Most of the taxes of Ancient India were highly productive. The admixture of direct taxes with indirect Taxes secured elasticity in the tax system, although more emphasis was laid on direct tax. The tax-structure was a broad based one and covered most people within its fold. The taxes were varied and the large variety of taxes reflected the life of a large and composit population".
Category: Taxation
Removing doubt on Tax Collection at Source on certain goods under Finance Act 2020
Finance Act, 2020 amended provisions relating to TCS with effect from 1st October, 2020 to provide that seller of goods shall collect tax @ 0.1 per cent (0.075% up to 31.03.2021) if the receipt of sale consideration from a buyer exceeds Rs. 50 lakh in the financial year. Further, to reduce the compliance burden, it has been provided that a seller would be required to collect tax only if his turnover exceeds Rs. 10 crore in the last financial year. Moreover, the export of goods has also been exempted from the applicability of these provisions.
ITR notified Form for Resident Individuals having income upto Rs.50L or agricultural income upto Rs.5K in AY 2020-21: Extended time for filing return to 30 November 2020
For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand.
Rates of income-tax in India for ‘Individual’ [2019-2020]
This rate shall apply in relation to income-tax for the assessment year or, as the case may be, the financial year commencing on the 1st day of April, 2019
Goods & Services Tax (GST) Practice Procedure
The reason behind bringing GST is in
removing the cascading effects i.e., tax on tax of both Central and
State taxes by allowing setting-off of taxes throughout the value
chain, right from the original producer and service provider's level
up to the consumer level.
Tax Laws in West Bengal before GST and After GST
Amendment of rule 34 under the WBST Rules, 1995 Sales Tax (Settlement of Dispute) Act, 1999 Sales Tax (Settlement of Dispute) Rules, 1999 Value Added Tax Act Value Added Tax Rules Central Sales Tax Act Profession Tax Act Profession Tax…
Fiscal statute and Article 14 of the Constitution of India
In State of U.P. and Another v. Kamla Palace, (2000) 1 SCC 557, this Court, while considering a fiscal statute in relation to Article 14 of the Constitution, has stated as under: “11. Article 14 does not prohibit reasonable classification…
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What is the meaning of excise duties
The Federal Court had to consider the distinction between the duty of excise and a tax on sale in Province of Madras vs. B. Paidanna and Sons, 1942 F. C. R. 90. It is there observed as follows: “Plainly, a…
Taxing Law
Core Practice Tax LiabilityTax ControlLiability Under Tax LegislationThe Legal Foundation of Combatting Tax AbuseLegal Regulation of Corporate TaxationLegal Regulation of Indirect TaxationLegal Regulation of Taxes on Income and Property of IndividualsLegal Regulation of Special Tax Regimes and Corporate Property TaxState…
Offences and Prosecution under Income Tax Act 1961
Section - 275A : Contravention of order made under sub-section (3) of section 132 Section - 275B : Failure to comply with the provisions of clause (iib) of sub-section (1) of section 132 Section - 276 : Removal, concealment, transfer…
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Collection and recovery of Income Tax
Income Tax Act 1961 Section - 190 : Deduction at source and advance payment Section - 191 : Direct payment Section - 192 : Salary Section - 192A : Payment of accumulated balance due to an employee Section - 193…
Appeal and revision under Income Tax Act 1961
Section - 246 : Appealable orders Section - 246A : Appealable orders before Commissioner (Appeals) Section - 247 : Appeal by partner Section - 248 : Appeal by a person denying liability to deduct tax in certain cases Section -…
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