Income Tax

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Income Tax for exams

  • Basics of Income Tax
  • Income from Salaries
  • Income from House Property
  • Profits and gains of business or profession
  • Income from Capital Gains
  • Income from Other Source
  • Clubbing of Income of Other Persons
  • Deductions Under Chapter VI A
  • Set off and Carry Forward of Losses
  • Tax Deducted at Source (TDS)
  • Tax Collection at Source (TCS)
  • Advance Tax Basics & Computation
  • Return of Income
  • Amendments for Exams

Income Tax for exams

The Constitution of India, in Article 265 lays down that “No tax shall be levied or collected except by authority of law.” Accordingly both the levy of tax as well as its collection shall be made under a law framed by the government.

Constitution of India gives the power to levy and collect taxes, whether direct or indirect, to the Central and State Government. The Parliament and State Legislatures are empowered to make laws on the matters enumerated in the Seventh Schedule by virtue of Article 246 of the Constitution of India.

Income-tax is a tax levied on the total income of the previous year of every person. A person includes an individual, Hindu Undivided Family (HUF), Association of Persons (AOP), Body of Individuals (BOI), a firm, a company etc.

Every year the Finance Minister of the Government of India introduces the Finance Bill in the Parliament’s Budget Session. When the Finance Bill is passed by both the houses of the Parliament and gets the assent of the President, it becomes the Finance Act. New provisions are inserted; existing provisions are substituted or amended every year in the Income-tax Act, 1961 and other tax laws by the Finance Act.

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