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INCOME TAX ACT
1
Dr. R. PREMA
Associate Professor in
Commerce CA
Income Tax
Law and
Practice
Tax
Dr. N.G.P. Arts and Science College
Coimbatore, Tamil Nadu, India
2
Tax
Taxore
Estimate
Indian Taxation
Dr. N.G.P. Arts and Science College
Coimbatore, Tamil Nadu, India
3
Compulsory
Extraction
Imposed
Financial
Charge
Not a Voluntary
Payment /
Donation
Indian Taxation
Dr. N.G.P. Arts and Science College
Coimbatore, Tamil Nadu, India
4
Major Source of Revenue
Different Aspects
Income
Wealth
Sales
Indian Taxation
Dr. N.G.P. Arts and Science College
Coimbatore, Tamil Nadu, India
5
Expenditure
Service Provided
Production
Import
Export etc.
Constitution
Dr. N.G.P. Arts and Science College
Coimbatore, Tamil Nadu, India
6
Article 246
( Seventh
Schedule )
List I –
Central List
List II –
State List
List III –
Concurrent
List
History
Dr. N.G.P. Arts and Science College
Coimbatore, Tamil Nadu, India
7
Artha Sashtra – Chankya
உறுப ொருளும் உல்கு ப ொருளும்தன்
ஒன்னொர்த்
பதறுப ொருளும் வேந்தன் ப ொருள்.
Unclaimed wealth, wealth acquired by taxes,
and wealth (got) by conquest of foes are (all)
the wealth of the king.
History
Dr. N.G.P. Arts and Science College
Coimbatore, Tamil Nadu, India
8
Scotsman named James Wilson, the founder of what is today the global
behemoth Standard Chartered Bank. He was also the founder of the widely
read magazine 'The Economist'.
History
Dr. N.G.P. Arts and Science College
Coimbatore, Tamil Nadu, India
9
1857
The
Great
Indian
Revolt
Sir James
Wilson
1860
Budget
Types
Dr. N.G.P. Arts and Science College
Coimbatore, Tamil Nadu, India
10
Tax
Direct Tax
Indirect Tax
Direct Tax
Dr. N.G.P. Arts and Science College
Coimbatore, Tamil Nadu, India
11
Income
Tax
Wealth Tax
Indirect Tax
Dr. N.G.P. Arts and Science College
Coimbatore, Tamil Nadu, India
12
GST
Central
Excise Duty
Customs
Duty
Features of Income Tax in India
Dr. N.G.P. Arts and Science College
Coimbatore, Tamil Nadu, India
13
Levied as per the Constitution
Levied by Central Government
Direct Tax
Annual Tax
Tax on Person
Features of Income Tax in India
Dr. N.G.P. Arts and Science College
Coimbatore, Tamil Nadu, India
14
Tax on Income
Previous Year and Assessment Year
Charged at prescribed Rate
CBDT
Applicability
15

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Introduction to tax

  • 1. INCOME TAX ACT 1 Dr. R. PREMA Associate Professor in Commerce CA Income Tax Law and Practice
  • 2. Tax Dr. N.G.P. Arts and Science College Coimbatore, Tamil Nadu, India 2 Tax Taxore Estimate
  • 3. Indian Taxation Dr. N.G.P. Arts and Science College Coimbatore, Tamil Nadu, India 3 Compulsory Extraction Imposed Financial Charge Not a Voluntary Payment / Donation
  • 4. Indian Taxation Dr. N.G.P. Arts and Science College Coimbatore, Tamil Nadu, India 4 Major Source of Revenue Different Aspects Income Wealth Sales
  • 5. Indian Taxation Dr. N.G.P. Arts and Science College Coimbatore, Tamil Nadu, India 5 Expenditure Service Provided Production Import Export etc.
  • 6. Constitution Dr. N.G.P. Arts and Science College Coimbatore, Tamil Nadu, India 6 Article 246 ( Seventh Schedule ) List I – Central List List II – State List List III – Concurrent List
  • 7. History Dr. N.G.P. Arts and Science College Coimbatore, Tamil Nadu, India 7 Artha Sashtra – Chankya உறுப ொருளும் உல்கு ப ொருளும்தன் ஒன்னொர்த் பதறுப ொருளும் வேந்தன் ப ொருள். Unclaimed wealth, wealth acquired by taxes, and wealth (got) by conquest of foes are (all) the wealth of the king.
  • 8. History Dr. N.G.P. Arts and Science College Coimbatore, Tamil Nadu, India 8 Scotsman named James Wilson, the founder of what is today the global behemoth Standard Chartered Bank. He was also the founder of the widely read magazine 'The Economist'.
  • 9. History Dr. N.G.P. Arts and Science College Coimbatore, Tamil Nadu, India 9 1857 The Great Indian Revolt Sir James Wilson 1860 Budget
  • 10. Types Dr. N.G.P. Arts and Science College Coimbatore, Tamil Nadu, India 10 Tax Direct Tax Indirect Tax
  • 11. Direct Tax Dr. N.G.P. Arts and Science College Coimbatore, Tamil Nadu, India 11 Income Tax Wealth Tax
  • 12. Indirect Tax Dr. N.G.P. Arts and Science College Coimbatore, Tamil Nadu, India 12 GST Central Excise Duty Customs Duty
  • 13. Features of Income Tax in India Dr. N.G.P. Arts and Science College Coimbatore, Tamil Nadu, India 13 Levied as per the Constitution Levied by Central Government Direct Tax Annual Tax Tax on Person
  • 14. Features of Income Tax in India Dr. N.G.P. Arts and Science College Coimbatore, Tamil Nadu, India 14 Tax on Income Previous Year and Assessment Year Charged at prescribed Rate CBDT Applicability
  • 15. 15