TAX SYSTEM IN INDIA

1. TAX SYSTEM IN INDIA
KABEER THEKKAKATH

2. INDEX
 Meaning
 Objective
 Overview of TAX law in India
 Types of Taxes

3. MEANING
TAX is a fee charged by a government on a product,
income or activity.
A compulsory contribution to state revenue, levied
by the government on income and business
profits, or added to the cost of some goods,
services and transactions.

4. Service tax
VAT

5. OBJECTIVE OF TAX
 To constitute the basic source of revenue.
 To utilise for meeting the expenses of Government.
 To maintain balanced economy.

7. OVER VIEW OF TAX LAW IN INDIA
COMPONENTS
OF INCOME
TAX LAW
INCOME TAX
ACT
ANNUAL
FINANCE ACT
INCOME TAX
RULES
CIRCULARS/
NOTIFICATI
ONS
LEGAL
DECISION
S OF
COURTS

8. The levy of Income TAX law in India is
governed by the Income Tax Act 1961.
This Act came into force on 1st April 1962.
The Act contains 298 sections and XIV
schedules.
INCOME TAX ACT

9. Every year the finance minister of Government of India
presents the Budget to the Parliament. Part A of the
budget contains the proposed policies of the
Government in fiscal areas. Part B of the budget
speech contains the detailed TAX proposals.
ANNUAL FINANCE ACT

10. The administration of direct taxes is looked after
by the Central board of Direct taxes {CBDT}. The
CBDT is empowered to make rules for carrying
out the purposes of the Act. For the proper
administration of Income Tax Act, the CBDT
frames rules from time to time.
INCOME TAX RULES

11. It is not possible for Parliament to conceive and
provide for all possible issues that may arise in the
implementation of any Act.
LEGAL DECISIONS OF COURTS

12. TYPES OF TAXES
TYPES OF
TAXES
DIRECT
TAXES
INCOME
TAX
WEALTH
TAX
INDIREC
T TAXES
EXCISE
DUTY
CUSTOM
S DUTY
SERVICE
TAX
SALES
TAX/
VALUE
ADDED
TAX

13. THANKING YOU
HAVE A NICE DAY