Mais conteúdo relacionado



Taxation law -intro.pptx

  1. TAXATION LAW By: Manali Bansal
  2. TAX A tax is a mandatory fee or financial charge levied by any government on an individual or an organization to collect revenue for public works providing the best facilities and infrastructure. The collected fund is then used to fund different public expenditure programs. Tax is a mandatory contribution levied on an individual or corporation by a government body.
  3. WHY DOES THE GOVERNMENT COLLECT TAXES?  Taxes are the primary source of revenue for most governments. Among other things, this money is spent to improve and maintain public infrastructure, including the roads we travel on, and fund public services, such as schools, emergency services, and welfare programs.  3 major sources of government revenue
  4. UTILIZATION OF COLLECTED TAXES BY GOVERNMENT  War expenditures  The enforcement of law and public order  Economic infrastructure  Government operations  Education system  Healthcare system  Unemployment Benefits  Pension Schemes  Public transportation, energy, water, and waste management systems, common public utilities, etc.
  5. CHARACTERISTICS OF TAXES  It is compulsory  It is a contribution  No direct benefits  Public Benefits  Paid out of income of the tax payers  Government has power to impose tax  Economic growth & public welfare
  6. CHARACTERISTICS OF GOOD TAX SYSTEM  Equity  Certainty  Economy  Convenience  Redistribution  Flexible
  7. OBJECTIVES  Revenue  Social objectives  Social welfare  Redistribution of wealth  Economic growth  Government policies enforcement  Diversion of resources to other essential channels  Economic stability
  8. HISTORY OF TAX SYSTEM IN INDIA  Ancient Times:  Manusmriti (first legal constitution of India)  Kautilya’s Arthashastra (300BC)  Modern Times:  Income Tax Act, 1860  Income Tax Act, 1886  Income Tax Act, 1918  Income Tax Act, 1922  Income Tax Act, 1961
  9. TAX STRUCTURE  Article 265  Article 246
  10. TYPES OF TAXES  Direct Taxes  Indirect Taxes
  11. COMPONENTS OF INCOME TAX LAW  Income Tax Act, 1961  Annual Finance Act  Income Tax Rules, 1962  Notifications  Circulars/Clarifications  Judicial Decisions (Case Laws)