The tax is otherwise charged on each item sold to purchasers without such a certificate and who are under the jurisdiction of the taxing authority.
The government imposes a tax on of all persons who are individuals, (HUF’s), companies, firms, LLP, association of persons, body of individuals, local authority and any other artificial juridical person.
Levy of tax on a person depends upon his residential status. The CBDT administers the Income Tax Department, which is a part of the Department of Revenue under the.
Income tax is a key source of funds that the government uses to fund its activities and serve the public.
The Income Tax Department is the biggest revenue mobilizer for the Government. The total tax revenues of the Central Government increased from ₹1,392.26 billion(US$22 billion) in 1997-98 to ₹5,889.09 billion(US$92 billion) in 2007-08.
The Income Tax Service, Group ‘B’ is the of the . It is the feeder service of the premier and elite . The service functions under the Department of Revenue in the and is concerned with the collection and administration of the various accruing to the .
All officers of and up to the rank of Income Tax Officer belong to Group B (Income Tax officer (ITO) is gazetted while those below the rank of Income Tax Officer are non-gazetted). On reaching the rank of Assistant Commissioner they are accorded IRS.
A chief technology officer (CTO), sometimes known as a chief technical officer, is an executive-level position in a company or other entity whose occupation is focused on scientific and technological issues within an organization.
Car donation is the practice of giving away no-longer-wanted automobiles or other vehicles to charitable organizations. In the United States, these donations can provide a taxbenefit
Although advertised as an easy way to dispose of an old car, donors need to fulfill certain post-donation requirements to qualify for the tax deduction, such as
obtaining a written acknowledgment of the car’s subsequent sale by the charity, and ITEMIZING tax returns instead of taking the STANDARD DEDUCTION.
For vehicles valued at less thaN 500 DOLLARS, the deduction amount comes from the donor’s own estimate of the car’s value, even if the charity receives less money from its sale. Deductions greater than 500 DOLLARS are limited to the proceeds of selling the vehicle, usually at AUCTION The U.S Internal Revenue Service advises that starting in 2005:
The rules for determining the amount that a donor may deduct for a charitable contribution of a qualified vehicle, including an automobile, with a claimed value of more than $500 changed at the beginning of 2005 as a result of the American Jobs Creation Act of 2004. In general, that Act limits a donor’s deduction to the amount of the gross proceeds from the charity’s sale of the vehicle.
Car donation schemes in the UK are slightly different from those operating in the United States and only established themselves as a valued source of income for UK charities in January 2010, led by Giveacar – a non-profit organisation. Operating as a non-profit organisation allows charities to avoid the large overheads created by profit-making car donation companies. In addition, whereas car donation in the US has been incentivised through tax breaks, in the UK there are no such tax benefits to donating your car.
Vehicle donations in America are operated in a wide variety of plans, ranging from highly organized and professional-grade not-for-profit, national, or local charities to scrap yards haulers, tow-truck companies and salvagersho establish programs that may support a charity. According to Charity Navigator, the guidance of the rating agencies concerning car donation programs, where the charity receives a flat fee for the use of their name by a third party, versus program management by a third party,there are some questionable companies who contract to use a nonprofit’s agencies name and logo to raise funds and then just give them a flat fee un