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  • Income Tax - Theory General Principles/Canons and Meaning of Income Tax (Direct & Indirect Tax)

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    Nandha Kumaran
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    Income Tax Act 1961 is the comprehensive Act governing income tax in India containing 298 sections and schedules. It has been amended over time to accommodate changing circumstances. Finance Acts are passed annually by Parliament and set tax rates like income tax, excise, and customs based on the country's economic situation that year, rather than being set in the Income Tax Act.

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    Income tax law

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    Income Tax Law

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    Income Tax Act 1961 is the comprehensive Act governing income tax in India containing 298 sections and schedules. It has been amended over time to accommodate changing circumstances. Finance Acts are passed annually by Parliament and set tax rates like income tax, excise, and customs based on the country's economic situation that year, rather than being set in the Income Tax Act.

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    12 views1 page

    Income Tax - Theory General Principles/Canons and Meaning of Income Tax (Direct & Indirect Tax)

    Uploaded by

    Nandha Kumaran
    Income Tax Act 1961 is the comprehensive Act governing income tax in India containing 298 sections and schedules. It has been amended over time to accommodate changing circumstances. Finance Acts are passed annually by Parliament and set tax rates like income tax, excise, and customs based on the country's economic situation that year, rather than being set in the Income Tax Act.

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    INCOME TAX - THEORY

    GENERAL PRINCIPLES/CANONS AND MEANING OF INCOME TAX


    (DIRECT & INDIRECT TAX)

    INTRODUCTION: (INCOME TAX ACT AND FINANCE ACTS)

    The Income Tax Act, 1961 is a comprehensive Act and contains 298 Sections, Sub-Sections and 14 Schedules.
    The Income Tax Act 1961 has been amended several times for accommodating the changing circumstances.

    Finance Acts are enacted by the parliament every year reflecting the Government's economic position. Every
    year the economic situation of the nation changes, and Tax rates like Income tax, Central Excise, Customs, etc.,
    are fixed by the Annual Finance Act and not by the Income Tax Act.

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