3. SYNOPSIS:
• INTRODUCTION
• HISTORY OF TAX
• TIME LINE
• INCOME TAX IN INDIA
• HEADS OF INCOME
• 15 HIGHEST INCOME
TAX RATES IN THE
WORLD
• COUNTRIES WITH NO
INCOME TAX
• CONCLUSION
4. INTRODUCTION
A Tax (from the Latin
taxo ) is a compulsory
financial charge or some
other type of levy imposed
upon a taxpayer (an
individual or other legal
entity )by a governmental
organisation in order to fund
various public expenditures.
5. HISTORY OF TAX
PRIMITIVE AND ANCIENT
COMMUNITIES
• Nearly 2000 years ago , in
Greece, Germany and Roman
Empires, taxes were also levied
sometime on the basis of turnover
and sometimes on occupations.
• For many centuries, revenue from
taxes went to the Monarch.
• In Northern England, taxes were
levied on land and on moveable
property such as the Saladin title in
1188.
6. HISTORY OF TAX (contd.)
• In India, there are references both in Manu Smriti
and Arthasastra to a variety of tax measures. Manu, the
ancient sage and law-giver stated that the king could
levy taxes, according to Sastras.
• Kautilya has also described in great detail the system
of tax administration in the Mauryan Empire. It is
remarkable that the present day tax system is in many
ways similar to the system of taxation in vogue about
2300 years ago.
• Arthasastra mentioned that each tax was specific and
there was no scope for arbitrariness.
7. TIME LINE OF INCOME TAX IN INDIA
• 1860 SIR JAMES WILSON
• 1918 NEW INCOME TAX ACT
• 1922 REPLACE 1918 ACT
• 1961 INCOME TAX ACT(MINISTRY OF LAW)
• 1962 1961 ACT CAME INTO FORCE(1-4-1962)
• 1963 CBDT(CENTRAL BOARD OF DIRECT TAXES)
• 1968 Administrative Reforms Commission setup.
• 1969 The post of IAC (Audit) created in the
Income-tax Department.
8. THE INCOME TAX ACT, 1961
This Act imposes a tax on income under the following five heads:
I. Income from salaries
II. Income from business and profession
III. Income in the form of capital gains
IV. Income from house property
V. Income from other sources
In Terms of the Income Tax Act, 1961, a person includes
I. Individual
II. Company
III. Firm
IV. Association of Persons (AOP)
V. Hindu Undivided Family (HUF)
VI. Body of Individuals (BOI)
VII. Local authority
VIII. Artificial Judicial person not falling in any of the preceding categories
9. TAX SLAB IN INDIA
The income tax slabs based on the Union budget presented
on 29 February 2016. The Minister of Finance Mr. Arun
Jaitley presented the union budget on 29 February 2016.
Following are the major highlights of the income tax slab.
Imagesource: ReLakhs.com
10. DISSATISFACTION WITH TAXES:
a. Rate of tax is too high
b. Unfair tax is collected from the peoples. Some
rich people pays less tax while poor pays high
and vice versa.
c. Government is wasting tax money
(inefficiency)
d. Government is spending money on wrong or
unnecessary things.
11. 15 COUNTRIES WITH THE HIGHEST
TAX RATES IN THE WORLD
1) SWEDEN 57.1%
2) PORTUGAL 56.5%
3) JAPAN 55.95%
4) DENMARK 55.8%
5) AUSTRIA 55%
6) BELGIUM 53.7%
7) NETHERLAND 52%
12. 8) FINLAND 51.6%
9) FRANCE 50.2%
10)ISRAEL 50%
11)SLOVENIA 50%
12)ITALY 48.8%
13)GREECE 48%
14)IRELAND 48%
15)GERMANY 47.5%
13. COUNTRIES WITH NO INCOME TAX
• United Arab Emirates.
• Oman.
• Bahrain.
• Qatar.
• Saudi Arabia.
• Kuwait.
• Bermuda.
• Cayman Islands.
• Brunei
• The Bhamas
14. CONCLUSION
Tax is a mandatory liability for every citizen of the
country.
Everybody is obliged by law to pay taxes. Total Tax
money goes to government exchequer. Appointed
government decides that how are taxes being spent
and how the budget is organized.
Tax payment is not optional; an individual has to
pay tax if his/her incoming is coming under the
income tax slab. It is a duty of every citizen to pay
taxes
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