SlideShare a Scribd company logo
Introduction to Income Tax
1
Dr. R. PREMA
Assistant Professor in
Commerce
Income Tax
Law and
Practice
'WHY SHOULD I PAY TAX?
What Government Do from our TAX?
 Health care and Education
 Cooking gas
 National Defense, Infrastructure Developments etc.
 Various welfare schemes
 Administrative cost
 Judicial Salaries, perks of Judges, Magistrates and judicial
staff
Tax
4
Estimate
Taxore
Tax
Indian Taxation
Compulsory
Extraction
Imposed
Financial
Charge
Not a Voluntary
Payment /
Donation
5
Indian Taxation
Major Source of Revenue
Different Aspects
Income
Wealth
Sales
6
Indian Taxation
Expenditure
Service Provided
Production
Import
Export etc.
7
Constitution
Article 246
( Seventh
Schedule )
List I –
Central List
List II –
State List
List III –
Concurrent
List
8
History
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.
9
History
10
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
11
1857
The
Great
Indian
Revolt
Sir James
Wilson
1860
Budget
Income tax Law in India
12
•Income Tax Act, 1961
•Income Tax Rules, 1962
•Finance Act
• Circulars and Notifications
Types
13
Direct
Tax
Indirect
Tax
Tax
Direct Tax
14
Income Tax
Wealth Tax
Indirect Tax
15
GST
Central
Excise Duty
Customs
Duty
Features of Income Tax in India
16
Levied as per the Constitution
Levied by Central Government
Direct Tax
Annual Tax
Tax on Person
Features of Income Tax in India
17
Tax on Income
Previous Year and Assessment Year
Charged at prescribed Rate
CBDT
Applicability
18

More Related Content

What's hot

Foreign exchange management act, 1999 - Legal Environment of Business - Busin...
Foreign exchange management act, 1999 - Legal Environment of Business - Busin...Foreign exchange management act, 1999 - Legal Environment of Business - Busin...
Foreign exchange management act, 1999 - Legal Environment of Business - Busin...
manumelwin
 
Saudi Arabia-- Council of Competitiveness
Saudi Arabia-- Council of CompetitivenessSaudi Arabia-- Council of Competitiveness
Saudi Arabia-- Council of CompetitivenessNidhi Sunderam
 
Fera and fema(2)
Fera and fema(2)Fera and fema(2)
Fera and fema(2)Ankur Yadav
 
COMMITTEE TO REVIEW THE ARMED FORCES (SPECIAL POWERS) ACT, 1958
COMMITTEE TO REVIEW THE ARMED FORCES (SPECIAL POWERS) ACT, 1958COMMITTEE TO REVIEW THE ARMED FORCES (SPECIAL POWERS) ACT, 1958
COMMITTEE TO REVIEW THE ARMED FORCES (SPECIAL POWERS) ACT, 1958
sabrangsabrang
 
FEMA PPT
FEMA PPTFEMA PPT
FEMA PPT
vinodsule
 
FERA TO FEMA
FERA TO FEMA FERA TO FEMA
FERA TO FEMA
Sagar Srivastava
 
Fera, 1973
Fera, 1973Fera, 1973
Fera, 1973domsr
 
FERA - FOREIGN EXCHANGE REGULATION ACT
FERA - FOREIGN EXCHANGE REGULATION ACTFERA - FOREIGN EXCHANGE REGULATION ACT
FERA - FOREIGN EXCHANGE REGULATION ACT
VIJAY KUMAR
 

What's hot (10)

Fera and fema
Fera and femaFera and fema
Fera and fema
 
Foreign exchange management act, 1999 - Legal Environment of Business - Busin...
Foreign exchange management act, 1999 - Legal Environment of Business - Busin...Foreign exchange management act, 1999 - Legal Environment of Business - Busin...
Foreign exchange management act, 1999 - Legal Environment of Business - Busin...
 
Saudi Arabia-- Council of Competitiveness
Saudi Arabia-- Council of CompetitivenessSaudi Arabia-- Council of Competitiveness
Saudi Arabia-- Council of Competitiveness
 
Foreign exchange management act
Foreign exchange management actForeign exchange management act
Foreign exchange management act
 
Fera and fema(2)
Fera and fema(2)Fera and fema(2)
Fera and fema(2)
 
COMMITTEE TO REVIEW THE ARMED FORCES (SPECIAL POWERS) ACT, 1958
COMMITTEE TO REVIEW THE ARMED FORCES (SPECIAL POWERS) ACT, 1958COMMITTEE TO REVIEW THE ARMED FORCES (SPECIAL POWERS) ACT, 1958
COMMITTEE TO REVIEW THE ARMED FORCES (SPECIAL POWERS) ACT, 1958
 
FEMA PPT
FEMA PPTFEMA PPT
FEMA PPT
 
FERA TO FEMA
FERA TO FEMA FERA TO FEMA
FERA TO FEMA
 
Fera, 1973
Fera, 1973Fera, 1973
Fera, 1973
 
FERA - FOREIGN EXCHANGE REGULATION ACT
FERA - FOREIGN EXCHANGE REGULATION ACTFERA - FOREIGN EXCHANGE REGULATION ACT
FERA - FOREIGN EXCHANGE REGULATION ACT
 

Similar to Introduction to tax

E6 l01 unit_v_ancient economic thought in india
E6 l01 unit_v_ancient economic thought in indiaE6 l01 unit_v_ancient economic thought in india
E6 l01 unit_v_ancient economic thought in india
4512452
 
Montara Oil And Gas Field
Montara Oil And Gas FieldMontara Oil And Gas Field
Montara Oil And Gas Field
Sandra Acirbal
 
Financial system in Australia
Financial system in Australia Financial system in Australia
Financial system in Australia
Neelam Asad
 
Plunder of india
Plunder of indiaPlunder of india
Plunder of india
Satya Vemula
 
Pestle analysis for doing business in australia. it talks about different env...
Pestle analysis for doing business in australia. it talks about different env...Pestle analysis for doing business in australia. it talks about different env...
Pestle analysis for doing business in australia. it talks about different env...
Tushar Sadhye
 
Alhuda CIBE - Presentation on Islamic Economic System by Muhammad Naeem khan
Alhuda CIBE - Presentation on Islamic Economic System by Muhammad Naeem khan Alhuda CIBE - Presentation on Islamic Economic System by Muhammad Naeem khan
Alhuda CIBE - Presentation on Islamic Economic System by Muhammad Naeem khan
Alhuda Centre of Islamic Banking & Economics
 

Similar to Introduction to tax (6)

E6 l01 unit_v_ancient economic thought in india
E6 l01 unit_v_ancient economic thought in indiaE6 l01 unit_v_ancient economic thought in india
E6 l01 unit_v_ancient economic thought in india
 
Montara Oil And Gas Field
Montara Oil And Gas FieldMontara Oil And Gas Field
Montara Oil And Gas Field
 
Financial system in Australia
Financial system in Australia Financial system in Australia
Financial system in Australia
 
Plunder of india
Plunder of indiaPlunder of india
Plunder of india
 
Pestle analysis for doing business in australia. it talks about different env...
Pestle analysis for doing business in australia. it talks about different env...Pestle analysis for doing business in australia. it talks about different env...
Pestle analysis for doing business in australia. it talks about different env...
 
Alhuda CIBE - Presentation on Islamic Economic System by Muhammad Naeem khan
Alhuda CIBE - Presentation on Islamic Economic System by Muhammad Naeem khan Alhuda CIBE - Presentation on Islamic Economic System by Muhammad Naeem khan
Alhuda CIBE - Presentation on Islamic Economic System by Muhammad Naeem khan
 

More from premarhea

Alignment.pdf
Alignment.pdfAlignment.pdf
Alignment.pdf
premarhea
 
MS Office 2013.pdf
MS Office 2013.pdfMS Office 2013.pdf
MS Office 2013.pdf
premarhea
 
Business Application Software.pdf
Business Application Software.pdfBusiness Application Software.pdf
Business Application Software.pdf
premarhea
 
Business income
Business incomeBusiness income
Business income
premarhea
 
Forms of organisation non-corporate enterprises
Forms of organisation   non-corporate enterprisesForms of organisation   non-corporate enterprises
Forms of organisation non-corporate enterprises
premarhea
 
Professional income
Professional incomeProfessional income
Professional income
premarhea
 
Professional income
Professional incomeProfessional income
Professional income
premarhea
 
Business income
Business incomeBusiness income
Business income
premarhea
 
Forms of organisation - non-corporate enterprises
Forms of organisation - non-corporate enterprisesForms of organisation - non-corporate enterprises
Forms of organisation - non-corporate enterprises
premarhea
 
Nature of business
Nature of businessNature of business
Nature of business
premarhea
 
Residential status problems
Residential status   problemsResidential status   problems
Residential status problems
premarhea
 
Residential status
Residential statusResidential status
Residential status
premarhea
 
Residential status
Residential statusResidential status
Residential status
premarhea
 
Scope of TI problems
Scope of TI  problemsScope of TI  problems
Scope of TI problems
premarhea
 
Scope of Total Income
Scope of Total IncomeScope of Total Income
Scope of Total Income
premarhea
 
Residential status
Residential statusResidential status
Residential status
premarhea
 
Unit v
Unit vUnit v
Unit v
premarhea
 
Capital Structure
Capital StructureCapital Structure
Capital Structure
premarhea
 
Capital budgeting
Capital budgetingCapital budgeting
Capital budgeting
premarhea
 
Indirect tax unit 4
Indirect tax   unit 4Indirect tax   unit 4
Indirect tax unit 4
premarhea
 

More from premarhea (20)

Alignment.pdf
Alignment.pdfAlignment.pdf
Alignment.pdf
 
MS Office 2013.pdf
MS Office 2013.pdfMS Office 2013.pdf
MS Office 2013.pdf
 
Business Application Software.pdf
Business Application Software.pdfBusiness Application Software.pdf
Business Application Software.pdf
 
Business income
Business incomeBusiness income
Business income
 
Forms of organisation non-corporate enterprises
Forms of organisation   non-corporate enterprisesForms of organisation   non-corporate enterprises
Forms of organisation non-corporate enterprises
 
Professional income
Professional incomeProfessional income
Professional income
 
Professional income
Professional incomeProfessional income
Professional income
 
Business income
Business incomeBusiness income
Business income
 
Forms of organisation - non-corporate enterprises
Forms of organisation - non-corporate enterprisesForms of organisation - non-corporate enterprises
Forms of organisation - non-corporate enterprises
 
Nature of business
Nature of businessNature of business
Nature of business
 
Residential status problems
Residential status   problemsResidential status   problems
Residential status problems
 
Residential status
Residential statusResidential status
Residential status
 
Residential status
Residential statusResidential status
Residential status
 
Scope of TI problems
Scope of TI  problemsScope of TI  problems
Scope of TI problems
 
Scope of Total Income
Scope of Total IncomeScope of Total Income
Scope of Total Income
 
Residential status
Residential statusResidential status
Residential status
 
Unit v
Unit vUnit v
Unit v
 
Capital Structure
Capital StructureCapital Structure
Capital Structure
 
Capital budgeting
Capital budgetingCapital budgeting
Capital budgeting
 
Indirect tax unit 4
Indirect tax   unit 4Indirect tax   unit 4
Indirect tax unit 4
 

Recently uploaded

CLASS 11 CBSE B.St Project AIDS TO TRADE - INSURANCE
CLASS 11 CBSE B.St Project AIDS TO TRADE - INSURANCECLASS 11 CBSE B.St Project AIDS TO TRADE - INSURANCE
CLASS 11 CBSE B.St Project AIDS TO TRADE - INSURANCE
BhavyaRajput3
 
Francesca Gottschalk - How can education support child empowerment.pptx
Francesca Gottschalk - How can education support child empowerment.pptxFrancesca Gottschalk - How can education support child empowerment.pptx
Francesca Gottschalk - How can education support child empowerment.pptx
EduSkills OECD
 
The geography of Taylor Swift - some ideas
The geography of Taylor Swift - some ideasThe geography of Taylor Swift - some ideas
The geography of Taylor Swift - some ideas
GeoBlogs
 
Overview on Edible Vaccine: Pros & Cons with Mechanism
Overview on Edible Vaccine: Pros & Cons with MechanismOverview on Edible Vaccine: Pros & Cons with Mechanism
Overview on Edible Vaccine: Pros & Cons with Mechanism
DeeptiGupta154
 
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
siemaillard
 
Operation Blue Star - Saka Neela Tara
Operation Blue Star   -  Saka Neela TaraOperation Blue Star   -  Saka Neela Tara
Operation Blue Star - Saka Neela Tara
Balvir Singh
 
Unit 8 - Information and Communication Technology (Paper I).pdf
Unit 8 - Information and Communication Technology (Paper I).pdfUnit 8 - Information and Communication Technology (Paper I).pdf
Unit 8 - Information and Communication Technology (Paper I).pdf
Thiyagu K
 
A Strategic Approach: GenAI in Education
A Strategic Approach: GenAI in EducationA Strategic Approach: GenAI in Education
A Strategic Approach: GenAI in Education
Peter Windle
 
special B.ed 2nd year old paper_20240531.pdf
special B.ed 2nd year old paper_20240531.pdfspecial B.ed 2nd year old paper_20240531.pdf
special B.ed 2nd year old paper_20240531.pdf
Special education needs
 
The Accursed House by Émile Gaboriau.pptx
The Accursed House by Émile Gaboriau.pptxThe Accursed House by Émile Gaboriau.pptx
The Accursed House by Émile Gaboriau.pptx
DhatriParmar
 
How to Make a Field invisible in Odoo 17
How to Make a Field invisible in Odoo 17How to Make a Field invisible in Odoo 17
How to Make a Field invisible in Odoo 17
Celine George
 
Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46
Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46
Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46
MysoreMuleSoftMeetup
 
The basics of sentences session 5pptx.pptx
The basics of sentences session 5pptx.pptxThe basics of sentences session 5pptx.pptx
The basics of sentences session 5pptx.pptx
heathfieldcps1
 
Supporting (UKRI) OA monographs at Salford.pptx
Supporting (UKRI) OA monographs at Salford.pptxSupporting (UKRI) OA monographs at Salford.pptx
Supporting (UKRI) OA monographs at Salford.pptx
Jisc
 
Instructions for Submissions thorugh G- Classroom.pptx
Instructions for Submissions thorugh G- Classroom.pptxInstructions for Submissions thorugh G- Classroom.pptx
Instructions for Submissions thorugh G- Classroom.pptx
Jheel Barad
 
Additional Benefits for Employee Website.pdf
Additional Benefits for Employee Website.pdfAdditional Benefits for Employee Website.pdf
Additional Benefits for Employee Website.pdf
joachimlavalley1
 
Digital Tools and AI for Teaching Learning and Research
Digital Tools and AI for Teaching Learning and ResearchDigital Tools and AI for Teaching Learning and Research
Digital Tools and AI for Teaching Learning and Research
Vikramjit Singh
 
How libraries can support authors with open access requirements for UKRI fund...
How libraries can support authors with open access requirements for UKRI fund...How libraries can support authors with open access requirements for UKRI fund...
How libraries can support authors with open access requirements for UKRI fund...
Jisc
 
Introduction to AI for Nonprofits with Tapp Network
Introduction to AI for Nonprofits with Tapp NetworkIntroduction to AI for Nonprofits with Tapp Network
Introduction to AI for Nonprofits with Tapp Network
TechSoup
 
Polish students' mobility in the Czech Republic
Polish students' mobility in the Czech RepublicPolish students' mobility in the Czech Republic
Polish students' mobility in the Czech Republic
Anna Sz.
 

Recently uploaded (20)

CLASS 11 CBSE B.St Project AIDS TO TRADE - INSURANCE
CLASS 11 CBSE B.St Project AIDS TO TRADE - INSURANCECLASS 11 CBSE B.St Project AIDS TO TRADE - INSURANCE
CLASS 11 CBSE B.St Project AIDS TO TRADE - INSURANCE
 
Francesca Gottschalk - How can education support child empowerment.pptx
Francesca Gottschalk - How can education support child empowerment.pptxFrancesca Gottschalk - How can education support child empowerment.pptx
Francesca Gottschalk - How can education support child empowerment.pptx
 
The geography of Taylor Swift - some ideas
The geography of Taylor Swift - some ideasThe geography of Taylor Swift - some ideas
The geography of Taylor Swift - some ideas
 
Overview on Edible Vaccine: Pros & Cons with Mechanism
Overview on Edible Vaccine: Pros & Cons with MechanismOverview on Edible Vaccine: Pros & Cons with Mechanism
Overview on Edible Vaccine: Pros & Cons with Mechanism
 
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
 
Operation Blue Star - Saka Neela Tara
Operation Blue Star   -  Saka Neela TaraOperation Blue Star   -  Saka Neela Tara
Operation Blue Star - Saka Neela Tara
 
Unit 8 - Information and Communication Technology (Paper I).pdf
Unit 8 - Information and Communication Technology (Paper I).pdfUnit 8 - Information and Communication Technology (Paper I).pdf
Unit 8 - Information and Communication Technology (Paper I).pdf
 
A Strategic Approach: GenAI in Education
A Strategic Approach: GenAI in EducationA Strategic Approach: GenAI in Education
A Strategic Approach: GenAI in Education
 
special B.ed 2nd year old paper_20240531.pdf
special B.ed 2nd year old paper_20240531.pdfspecial B.ed 2nd year old paper_20240531.pdf
special B.ed 2nd year old paper_20240531.pdf
 
The Accursed House by Émile Gaboriau.pptx
The Accursed House by Émile Gaboriau.pptxThe Accursed House by Émile Gaboriau.pptx
The Accursed House by Émile Gaboriau.pptx
 
How to Make a Field invisible in Odoo 17
How to Make a Field invisible in Odoo 17How to Make a Field invisible in Odoo 17
How to Make a Field invisible in Odoo 17
 
Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46
Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46
Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46
 
The basics of sentences session 5pptx.pptx
The basics of sentences session 5pptx.pptxThe basics of sentences session 5pptx.pptx
The basics of sentences session 5pptx.pptx
 
Supporting (UKRI) OA monographs at Salford.pptx
Supporting (UKRI) OA monographs at Salford.pptxSupporting (UKRI) OA monographs at Salford.pptx
Supporting (UKRI) OA monographs at Salford.pptx
 
Instructions for Submissions thorugh G- Classroom.pptx
Instructions for Submissions thorugh G- Classroom.pptxInstructions for Submissions thorugh G- Classroom.pptx
Instructions for Submissions thorugh G- Classroom.pptx
 
Additional Benefits for Employee Website.pdf
Additional Benefits for Employee Website.pdfAdditional Benefits for Employee Website.pdf
Additional Benefits for Employee Website.pdf
 
Digital Tools and AI for Teaching Learning and Research
Digital Tools and AI for Teaching Learning and ResearchDigital Tools and AI for Teaching Learning and Research
Digital Tools and AI for Teaching Learning and Research
 
How libraries can support authors with open access requirements for UKRI fund...
How libraries can support authors with open access requirements for UKRI fund...How libraries can support authors with open access requirements for UKRI fund...
How libraries can support authors with open access requirements for UKRI fund...
 
Introduction to AI for Nonprofits with Tapp Network
Introduction to AI for Nonprofits with Tapp NetworkIntroduction to AI for Nonprofits with Tapp Network
Introduction to AI for Nonprofits with Tapp Network
 
Polish students' mobility in the Czech Republic
Polish students' mobility in the Czech RepublicPolish students' mobility in the Czech Republic
Polish students' mobility in the Czech Republic
 

Introduction to tax