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This is the national website for the Income Tax Department of India. It was stated by Pranab Mukherjee, the financial minister, on June 16, 2010 that the gross domestic production of India in 2010 would witness a growth rate of 8.5 percent. Currently, the Indian economy is expanding quickly and there is a promising prospect for the nation to keep the strong momentum in the coming years. Moreover, the nation would realize two-digit growth rate in the last two years of the 11the Five-year Plan.
As an important part of revenue, tax has been paid special attention to. The minister also said that a new direct tax act would take effect from April 1, 2010. The new act has made marked modification on the act of corporate income tax and personal income tax. The reform on the national tax system will have obvious promotive effect on the development of the Indian economy.
Personal income tax could be traced back to 1860, when the first Personal Income Tax Act was drawn and passed. That could be viewed as a primitive action on the introduction of income tax. After evolvement for nearly a century, the income tax system in India has been mature gradually, with a unique feature of a developing populous country. The income tax is charged according to the yearly income of every citizen.
In 2005, the personal income tax is charged annually with those whose annual income reaches 100,000 rupees. The threshold in 2004 was 50,000 rupees and the figure changes every year to adapt to the alteration in price index and wage level. The most important factor to fix the threshold of income tax is the annual financial budget of the central government. India is now a rising developing country where millions of thousands of dollars are pouring into the domestic market every year. Radically, the imposition of income tax is largely linked with the overall economic conditions of the whole country.
Specifically, there is different tax threshold between men and women. Shall I view this as a kind of minor sex discrimination in the modern society? Probably. Because the threshold is typically high, there are only 3 percent of the populations whose annual income are above 100,000 rupees. India is a typical agricultural populous country similar to China. 60 to 70 percent of the population is engaged in farm work and the rest are common wage-earners. Experts say the high tax threshold would help narrow the gap between the rich and the poor, and relieve the social contradictions and prevent polarization.