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tax law

tax law

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Published by parivesh_kmr

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Published by: parivesh_kmr on Aug 22, 2009
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04/03/2011

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BUSINESS & TAX LAWS
 
 
CLASSIFICATION OF TAX
 
Direct
  – Cannot be shifted on others – Collects from pockets of earners out of their income – Income Tax, Professional Tax , Wealth Tax, Estate Tax
Indirect
 – Collected through manufacturer or service provider &sale of product & services – Inclusive in price of products & services – Sales Tax, VAT, CST , Excise, Customs, Services TaxRevenues generated distributed between CG & SG as per subjects listed in Union list & State listCollected by center - Excise, Customs, Services Tax IncomeTax, Wealth Tax, Estate TaxCollected by state – Sales Tax ,VAT
 
 
INCOME TAX
 
Finance Act – 
 – Part B – Approved by Parliament – Assent of President – CBDT , Settlement Commission , ITAT, Commissioner AssesseeAssessment year Previous year Receipt Vs accrualBelated returnRevised Return

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