Taxation serves as a cornerstone of economic development, providing a primary source of revenue for the government. Over the years, the legal framework governing taxation in India has evolved significantly, shaped by constitutional provisions and judicial interpretations. This book offers a comprehensive overview of taxation laws in India, covering their historical evolution, constitutional mandates, and fundamental definitions essential for understanding tax liabilities. The initial module lays the foundation by examining the history of tax law in India, constitutional provisions, and essential tax-related concepts such as taxable income, assessment years, and the distinctions between tax evasion and tax avoidance.
The subsequent modules explore the complexities of income tax laws, including the determination of residential status, tax exemptions, deductions, and classifications of income. Detailed discussions on tax liability, the computation of gross total income, and the taxation aspects of mergers and acquisitions provide an in-depth understanding of the subject. Special emphasis is placed on tax collection mechanisms such as Tax Deducted at Source (TDS) and advance tax, which are crucial for ensuring compliance with tax regulations. Additionally, this book examines assessment procedures, different types of assessments, and the roles and responsibilities of tax authorities, offering insights into dispute resolution mechanisms, penalties for noncompliance, and legal provisions under the Income Tax Act, 1961.
The final section of this book is dedicated to indirect taxation, with a particular focus on the Goods and Services Tax (GST), which has transformed India’s tax structure by replacing multiple indirect taxes with a unified system. A thorough study of GST laws, procedures, and state-specific tax regulations, including the Maharashtra GST Act and the Maharashtra State Tax on Professions, is presented to provide a well-rounded understanding. This book is designed to serve as a valuable resource for students, professionals, and anyone seeking a structured and comprehensive knowledge of taxation laws in India.
Contents –
MODULE – I
1.1 History of Tax Law in India
1.2 Constitutional Provisions Relating to Taxation
1.3 Nature and Scope of Tax
1.4 Definition: Person, Assessee, Previous Year, Assessment Year, Financial Year, Income, Gross Taxable Income, Taxable Income, Agricultural Income, Tax Evasion and Tax Avoidance
MODULE – II
2.1 Income Tax, Residential Status: Rules (Sec. 6)
2.2 Tax Liability Exemptions, Deductions, related to individual expenses and income, Rebate, Deemed Income and Clubbing of Income
2.3 Carry-Forward and Set-Off of Losses
2.4 Heads of Income: Income from Salary, House Property, Business and Profession, Capital Gain and Other Sources
2.5 Calculation of Gross Total and Taxable Income, Tax Rebate and Computation of Tax Liability
2.6 Taxation in Cases of Mergers and Acquisitions
2.7 Tax Collection/Deduction at Source and Advance Tax
MODULE – III
3.1 Assessment Procedure
3.2 Types of Assessment Income Tax Authority: Their Function, Duties and Powers, Appeal, Offences, Fines and Penalties, Settlement of Grievances and Prosecution, Income Tax Act, 1961, Income Tax Rules
3.3 Advance Rulings, Faceless Assessment/e-Assessment
3.4 Faceless Assessment/E-Assessment in India: Overview and Procedure
MODULE – IV
4.1 Goods and Service Tax: Law, Procedure, Applicability, Assessment, Advance Ruling
4.2 Maharashtra State Tax on Professions, Trade, Callings and Employments Act, 1975
