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Income Tax Introduction- IIMT Groups

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Income Tax Introduction- IIMT Groups

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  1. Introduction to Income Tax Dr. Shyam Kumar Associate Professor IIMT College of Management, Greater Noida

  2. What is Tax • Tax is the compulsory financial charge levy by the government on income, commodity, services, activities or transaction. The word ‘tax’ derived from the Latin word ‘Taxo’. Taxes are the basic source of revenue for the government, which are utilized for the welfare of the people of the country through government policies, provisions and practices.

  3. Income Tax Act • When Income Tax Act was Established? In year 1961 ' Income tax Rules were established in 1962. So, the levy of income tax in India is governed by the Income Tax Act, 1961 and Income Tax Rules, 1962. • Who is responsible for collection of Income Tax? The responsibility for collection of income-tax vests with the Central Government,

  4. Components of Income Tax law in India • The Income Tax law in India consists of the following components; • Income Tax Act, 1961: The Act contains the major provisions related to Income Tax in India. • Income Tax Rules, 1962: Central Board of Direct Taxes (CBDT) is the body which looks after the administration of Direct Tax. The CBDT is empowered to make rules for carrying out the purpose of this Act.

  5. Components of Income Tax law in India • Finance Act: Every year Finance Minister of Government of India presents the budget to the parliament. Once the finance bill is approved by the parliament and get the clearance from President of India, it became the Finance Act. • Circulars and Notifications: Sometimes the provisions of an act may need clarification and that clarification usually in a form of circulars and notifications which has been issued by the CBDT from time to time. It includes clarifying the doubts regarding the scope and meaning of the provisions.

  6. Types of Taxes • Taxes are broadly divided into two parts namely, • Direct Tax: Direct Tax is levied directly on the income of the person. Income Tax and Wealth Tax are the part of Direct Tax. • Indirect Tax: Whereas, in indirect taxes, the person who pays the tax, shifts the burden to the person who consumes the goods or services. Before 2017 the Indirect Tax comprises of various taxes and duties like Service Tax, Sales Tax, Value Added Tax, Customs Duty, Excise Duty and etc. From July 1st, 2017 all such Indirect Taxes are submerged in one tax law which was named as ‘The Goods and Services Tax Act, 2017”.

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