Introduction÷ As everyone being the head of the family requires money to meet the requirements of the family and also different socia...
Introduction÷
As everyone being the head of the family requires money to meet the requirements of the family and also different social organisations need money to carry on social responsibilities similarly the government of any country also requires money to maintain law and order in the country and to promote the activities for the Welfare of public. For the said purposes the government collects Defined by imposing various taxes upon the public. These taxes may be be may be be direct or indirect. One of these direct taxes taxes is income tax which is most popular.
As everyone being the head of the family requires money to meet the requirements of the family and also different social organisations need money to carry on social responsibilities similarly the government of any country also requires money to maintain law and order in the country and to promote the activities for the Welfare of public. For the said purposes the government collects Defined by imposing various taxes upon the public. These taxes may be be may be be direct or indirect. One of these direct taxes taxes is income tax which is most popular.
. Generally we see that every year in the month of in the month of February at the time of Union budget every person is aware to know about the various changes regarding income tax to to be provided in the budget for example exempted limit of income tax deduction for Savings etc. In this context the study of income tax becomes essential.
Meaning of income tax ÷
the word income tax is a combination of of two words- income and tax tax. It means that Income Tax is is such a direct tax which is imposed upon the income of a person income of a person. Income tax is is computed on accrued or received net taxable incomes by a person during a previous year year according to prescribed rates of income tax in current assessment year. It is an important an important important source of income of Central Government of India. Thus it has very significant role among the various sources of revenue of Indian government.
Who is Liable to Pay income- tax?
every individual and Hindu undivided family whose total income exceeds the exempted limit of income shall be liable to pay income tax. Besides this a firm,a company, a cooperative society Association of persons and body of individuals etc are also liable to pay income tax.
Income - tax department÷
Income Tax Department is set up by the up by the central government separately separately. Its functions are to compute taxable income of an assessee , to compute Income Tax there on on there on on and to collect income tax. This department works under the control of Central Board of Direct taxes taxes Central Board of Direct taxes taxes(C.B.D.T.) which is under Ministry of Finance of Central Government.
Income Tax Department is set up by the up by the central government separately separately. Its functions are to compute taxable income of an assessee , to compute Income Tax there on on there on on and to collect income tax. This department works under the control of Central Board of Direct taxes taxes Central Board of Direct taxes taxes(C.B.D.T.) which is under Ministry of Finance of Central Government.
Finance Act÷
Generally every year in the month of February a finance bill is is put up in bill is put up in the parliament which becomes finance act after its approval. In this act act rates of income tax tax for the related assessment year are mentioned. Essential amendments in Income Tax Act Act Tax Act Act are done based on this finance act. necessary amendments of Finance act are enforced from next assessment year assessment year. Some of them maybe enforced with immediate effect or current assessment year.
Source÷ rajiv bansal's book - income tax law & account
Generally every year in the month of February a finance bill is is put up in bill is put up in the parliament which becomes finance act after its approval. In this act act rates of income tax tax for the related assessment year are mentioned. Essential amendments in Income Tax Act Act Tax Act Act are done based on this finance act. necessary amendments of Finance act are enforced from next assessment year assessment year. Some of them maybe enforced with immediate effect or current assessment year.
Source÷ rajiv bansal's book - income tax law & account
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