OBJECTIVE OF STUDYING INCOME TAX

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What is objective of studying tax.. especially income tax??
The taxes are the basic source of revenue for government , revenue raised from the taxes are utilized for meeting the expense of government like, provisions of education , infrasuctural facilities such as road dams etc..
The taxes that are levied directly on the income or wealth of person are the direct taxes while the taxes which are paid by the person other than who utilizes the product are indirect taxes.. while at present all the indirect taxes are subsumed in GST... but still some are not subsumed in gst like customs..
GST(Goods and Service taxes)
Income tax is one of the form of direct taxes..
and by studying income tax.. we get a proper knowledge about the tax on income of an individual ,company  firm.. etc..

Comments

  1. UnknownJuly 12, 2017 at 11:47 PM

    Nice, but can you explain that who are liable to pay the income tax in India.?

    ReplyDelete
    Replies
    1. sanchi..July 13, 2017 at 5:59 AM

      Income tax are levied on the total income of the previous year of every person so the person as per section 2(31) of income tax act,1961 are liable to pay taxes in india.
      if there income is more than 250000(for residents and non residents individual )
      300000(for 60+ but less than age 80)
      500000(for 80+ senior citizens )

      Delete
    2. UnknownJuly 13, 2017 at 10:01 AM

      nice effort, but how will i know that whether am i resident of the India or not.

      Delete
    3. sanchi..July 17, 2017 at 9:30 AM

      AS PER SECTION 6 of Income tax act , test for resident of india has given if u stayed 182 days or more in the previous year than u are the resident of india

      Delete
  2. UnknownJuly 13, 2017 at 7:46 AM

    nicely explained

    ReplyDelete

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