Income tax in the United States income and tax it, so long as it acts within its constitutional authority, which includes not only the Sixteenth Amendment but also Article I, Sections 8 and 9." Similarly, in "Penn Mutual Indemnity Co. v. Commissioner", the United States Court of Appeals for the Third Circuit indicated that Congress could properly impose the federal income tax on a receipt of money, regardless of what that receipt of money is called: It could well be argued that the tax involved here [an income tax] is an "excise tax" based upon the receipt of money by the taxpayer. It certainly is not
The Income-tax Act, 1961 Arvind Subramanian will be apermanent special invitee on the panel. The Income-tax Act, 1961 The Income-tax Act, 1961 is the charging Statute of Income Tax in India. It provides for levy, administration, collection and recovery of Income Tax. The Government of India brought a draft statute called the "Direct Taxes Code" intended to replace the Income Tax Act,1961 and the Wealth Tax Act, 1957. However the bill was later scrapped because of wealth tax act being repealed. Section 192A allows a PF withdrawal to without deduction of TDS. Political parties have deposited huge cash after demonitization. BSP (Bahujan Samajwadi Party)