State income tax are prohibited from imposing local income tax): New Jersey: New York (all local taxes reported on state income tax form): Ohio: Oregon: Pennsylvania: West Virginia: Most states impose a tax on income of corporations having sufficient connection ("nexus") with the state. Such taxes apply to U.S. and foreign corporations, and are not subject to tax treaties. Such tax is generally based on business income of the corporation apportioned to the state plus nonbusiness income only of resident corporations. Most state corporate income taxes are imposed at a flat rate and have a minimum amount of tax. Business taxable income in
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 However the bill was later scrapped because of wealth tax act being repealed.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)