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Section 80C of the Income Tax Act governs the majority of tax-saving investment schemes. According to this provision, the investor's investments are entitled to tax exemption up to a maximum of Rs. 1,50,000.
An income tax assessment determines a person's or a corporation's tax liability. The Income Tax department has the authority to assess any taxpayer. Assessments are carried out by the Central Board of Direct Taxes, which is overseen by the Income Tax Act of 1961.
Employers in India are required by the Income Tax Act of 1961 to deposit this TDS with the government. You would be wondering at this point whether it is possible to confirm that the TDS was actually deposited with the government. Form 16 can be used in this situation.
A tax is a charge that the government levies against its people as well as different businesses or institutions. Every government typically levies two different types of taxes: direct tax and indirect tax.
The deductor is responsible for filing TDS returns in addition to depositing the tax. A quarterly statement known as a TDS return filing is what the deductor is required to deliver to the Income Tax department by the deadline.
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