RMSSA-SUJEENDRANADAM സുജീന്ദ്രനാദം: Some useful information about Tax and Economic crimes

Monday, June 25, 2012

Taxes

Taxes can be broadly divided into two

Direct Taxes (ii) Indirect Taxes.

Personal Income tax, corporate tax, estate duty, gift tax and wealth tax come under direct taxes.

Sales tax, excise duty, customs duty and service taxes come under indirect taxes.

Union Excise Duties are the chief source of revenue of the Central Government. Excise duties, customs duties,

income tax, service tax and corporation tax are levied by the Central Government.

Sales tax is the major source of revenue to the State Government.

Land revenue, stamp duties and registration fees are collected by the states.

Estate duty on property other than agricultural income is collected by the central government.

The agricultural income has been exempted from the Union Income Tax. But the states have the statutory powers to do that.

Taxation is a part of fiscal Policy Interest is a taxable income

Octroi is the tax imposed on articles coming into a city; it simply means city tax.

The most important source of revenue for the government -taxes.

Direct Tax: It is levied directly. In India, two types of direct taxes are mainly

(1) Personal annual estimate of expenditure and revenue of a country or a subordinate authority like a corporation

Article 112 of the constitution of India deals with budget or annual financial statement

Consolidated Fund in India

It consists of all revenue and loans received by the government.

Contingency Fund

The fund comprises the sum placed at the disposal of the president to meet unforeseen expenditure.

Acts related with Economic Crime

Income Tax Act

Customs Act 1962

COFEPOSA, 1974

Central Excise and Salt Act, 1944

Antiquity and Art Treasures Act, 1972

Foreign Exchange Regulations Act, 1973

Import & Export (Control) Act, 1947

Banking Regulation Act, 1949

Foreign Contribution (Regulation) Act, 1976

Passport Act, 1920/IPC

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