The Income Tax Act, 1961 (‘the IT Act’) in India is administered by the Central Board of Direct Taxes (‘CBDT’).
Tax planning may be referred as the arrangement of affairs in a way to reduce the income tax liability.
Tax benefits-deductions and rebates
Who, when and how to pay income tax
Tax Information Network (‘TIN’)
Filing of income tax return (‘return’)