TAX LAWS IN INDIA DOWNLOAD
Indian Tax Laws: The Income Tax Act enjoys the dubious distinction of being the law which has witnessed the highest number of amendments being made to it. Taxes in India can broadly be classified into direct and indirect. Direct Taxes. These include Income tax, Wealth tax and Interest Tax. The most. The authority of the government to levy tax in India is derived from the Constitution of India, which allocates the power to levy taxes to the Central and State governments. All taxes levied within India need to be backed by an accompanying law passed by the Parliament or the State Legislature.
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Few of such taxes include inheritance tax interest taxgift taxwealth taxetc. Wealth Tax Act, was repealed in the year We have tried to explain the basics of the Act here, Assessment: The Act provides a mechanism for computing the tax relating to the income of tax laws in india assessee pertaining to an assessment year.
Such computation is made after allowing various deductions, exemptions, tax laws in india rebates to the assessee, and is called assessment. Assessment year is the year in which the income of the previous year is to be assessed to tax.
An illustration will clarify the matter. Income of the Financial Year will be assessed to tax in the assessment yeartax laws in india is to saythe rates of Assessment yearwill be applied to income of the Financial year Incidentally, Financial Year is referred to as the Previous Year in the Act Assessee is a person by whom any tax or any other sum of money is payable under the Act.
The assessee could be tax laws in india of the following: A Hindu Undivided Family HUFwhich is a type of assessee recognized under the Act, consisting of all persons lineally descended from a common ancestor and deriving income from joint family corpus.
Hindu, JainBuddhist, and Sikh families have been so recognized. An Association of Persons or a Body of Individuals 6.
Taxation Laws of India - An Overview - Tax - India
Artificial Juridical Person, e. To know the residential status of an assessee as per the Act is very important, because the taxability of an income in the hands of tax laws in india assessee depends upon his residential status.
Nonresident taxpayers are taxed only on income received in India or on income arising or deemed to arise in India. Corporate income is taxed both at corporate level and to shareholders upon distribution as dividends.
The accounting year for tax purposes is April 1 to March Double taxation relief is offered to residents through credits tax laws in india the Income Tax Act and under the tax treaties.
Income Tax, GST & Indirect Taxes, Corporate Laws, International Taxation - Taxmann
Rate of Taxation The rates of taxes given below apply to all tax laws in india of income except long term capital gains.
The income of non-individual resident assessees such as companies, partnerships etc. Tax rates for individuals range between 10 percent and 30 percent depending on the tax slab in which the total income of the assessee falls.
Tax Benefits for Promoting Growth The provisions of the Income Tax Act are also oriented to promoting the public purpose of economic development.
Further there tax laws in india concessional rate of taxation for income from exports and tax incentives for the establishment of industries in areas notified as backward or underdeveloped.
Double taxation avoidance agreements India has executed double taxation avoidance agreements with many countries, including the UK, the USA, Cyprus, Mauritius Islands, etc.