This document provides an overview of income tax in India. It defines income tax as a direct tax charged on a person's total income from the previous year. The income tax law in India consists of the Income Tax Act, Finance Act, Income Tax Rules, circulars, notifications, and case laws. The Income Tax Act of 1961 governs income tax levy and contains 298 sections and 14 schedules. The Finance Act implements tax proposals from the annual budget through amendments to the Income Tax Act. Income Tax Rules are framed by the Central Board of Direct Taxes to administer direct taxes. Circulars clarify doubts regarding Income Tax Act provisions. Case laws from the Supreme Court help interpret the income tax law.
The slide contains all about the union budget of republic of india in a single ppt. it is important for exams like UPSC, SSC, STATE PSC , RAILWAY, and many other exams in india.
The slide contains all about the union budget of republic of india in a single ppt. it is important for exams like UPSC, SSC, STATE PSC , RAILWAY, and many other exams in india.
The Indian Constitution incorporates a very elaborate scheme of centre state financial relations. Its chief characteristics are :-
The complete separation of taxing powers between centre and states
Tax sharing between the two
The allocation of funds to the state
2 The tax enumerated in the centre list are leviable by the centre exclusively.
The tax enumerated in the state list are leviable by the state exclusively
Key Takeaways:
Impact of Covid-19 and Stimulus Package
Budget Philosophy and Strategy
Sectoral Allocations
Developmental Objectives and Measures
Key Statistics and Comparison with India
The Indian Constitution incorporates a very elaborate scheme of centre state financial relations. Its chief characteristics are :-
The complete separation of taxing powers between centre and states
Tax sharing between the two
The allocation of funds to the state
2 The tax enumerated in the centre list are leviable by the centre exclusively.
The tax enumerated in the state list are leviable by the state exclusively
Key Takeaways:
Impact of Covid-19 and Stimulus Package
Budget Philosophy and Strategy
Sectoral Allocations
Developmental Objectives and Measures
Key Statistics and Comparison with India
Tax Laws
Scope of Study
Scheme of Act
What is Income Tax?
Extends to Whole of India
Modules at a Glance
Modules in Brief
Match the Columns
True of False
Multiple Choice Questions
Dear Viewers, This presentation covered the Income Tax Law & Practice. Mainly this slides focused on Introductory Part.
Enjoy with the learning.
Yours Dr.K.Chellapandian, Asst Prof of Commerce, Vivekananda College, Madurai. Tamil Nadu - 625 234 - India
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Objectives & Agenda :
Income Tax Act, 1961 was introduced as an Act of Parliament. However, to understand the subject, it needs to be read along with various limbs like the Constitution, the legal backing for the levy as well as the administrative mechanism in existence to ensure the levy operates for its intended purpose. The discussion shall be oriented towards giving an overview of the subject together with the background with which the subject needs to be read and understood and additionally, a high level overview on tools for interpreting the statute.
Brief History of Indian Income Tax – Legal Frame Work – Types of Taxes - Cannons of Taxation – Important Definitions: Assessment, Assessment Year, Previous Year (Including Exceptions), Assessee, Person, Income, Casual Income, Gross Total Income, Total Income, Agricultural Income (Including Scheme of Partial Integration – Theory only) – Scheme of Taxation. Meaning and Classification of Capital & Revenue. Income Tax Authorities: Powers & Functions of CBDT, CIT & A.O.
Income tax is generally considered as Complicated subjects, so in this HAND BOOK we covered entire syllabus in such a manner in easiest language that student find it intresting.
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The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
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3. What is income tax?
Income tax is chargeable on total income of the previous year of every person
It is a part of direct tax
It is not transferable
It is directly paid by the assesse
4. The income tax law in india consist of the
following component:
Income
tax act
Finance
act
Income
tax rule
Circulars/
Notificati
ons
Case
laws
5. WHAT IS INCOME TAX PLANNING
The levy of income tax in india is governed by the income tax act 1961.
This act came into force on 1st April,1962.
The act contains 298 section and xiv schedules.
This is about finance act passed by parliament.
6. What is finance act?
The finance minister of the government of india present the budget to the
parliament.
Part A of the budget speech contains the proposed policies of the govt. in fiscal
area.
Part B of the budget speech contains the detailed tax proposal.
In order to implement the above proposals, the finance bill is introduced in the
parliament.
The finance bill is approved by the parliament and gets the assent of the
president, it becomes the finance act.
8. What is income tax rules?
The administration of direct taxes is looked after by the central Board of Direct
Taxes(CBDT).
The CBDT frames rules from time to time.
These rules are collectively called income tax rules,1961.
It is important to keep in mind that along with the income tax act,1961,these rules
should aslo be studied.
9. What is circulars and notifications?
• Circulars are issued by the CBDT from time to time to deal with certain specific
problems and to clarify doubt regarding the scope and meaning of the provision.
10. WHAT IS CASE LAWS?
• The study of case laws is an important and unavoidable part of the study of income tax
law.
• The supreme court is the apex court of the country and the lew laid down by supreme
court is the law of the land.
