Income Tax (Introduction)

Partner: Udemy
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Description: Introduction of Tax Contents: 1. Reason of tax in past = war 2. 1% or 2% (before and after war) 3. Tax first of all charged in (a) Egypt ( 3000 year BC ) (b) UK (1798) (c) USA (1800) (d) India (1860 - due to the first revolution of 29 march 1857)4. Tax is a contribution to state revenue 5. Compulsory charged by the government on the people 6. Charged for business, property, commodity, transaction and income generated by the person or 7.  We can say: charged on income & expense of person 8. Payment of tax is duty for us because we are the member of our country.Types of Tax :Direct Tax- Paid by assessee and borne by assessee . Example: Income Tax, Corporate Tax Explanation of Direct TaxIndirect Tax- Paid by assessee but borne by other than assessee. Example: GST (1,000+ items), VAT + Excise Duty (Petroleum – 150% approx.), Excise Duty (Alcoholic items), Custom Duty (Import – Export), security transaction tax (share trading)Explanation of Indirect TaxDifference between Direct Tax and Indirect TaxIncome Tax Contents 1. A subject very easy to understand. •But difficult to remember. 2. As provide in section 4. •The total income of previous year of every person shall be charged to Income Tax. 3. At the rate prescribed in the annual finance act. 4. As applicable to the relevant assessment year.6. The Income shall be so charged in accordance with and subject to the provision of the Income Tax act.Income Tax Act 1961Income Tax Introduced first time in IndiaPerson (Section 2(31)     :    Person includes:- (1) An Individual(2) A Hindu Undivided family (3) A Company (4) A Firm (5) An association of person or body of individual
Category: Finance & Accounting > Finance > Tax Preparation
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Price: 19.99
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Source: Impact
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