Saturday, June 14, 2014

TYPES OF TAXES

 
BASIS FOR TAXATION

India is a socialist, democratic and republic State. Constitution of India is supreme law of land. All other laws, including the Income-tax Act, are subordinate to the Constitution of India. The Constitution provides that ‘no tax shall be levied or collected except by authority of law’. The Constitution includes three lists in the Seventh Schedule providing authority to the Central Government and the State Governments to levy and collect taxes on subjects stated in the lists.


DIRECT TAXES & INDIRECT TAXES

SOURCES AND AUTHORITY OF TAXES IN INDIA

SEVENTH SCHEDULE OF THE CONSTITUTION



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