Introduction
The Central government is responsible for levying taxes in India. The Constitution of India gives Central and State Government the authority to levy tax. Article 265 of the Indian Constitution is an important restriction on this power. It states that “No Tax” shall be collected or levied except by the authority of law. Each collected or levied tax is backed by a law known as an accompanying law, which is passed either by Parliament or by the State legislature.
Scheme of taxation established by the Constitution
Distribution of the legislative powers is given in Article 246 of the Indian Constitution, including taxation between State Legislature and the Parliament of India. List of issues enumerated in Schedule VII is as follows:
• List - I: Areas under which only the Parliament is competent to make laws.
• List - II: Areas under which only the State Legislature is competent to make laws.
• List - III: Areas on which laws can be accomplished by both, Parliament as well as the State Legislature.
Income Tax Department
The Income Tax Department works under the Ministry of Finance (Department of Revenue). It is responsible for various Taxation services India and Acts of direct taxation passed by Parliament.
• Wealth Tax Act
• Income Tax Act
• Gift Tax Act
• Interest Tax Act
• Expenditure Tax Act
• Various Finance Act
Central Board of Direct Taxes
It is a part of the Ministry of Finance and provides essential inputs in planning and policy formulation regarding direct taxes. It is also responsible for direct tax administration under the Central Board of Revenue. Initially, it was responsible for direct as well as indirect taxes before the board was split into two, namely the Central board of Excise and Customs, and the Central Board of Direct Taxes. Members of the Central Board of Direct Taxes are selected from the Indian Revenue Service (IRS), whose members constitute the topmost management of the Income Tax Department.
Service Tax
Service Tax is levied by the Central Government of India. There are many Service Tax Providers India giving you access to professional and affordable services. The rate of service tax is going up this year, as from the 1st June 2015. The Service Tax is consolidated as the secondary higher education cess and as education cess.
Conclusion
Taxation in India is provided for under various taxation laws. Although the laws are clear, the territory can be daunting for a layman. This is why there are several professional and experienced taxation service providers to take care of your requirements and give you the best advice. they can also help you resolve any disagreements and discrepancies.
The Central government is responsible for levying taxes in India. The Constitution of India gives Central and State Government the authority to levy tax. Article 265 of the Indian Constitution is an important restriction on this power. It states that “No Tax” shall be collected or levied except by the authority of law. Each collected or levied tax is backed by a law known as an accompanying law, which is passed either by Parliament or by the State legislature.
Scheme of taxation established by the Constitution
Distribution of the legislative powers is given in Article 246 of the Indian Constitution, including taxation between State Legislature and the Parliament of India. List of issues enumerated in Schedule VII is as follows:
• List - I: Areas under which only the Parliament is competent to make laws.
• List - II: Areas under which only the State Legislature is competent to make laws.
• List - III: Areas on which laws can be accomplished by both, Parliament as well as the State Legislature.
Income Tax Department
The Income Tax Department works under the Ministry of Finance (Department of Revenue). It is responsible for various Taxation services India and Acts of direct taxation passed by Parliament.
• Wealth Tax Act
• Income Tax Act
• Gift Tax Act
• Interest Tax Act
• Expenditure Tax Act
• Various Finance Act
Central Board of Direct Taxes
It is a part of the Ministry of Finance and provides essential inputs in planning and policy formulation regarding direct taxes. It is also responsible for direct tax administration under the Central Board of Revenue. Initially, it was responsible for direct as well as indirect taxes before the board was split into two, namely the Central board of Excise and Customs, and the Central Board of Direct Taxes. Members of the Central Board of Direct Taxes are selected from the Indian Revenue Service (IRS), whose members constitute the topmost management of the Income Tax Department.
Service Tax
Service Tax is levied by the Central Government of India. There are many Service Tax Providers India giving you access to professional and affordable services. The rate of service tax is going up this year, as from the 1st June 2015. The Service Tax is consolidated as the secondary higher education cess and as education cess.
Conclusion
Taxation in India is provided for under various taxation laws. Although the laws are clear, the territory can be daunting for a layman. This is why there are several professional and experienced taxation service providers to take care of your requirements and give you the best advice. they can also help you resolve any disagreements and discrepancies.
