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