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Taxing your brains with Tax Laws.

Taxing your brains with Tax Laws.

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Published by Opus Way
Knowledge about tax and tax laws will not only help during the course of preparation (keeping in mind the General Knowledge section) but will also help the aspirant when he or she starts working as a professional in the legal field.
Knowledge about tax and tax laws will not only help during the course of preparation (keeping in mind the General Knowledge section) but will also help the aspirant when he or she starts working as a professional in the legal field.

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Categories:Types, Research, Law
Published by: Opus Way on Oct 08, 2012
Copyright:Attribution Non-commercial

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10/08/2012

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As we have all seen, the month of March sees television channels and newspapersbeing flooded with various Tax related advertisements, urging people to pay up taxes. Students who aspire to become legal professionals must have an acute understanding of Tax laws and know properly about the different taxes prevalent in India. Knowledge about tax and tax laws will not only help during the course of preparation (keeping in mind the General Knowledge section) but will also help theaspirant when he or she starts working as a professional in the legal field.India is a nation where taxes are levied by both the Central and the respectiveState governments. The consent of law is necessary for any government to levy atax and then start collecting it from the residents of the State. While the Central government is instrumental in levying taxes on Income, Customs Duties, Salesand Excise, the State governmentâ
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s responsibility lies in levying taxes such as Value Added Tax, Stamp Duty, State Excise and professions which are taxable under the State Government. The bodies which are allowed to levy and collect taxes mustbe known about as law students require knowledge of their functioning in case they have to deal with these bodies at some point of their career. Apart from these, students ought to engage in the Acts under which taxes such as the Income Tax, Wealth Tax, Gift Tax etc are levied because disputes arising about these taxes cannot be handled unless the Acts are not well known by the legal professionalhandling the dispute.A few important taxes must be known about by students, especially during the course of their preparation because the General Knowledge section might carry a question or two and not being able to answer them would be regrettable. Direct Taxes are the ones which are to be directly paid by the taxpayer.- Income Tax is the most commonly paid of all taxes. Including income from sources such as business, job salaries, house rents etc, this is a tax which is levied by the Central Government and paid (at least some of it) by a majority of thepopulation.- Capital Gains Tax has to be paid when an investment is sold and monetary profit gained from the sale. Anything ranging from a home to an artwork sale can be levied under Capital Gains Tax.- Corporate Income Taxes are the taxes which have to be paid by companies whichare registered in India and have a worldwide source of income. Whether the corporation resides in India is not the question as the Indian connection itself is enough for the government to levy the Tax on any particular corporate company.- Fringe Benefit Tax requires an employer to pay tax to the government for any fringe benefit such as perks or allowances given to the employee. Starting from the season 2006-2007, Fringe Benefit tax attempts to extract slightly more Tax from the corporate honchos via taxing the benefits allowed by them to their employers. Charges levied on goods and services are referred to as Indirect Taxes because the taxpayer is not directly paying them, but paying them via a third party and hence the appropriate title.- Amongst Indirect Taxes, Value Added Tax (Or VAT as we are known to pay for ourrestaurant bills) is a consumption tax which is based on the value added to goods. Everything from production to distribution of goods and services is applicable to be levied under VAT, which is why we all have to (often reluctantly) pay it.- Tax levied on movable goods is known as Sales Tax. Sales Tax has mostly become

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