Taxation
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6 documents found
Concept of Goods and Services Tax (GST)
Topic: Taxation
The Goods and Services Tax (GST) represents a comprehensive reform of India’s indirect taxation system, designed to replace multiple central and state taxes with a unified structure. Introduced through the Constitution (122nd) Amendment Act, 2017 and impl
Deemed Income and Tax Authorities under the Income Tax Act, 1961
Topic: Banking Law
The Income Tax Act, 1961 incorporates the concept of deemed income to ensure that tax is levied on real economic gains and to prevent tax evasion through artificial arrangements or concealment of income. Deemed income includes income of other persons club
Heads of Income under the Income Tax Act, 1961
Topic: Taxation
The Income Tax Act, 1961 classifies taxable income into five distinct heads under Section 14, namely Salary, Income from House Property, Profits and Gains from Business or Profession, Capital Gains, and Income from Other Sources. This classification provi
Incomes Which Do Not Form Part of the Total Income (Under the Income Tax Act, 1961)
Topic: Banking Law
The Income Tax Act, 1961 provides for certain exemptions to promote social welfare, economic development, and transparency in public life. Section 10 excludes incomes such as agricultural income, scholarships, allowances to government employees, and incom
Income Tax Act, 1961: An Overview
Topic: Taxation
The Income Tax Act, 1961 lays down the legal framework for the taxation of income in India. It defines essential concepts such as income, assessee, assessment year and previous year, which form the basis of income tax law. The Act determines the scope of
Introduction to Taxation: Concept, Nature and Types of Taxes
Topic: Taxation
Taxation plays a vital role in the functioning of a modern welfare State. This paper explains the concept of tax, its legal definition, and constitutional basis under Article 265 of the Constitution of India. It also discusses the nature and characteristi