An Overview Of Taxation Laws In India by Legal Advice - 3 year ago | 607 The authority to levy a tax is derived from the Constitution of India which allocates the power to levy various taxes between the Central and the State. Some minor taxes are also levied by the local authorities such as the Municipality. Taxation in India is broadly divided into two categories- (1) Direct Taxes. (2) Indirect Taxes. Read more 0 0
How Is The Residential Status Of An Individual Determined For Income Tax? by Legal Advice - 3 year ago | 670 The residential status of a taxpayer plays an important role in determining the scope of taxable income for a financial year in India, and thereby the tax payable. For an individual, the residential status is determined solely by the number of days of his/her physical presence in India during the financial year. Any income earned by a taxpayer from sources in India or received in India (first receipt) is taxable in India. In order to determine the taxable income, the residential status of an individual is also to be noted. Read more 0 0
How Is The Residential Status Of A Firm Or A Company Determined For Taxation? by Legal Advice - 3 year ago | 721 A firm or company qualifies as a resident of India if either of the two conditions is met: 1.The company or firm is Indian. 2. Most of the effective management of the company, for the fiscal year in question, takes place in India. Read more 0 0
An Overview Of The Income Tax Slabs For Individuals by Legal Advice - 3 year ago | 579 Upto 2.5 lakhs- No Tax. Above 2.5 lakhs to 5 lakhs- 5% + 4% cess. Above Rs. 5 lakhs to Rs.10 Lakhs- 20% + 4% cess Read more 0 0
