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DIRECT TAXES - Coggle Diagram
DIRECT TAXES
Characterstics of Tax
Compulsory
Contribution
for Public Benefits
No Direct Benefits
Out of Income
Govt. has power to levy
not the cost of benefit
for growth and welfare
Objectives
Revenue
Social objectives
Economic significance
Growth
Enforcing Govt. policy
Directing Limited Resource
Economic Stability
Definitions
Prof. Seligman
compulsory contribution
To defray the expenses incurred in the common interest
Bastable
for the service of public powers
Deviti
Tax as a share of income of citizens
Hugh Dalton
compulsory charge imposed by public authority
jom Bouvier
A pecuniary burden imposed for support of the government
Trussing
quid pro quo- tit for tat between the tax payers and the public authority
Establishment of Income tax in Modern India
Income Tax Act, 1860
for 5 yrs
replaced by 1867 licence tax
abolished in1873
Income Tax Act, 1886
Agri Exempt
LIC premium exempt
included HUF income
Income Tax Act, 1918
first time pertaining to business deductions for the purpose
of computing net income
Income Tax Act, 1922
annual finance acts.
Specific Nomenclature
Income Tax Act, 1961
Current operative Act 1962
Canon of Taxes
Equity
Certainity
Economy
convenience
Tax Structure in India
Constitution of India
Article 265
No tax without authority of law
Article 246
Sechdule VII
Union List
State List
Concurrent List
CBDT
Central Board of Revenue Act, 1963
1 Chairman, 5 Members
TAXES AN INTRO
LATIN WORD TAXO=estimate