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Income Tax |
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Union list (only Central Government has power of legislation) |
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Concurrent list (both Central and State Government can pass legislation). |
Article 246 of the Constitution of India gives the respective authority to Union and State Governments for levying tax. Tax on income is levied under Entry No. 82 of list 1 of the seventh schedule to the constitution of India by the Central Government. Central Government is not empowered to levy tax on agriculture income.
Income tax is a tax paid to the central government on personal income. It is the direct tax paid on income by an individual or a company/firm within a given financial year. The Indian Income Tax department is governed by the Central Board for Direct Taxes (CBDT) (External website that opens in a new window) and is part of the Department of Revenue (External website that opens in a new window) under the Ministry of Finance (External website that opens in a new window), Government of India.
Income tax is governed by the provisions of Income Tax Act, 1961 and rules made there under. For international transactions, government of India enters into agreements with foreign countries for avoidance of double taxation (DTAA). Provisions of Income Tax are being modified by the Budget (Finance Act) each year. Rates of Income Tax is also announced in the Finance Act and therefore, the budget exercise has a vital role in the tax administration function of the parliament of India.
For certain purposes, central government issues notification (also see section wise notifications) under the Act and clarifies issued through circulars / orders etc.
Various other tax laws related to direct taxes have been placed in miscellaneous direct taxes section.
Case Laws
Income Tax has a long history of litigation. We have attempted to cover maximum case laws as far as possible as pronounced by high courts, Supreme Court of India, advance ruling authority etc.
(We wish that you would find this section useful. Any discrepancy or error may please be brought to our notice for correction.)
 
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