Indian income tax basic concepts

Paying Income Tax Online, epayment: Challan December 16, by bemoneyaware Comments Last updated on:

Indian income tax basic concepts

The Constitution declares India to be a sovereign socialist democratic republic, assuring its citizens of justice, equality, and liberty. It was passed by the Constituent Assembly of India on November 26,and came into effect on January 26, India celebrates January 26 each year as Republic Day.

It is the longest written constitution of any independent nation in the world, containing articles and 12 schedules, as well as numerous amendments, for a total ofwords in the English language version. Besides the English version, there is an official Hindi translation.

The Constitution lays down the basic structure of government under which the people chose themselves to be governed. It establishes the main organs of government - the executive, the legislature and the judiciary.

Indian income tax basic concepts

The Constitution not only defines the powers of each organ, but also demarcates their responsibilities. It regulates the relationship between the different organs and between the government and the people.

The Constitution is superior to all other laws of the country. Every law enacted by the government has to be in conformity with the Constitution.

Recently Madras High Court in the case of Dr. M MANOHAR(Appeal No of ) decided an important question “ Whether the interest on the deposit made out of the interest income also qualified for concessional rate as the investment income derived from foreign exchange asset, since the same is traceable to the foreign exchange asset originally made. To deposit Advance Tax, Self Assessment tax and Regular Assessment Tax an individual has to use challan ITNSIt can be paid both through internet (online or e-payment) and at designated branches of banks empanelled with the Income Tax Department (offline). Taxes based on income are imposed at the federal, most state, and some local levels within the United States. The tax systems within each jurisdiction may define taxable income separately.

The Draftsmen of the Indian Constitution took inspiration from Constitutions all over the world and incorporated their attributes into the Indian Constitution.

A Constitution should be a dynamic document. It should be able to adapt itself to the changing needs of the society. Sometimes under the impact of new powerful social and economic forces, the pattern of government will require major changes.

Keeping this factor in mind the Draftsmen of the Indian Constitution incorporated Article in the Constitution which dealt with the procedure of amendment. Due to Article the Indian Constitution can neither be called rigid nor flexible but in fact it is partly rigid and partly flexible.

Articles of the Indian Constitution can be amended by a simple majority in the Parliament Second Schedule, Article 3, 11, 81,or by special majority that is majority of the total membership of each house and by majority of not less than two thirds of the members of each house present and votingor by Ratification by the State Legislatures after special majority Article 73,Chapter 1V of Part V, Chapter V of Part V1, Seventh Schedule, representation of the State in Parliament and provisions dealing with amendment of the Constitution.

Constituent power is the area in the history of Indian Constitutional Law which has lead to most serious disagreements between Parliament and Judiciary, the conflict involving Parliamentary Supremacy on one hand and on the other Judicial review of the Scope and extent of the power and the manner in which such power is to be exercised.

Constituent power is termed as a power which is exercised by a representative body authorized by a Constitution to amend the Constitution. This amending power is one of the most desirable powers in a Constitution, if a Constitution as a fundamental document is to continue.

Indian income tax basic concepts

John Burgess is of the opinion that the first and most important part is the organization of the State for the accomplishments of future changes in the Constitution, which is the amendment clause.

Classification of amendment procedures can if classified in two heads as rigid and flexible.Amendments made in Companies Act, by Ordinance on ; Test your knowledge of GST by solving this quiz consisting of 25 objective type questions.

The first edition of Basic Econometrics was published thirty years ago. Over the years, there have been important developments in the theory and practice of econometrics. In each of the subsequent editions, I have tried to incorporate the major.

The following table shows the general and small business corporate income tax rates federally and for each province and territory for The small business rates are the applicable rates after deducting the small business deduction (SBD), which is available to Canadian-controlled private corporations (CCPCs).

The small business rate is available on active business income up to the amount of. Nov 05,  · Are you looking for information on bond interest income? Reporting interest on municipal bonds, savings bonds and more.

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Feb 04,  · basic concepts of income tax An assesses may get income from different sources, eg: salaries-house property income-profits and gains of business or profession - capital gains income from other sources like interest on securities, lottery winnings, races etc.

Taxation in the United States - Wikipedia