Business and Tax Law

1 of 3 sessions
 Introduction

• Definition of Tax
• Purpose of Taxation
• Quasi federal nature of constitution
• Important terms and their meanings: Assesse,
Person, Financial year, Assessment year,
 Who are liable for tax?
• Individual
• HUF
• Companies
• Firms
• Associations
• Local authorities
• Artificial judicial person
Direct Taxes Indirect Taxes
• levied by the government
directly on the individuals
or corporations
• The incidence and impact
of the direct tax fall on
the same person
• Income Tax, Corporation
Tax and Wealth Tax.
• levied by the government
on one entity, but is passed
on to the final consumer by
the manufacturer.
• The incidence and impact
of the direct tax fall on the
different person
• GST, Excise duty,
entertainment tax and
Customs Duty
Direct Taxes Indirect Taxes
• Both Social and • Only Economical:
Economical: progressive regressive taxation
taxation • Is inflationary
• Not at all Inflationary